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Jiminy Peak Acquires New Hampshire Ski ResortJune 16, 2010 By: Kirk Cassels
Jiminy Peak Mountain Resort, the largest ski and snowboard resort in southern New England and the first mountain resort in North America to generate its own energy using alternative wind power, has purchased the assets of Cranmore Mountain Resort from Booth Creek Resorts, a California based resort group.
Cranmore is located in the White Mountains of New Hampshire and has been in operation for 72 years in North Conway, NH. It was the first resort in the eastern seaboard to convert its grooming vehicles to biodiesel fuel in 2003.
Jiminy Peak Mountain Resort will make major upgrades and improvements at Cranmore with the aid of CNL Lifestyle Properties, a Florida-based real estate investment trust that specializes in the acquisition of ski and mountain lifestyle, golf, attractions, marinas and additional lifestyle properties. Booth Creek will continue to operate the Northstar-at-Tahoe and Sierra-at-Tahoe resorts located in Lake Tahoe, California under long-term lease arrangements with CNL Lifestyle Properties, Inc. Booth Creek retains its ownership and management of Waterville Valley Ski area in New Hampshire.
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.