Sunday River ski resort in Newry is among those being acquired by Boyne Resorts, which is the operator of the area.
BOYNE FALLS, Mich. – Sugarloaf and Sunday River resorts in Maine are among the properties being acquired by Boyne Resorts. Boyne has announced an agreement with Ski Resort Holdings, LLC, an affiliate of Oz Real Estate, to acquire six mountain resorts and a scenic chairlift attraction currently leased by the resort company.
The deal also includes Loon Mountain in New Hampshire.
In a statement, Boyne, which operates the properties and owns additional resorts, says it has a 70-year history of ski industry innovations and describes itself as the third-largest mountain resort company in North America.
Other properties included in the transaction are Brighton Resort in Big Cottonwood Canyon near Salt Lake City, Utah; Cypress Mountain in Vancouver, B.C.; Gatlinburg Sky Lift in Gatlinburg, Tennessee; and The Summit at Snoqualmie near Seattle, Washington.
The transaction is expected to close this year, well ahead of the 2018-19 ski season, once regulatory approvals are granted, according to the statement.
Boyne has been operating Sunday River in Newry and Sugarloaf in Carrabassett Valley for years.
“Our intention all along has been to regain and acquire ownership of these resorts,” said Stephen Kircher, president and chief executive officer of Boyne Resorts.
“We are pleased to see this come to fruition and also really proud of our long-term achievements and diligence that primed us for this acquisition. Boyne Resorts has been a long-term operator of these assets – some for decades. This transaction therefore poses no business interruption or integration risk.”
According to the statement, “Boyne Resorts is a world-class owner and operator of ski resorts and attractions,” said Steven E. Orbuch, founder and president of Oz Real Estate. “We have enjoyed our association with them during our ownership of these properties and wish them continued success in the future. We look forward to the consummation of this mutually beneficial transaction as it allows for Boyne Resorts to again fully control these resorts while resulting in a positive outcome for our investors.”
Founded in 1947, Boyne Resorts recently unveiled plans to install an eight-seat, high-speed chairlift at its Big Sky Resort in Montana – the first in North America.