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November 4, 2016

Sugarloaf, Sunday River sold as part of $840M deal

Courtesy / Sugarloaf
Courtesy / Sugarloaf
Groomed ski trails at the Sugarloaf Mountain Ski Resort. Sunday River and Sugarloaf were sold as part of a larger deal to a New York City hedge fund.

Two of Maine's most popular ski resorts, Sunday River and Sugarloaf, are being acquired by a New York City hedge fund as part of a wider deal.

Och-Ziff Capital Management is buying 14 ski resorts from a Florida company, including six ski areas in New England, the Associated Press reported.

Skiers may not see any immediate changes.

The properties have been on the market for at least the past year, according to the AP.

The seller is Orlando, Fla.-based CNL Lifestyle Properties Inc. It's part of of wider deal in which CNL will also sell water parks, another ski resort and amusement parks to Kansas City, Mo.-based EPR Properties. Overall, CNL will receive $840 million in cash and stock, the wire service reported.

Sugarloaf and Sunday River have a long history in Maine, and many skiers have an emotional attachment to the resorts. The resorts' stickers are a common sight on cars. Sugarloaf's first season was 1953-54, launched with a 20-year property lease from Great Northern Paper Co. and a simple tow-rope system to get skiers up the mountain, according to NewEnglandSkiHistory.com. Sunday River had its first season in 1959-60.

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