Triple Peaks, owners of Crested Butte Mountain Resort, Announce Equity Partnership with CNL Lifestyle Properties
Tim and Diane Mueller, owners of Triple Peaks, LLC, announced today a long term equity partnership with CNL Lifestyle Properties, a Real Estate Investment Trust with extensive holdings in the ski resort industry. The effective result of this new arrangement will mean additional capital funds and financial stability for CBMR as it continues to become a leading destination community.
According to CMBR representatives, the new financial structure provides stable long term capital without the short term risk of refinancing every few years. It is referred to as a sale – leaseback. That is, the assets are sold but are leased back to the Muellers for 40 years. The net effect of it is that the Muellers will still be the owners of the operating company, while CNL owns the underlying resort assets excluding primary real estate interests.
“In this time of economic instability, for CNL to commit sizable dollars to our resorts is a testament to their confidence in us and our entire Team.” said Tim Mueller. “Triple Peaks’ resorts are recognized for operational excellence and success within the ski industry. In today’s environment, there are not a lot of companies able to complete transactions of this nature. This is also indicative of CNL’s financial strength and confidence in our management team and in the ski industry. They are a well capitalized, stable company and we are pleased to be associated with them.” Mueller continued.
This change in financing and ownership structure is the capstone in a series of planned strategic shifts says the CBMR team. It started over a year ago when the Muellers initiated a re-branding and business strategy for the area. The shift continued as the much of the upper management and key customer service positions within the company were changed. Next, a long term plan of mountain improvements, the expansion of lift-serviced skiing onto nearby Snodgrass Mountain and future real estate developments were laid out in the Master Vision. Now the final piece of these major shifts has come together that will provide stable and substantive capital to fund the ongoing upgrades.
The partnership will allow the Muellers to apply their renowned hands-on leadership to all Triple Peak resorts. This financial flexibility and strength is good news for the community, guests and employees.