CNL Lifestyle Properties Inc.'s board declared a final liquidating cash distribution of about 16 cents per share, or roughly $53.0 million in the aggregate.
Following the final distribution and effective Dec. 31, the company expects to file articles of dissolution with Maryland's State Department of Assessments and Taxation, upon which it will be legally dissolved and all of its outstanding common shares will be canceled.
CNL Lifestyle will pay the final distribution on or about Dec. 15 to common stockholders of record as of the close of business Dec. 8.
The company also transferred certain of its remaining assets and liabilities to its adviser, CNL Lifestyle Advisor Corp., and paid the adviser about $1.77 million for certain administrative and other matters related to its winding up.
