EPR Properties Close Deal with CNL Lifestyle Properties

EPR Properties have announced the completion of the acquisition of CNL Lifestyle Properties‘ remaining assets. 

The total investment of $706.5 million includes $455.5 million aggregate consideration for properties comprising the Northstar California Ski Resort, 15 waterparks and amusement park properties and five family entertainment centers.  In addition EPR Properties provided $251.0 million of five-year secured debt financing to funds affiliated with Och-Ziff Real Estate relating to 14 CNL Lifestyle ski properties.

Commenting on the transaction, Gregory Silvers, President and CEO of EPR Properties, said, “We are delighted to announce the acquisition of this portfolio of high quality ski and attractions assets that builds on our expertise in the Recreation segment. Further, the transaction is not only expected to be immediately accretive, but it will also diversify our portfolio with proven, durable assets that are aligned with the positive trends we are seeing in the experience economy.”

Stephen H. Mauldin, CEO of CNL Lifestyle, added, “Throughout its lifecycle, CNL Lifestyle Properties acquired a portfolio of unique assets, including some of the nation’s most iconic ski and attractions properties. The completion of the sale to EPR and Och-Ziff represents the 14th and final transaction since we formally launched our strategic liquidity process in early 2014 and marks a pivotal moment for the company and our shareholders. This transaction not only provides final liquidity for our investors, but also provides a strong future for these properties.”

Steven Orbuch, President of Och-Ziff Real Estate, noted, “We are very excited to be adding such a high quality, geographically diverse group of ski resorts to our existing portfolio. This transaction further advances our continued global focus on situational investing across multiple asset classes, both traditional and niche in nature.”