Home About Archives RSS Feed

Jiminy Peak Group Buys NH Resort

Staff Reports

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."

Tags: Jiminy      

Support Local News

We show up at hurricanes, budget meetings, high school games, accidents, fires and community events. We show up at celebrations and tragedies and everything in between. We show up so our readers can learn about pivotal events that affect their communities and their lives.

How important is local news to you? You can support independent, unbiased journalism and help iBerkshires grow for as a little as the cost of a cup of coffee a week.

News Headlines
Clark Art Screens 'Adaptation'
Drury High School to Host End-of-Year Showcase
Clarksburg Gets 3 Years of Free Cash Certified
Pittsfield CPA Committee Funds Half of FY24 Requests
MCLA Men's Lacrosse Falls in League Opener
Letter: Vote for Someone Other Than Trump
Berkshire Art Center's Dance Party Returns
Dalton Committee Seeks Funding for Invasive Species
Dog Daycare Planned for Former Williamstown Restaurant Site
Simon's Rock Awarded Freedom to Read Grant

 


Bill Schmick separates the bull from the bears in his weekly columns on investing and market wrap-ups.



Categories:
advertising (10)
agriculture (1)
arts (7)
automotive (5)
awards (16)
banking (41)
Beacon (1)
broadband (1)
business (52)
chamber (25)
closing (5)
development (23)
dining (5)
domestic animals (2)
energy (6)
entertainment (2)
federal (4)
finances (5)
food (5)
fundraiser (3)
green (2)
grocery (5)
hospitality/hotel (5)
housing (0)
insurance (3)
investment (6)
jobs (35)
labor (17)
laws (4)
Legislature (3)
manufacturing (9)
media (8)
medical (4)
networking (33)
new (22)
pricing (1)
projects (2)
promotion (6)
publishing (13)
radio (2)
real estate (8)
retail (29)
technology (13)
training (5)
transportation (1)
volunteer (1)
website (2)
wholesale (7)
workshops (6)
Archives:
Tags:
Nbt Bank Social Media Auction Expansion Bj's Sabic Pittsfield Qualprint Store Opening Sales Tax Breakfast Walmart Adams Great Barrington North Adams Berkshire Chamber Of Commerce Unemployment Wmeco Wall Street Statistics Winstanley Unemployment Small Business Crane & Co. Currency Excelsior Merger State Baldwin Williamstown Statistics Jobs Talkberkshires Tricks Of The Trade Berkshire Enterprises
Popular Entries:
Chamber Drive Nets Donation for Shelter
Pittsfield Jobless Rate at 7 Percent
State Added 12,700 Jobs in July
State Jobless Holds Steady at 7.6%
Excelsior Brings Greeting Card Co. To North Adams
Cranwell Voted Best For Meetings
Super Duper Wally World
Baldwin Brings Berkshire-style Talk to Florida
Chamber Sets Free Workshop on QR Codes
Funding Secured For Pittsfield BJ's Wholesale
Recent Entries:
Biz Briefs: Mr. Tire, Tax Holiday, Business Directory
Berkshire Eagle Parent Mulling Newspaper Sales
Digitial First Puts Vermont News Buildings on the Market
Berkshire Chamber, Neal Hosting Facebook for Business Workshop
Winstanley Wins Big at Annual ADDY Awards
Eggs & Issues Event Focuses on Rail Cars, Development
State Unemployement Rate Drops Slightly
New Biotech Firm Setting Up in Pittsfield
Crane Museum Opens Retail Store
License Commission Approves River Street Package Move