New England Mount Sunapee Public Information Session Set

[Tricia]

Press release about the public information session for Mount Sunapee
NEWBURY, N.H. (AP) — State officials are holding a public information session about the Mount Sunapee Resort to address questions about its new operator.

The ski area is part of Mount Sunapee State Park, but ski operations are run by private companies under a lease. That lease was sold recently to New York hedge fund Och-Ziff as part of a deal involving a number of other ski areas, including Okemo in Vermont and Sunday River in Maine.

The Concord Monitor reports that the attorney general’s office asked the Department of Natural and Cultural Resources to hold a public information session after getting questions about the company, which was fined $412 million last year after being accused of involvement in bribery schemes in Africa.

The meeting is Tuesday, Aug. 22, at the ski area’s base lodge.

 

[SKI-3PO]

...the company, which was fined $412 million last year after being accused of involvement in bribery schemes in Africa.

What could go wrong here?

 

[Tricia]

The sale of Sunapee was part of the CNL Properties sale.

Here is a thread about that from November 2016
Ozre to buy Northstar and 14 CNL Ski Areas

From the article linked in that thread. First Tracks Online
The deal calls for EPR Properties, based in Kansas City, to purchase Northstar and CNL’s portfolio of waterparks, amusement parks and small family entertainment centers for $456 million, and provide another $244 million of five-year secured debt financing to Och-Ziff Real Estate (OZRE) to purchase 14 other ski resorts from CNL for a total of $374 million.

 

[Muleski]

Very, very surprised that Och-Ziff has not sold off any of these properties by now. I believe that there is some serious "conversation" underway about a few. But this will be no fire sale.

If they can turn a decent profit of some, with a buyer who really wants one or a few, and will pay, I bet we'll see transactions.

They bought it, at what may turn out to be a bit of a bargain, because there was little interest in the entire CNL portfolio. CNL, liquidating the REIT, had to move it all.

The complicating factor is that all of them have long term leases to the operators. Like Boyne. So a buyer has to be OK with those lease terms....unless the operator decides to try to buy..

Some speculate that the strategy is to break it up piece by piece, at the right prices. And some speculate that the Ziff brothers, avid skiers who own multiple homes in Aspen may want to keep one or two in the end.

Should be interesting to watch over the next couple of years. There some very interesting areas in that portfolio.

Och-Ziff is huge, BTW. They dwarf a giant like KSL. I am still curious about O-Z making the deal....

And yes the deal with the fine and bribery is not exactly "good reading" and is probably fodder for the state of NH.

We'll see......

 

[T-Square]

That is going to be interesting. I was at the Sunapee public meeting in the late 90s when the change from State run to contractor run was being discussed. It was not pleasant. Based upon my experience (I transitioned Midway Island from Navy run to contractor run) I knew it would work. The locals were not happy about it. However, after the Mueller's took over the improvements were impressive. The contract was for 20 years with another 20 year option. It will be interesting to see what happens with this. It is close to the end of the 20 year initial contract anyway so this seems to be about the right time for a public meeting on the subject.

Here's info on the meeting:

http://www.friendsofmountsunapee.or...h-ziff-and-plans-for-future-at-mount-sunapee/

 

[Read Blinn]

Many people hated the expansion plan -- the Forest Society was against it, as were many locals and many environmental organizations. I've been ambivalent myself. This discussion sounds like resistance in another form.