One of the properties, the 7,000-acre Whistler Creekside at Whistler Blackcomb 75 miles north of Vancouver, is the host venue for the 2010 Winter Olympic Games. The other resorts are Village of Baytowne Wharf at Sandestin Golf and Beach Resort, Destin, FL; Village at Squaw Valley USA, Lake Tahoe, CA; Village at Mammoth Mountain, Mammoth Lakes, CA; Village at Copper Mountain, Copper, CO; MonteLago Village at Lake Las Vegas Resort; Village at Blue Mountain, Ontario, Canada; Village at Snowshoe Mountain, Snowshoe, WV; and Village at Stratton, Stratton, VT.
The commercial component of the properties comprises restaurants, retail and office space. "This partnership is ideal for the lifestyle investment objectives of this REIT," CNL Income Properties president Byron Carlock says in a prepared statement. "The properties are in excellent locations and have marked opportunity for growth."
Carlock adds, "We're building a portfolio of premier properties that capitalizes on the changing real estate utilization patterns of baby boomers, echo boomers and genXers who, we believe, will be golfing, traveling and shopping like never before."
Intrawest did the deal because the 18-year-old Canadian firm is "transitioning from a capital-intensive to a more management-intensive structure, as further exemplified by this pending transaction," says Intrawest CEO Joe Houssian.
CNL Income Properties is an affiliate of locally based CNL Financial Group with $16 billion in assets, including $3-billion managed for third-party investors. CNL Financial has equity interests in 4,700 properties in North America.
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