By: Staff Reports On: 04:00PM / Wednesday June 16, 2010
Bank Presidents Joseph Truskowski, left, and Charles O'Brien announced the merging in September and they expect it to be complete in 2012.
HANCOCK, Mass. — Jiminy Peak's owners are extending their lofty Berkshire Hills holdings into the White Mountains with the purchase of Cranmore Mountain Resort.
In a statement on Wednesday, Jiminy principals Brian Fairbank, Joseph O'Donnell and Tyler Fairbank, said they purchased the assets of the 72-year-old North Conway, N.H., resort from California resort group Booth Creek Resorts.
The deal includes the assumption of debt, for a total price tag of $8.8 million and an expansion loan from CNL Lifestyle Properties for $7 million.
"Cranmore is a popular family ski area, with a great history and has tremendous potential for the near future," said Brian Fairbank, chief executive officer of Jiminy Peak Ski Resort, in the statement. "With our team's experience in the resort industry, the investment and support from CNL Lifestyle Properties, and the continued leadership of Cranmore General Manager Ben Wilcox and his outstanding management team, Cranmore will be able to fulfill its unrealized potential."
Jiminy Peak entered a partnership with CNL last year, in which the real estate investment group bought the mountain for $27 million and leased it back to the Jiminy group for 40 years.
Jiminy Peak, Booth Creek and CNL Lifestyle Properties have been in discussions for a year regarding the potential sale and amenity expansion. The three companies all have experience working with one another at resorts in New England and across the country.
The Fairbanks and O'Donnell purchased the assets and will make major upgrades and improvements at Cranmore with CNL, which also has a relationship with Booth Creek, providing capital for the acquisition and planned improvements.
Booth Creek will continue to operate the Northstar-at-Tahoe and Sierra-at-Tahoe Resorts located in Lake Tahoe, Calif., under long-term lease arrangements with CNL Lifestyle. Booth Creek retains its ownership and management of Waterville Valley Ski area in New Hampshire as well.
"Our team is pleased to make this investment," said Byron Carlock, president and CEO of CNL Lifestyle Properties. "Brian, Joseph and Tyler are talented resort managers, and we believe that with their experience and vision and our capital, Cranmore will be able to become a better resort, a more vibrant business and continue to provide great experiences for New England skiers."