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CNL Lifestyle focuses on ski properties as it evaluates strategic alternatives

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CNL Lifestyle focuses on ski properties as it evaluates strategic alternatives

CNL LifestyleProperties Inc. said that following recently closed and planneddivestments, its portfolio will be made up solely of 43 ski and mountainlifestyle properties and attractions.

The company added that it continues to work with itsfinancial adviser, Jefferies LLC, to evaluate strategic alternatives in orderto provide liquidity to stockholders. As the company continues this process, itmay consider changing its quarterly distribution policy of 5 cents per share.

In reporting its recent operational activities, the companysaid that it completed the approximately $112.5 million of 17 marina properties that itagreed to sell in May 2015. It netted about $86.3 million in cash from theportfolio.

The sale of 1,553 acres of land in Granby, Colo., wascompleted on June 10 for net proceeds for $4.3 million.

In addition, the company on May 31 agreed to sell itsinterests in condominium units and other properties at five resort villages toImperium Blue Ski Villages LLC for roughly $79.0 million, subject to certainadjustments. The properties are in resort villages in West Virginia,California, Colorado, Vermont and Florida.

Also, on June 30, Imperium agreed to buy the company'sbeneficial interest in certain condominium units and other assets in BritishColumbia for approximately $24.0 million.

The sale of the properties is expected to be completed on orabout Aug. 26, subject to certain conditions. CNL Lifestyle noted that the saleof the Canadian properties is contingent to the completion of the deal for thefive U.S. assets.