Boyne to buy 6 resorts in 2018 they already operate

[marzNC]

The ski industry ownership list is about to change, although it won't make any difference to most skiers and boarders. Boyne Resorts is about to buy the six ski resorts they have been operating for real estate holding companies under long-term lease agreements. The sale should be complete in 2018, well before the 2018-19 season starts. Includes the Gatlinburg Sky Lift in TN in addition to:

• Brighton, UT
• Loon, NH
• Sunday River, ME
• Sugarloaf, ME
• The Summit at Snowqualmie, WA
• Cypress Mountain, BC

The Boyne flagship resort is Big Sky, which recently joined Ikon and MCP. Also have two ski resorts in the midwest, where the Boyne family started out. One of the Kircher sons became the sole owner-operator of Crystal, WA in 2017.
Excerpt from press release on 3/12/18:
Boyne Resorts to Acquire Ownership of Seven Resorts and Attractions

Included in the transaction are Brighton Resort in Big Cottonwood Canyon near Salt Lake City, Utah; Cypress Mountain in Vancouver, B.C.; Gatlinburg Sky Lift in Gatlinburg, Tennessee; Loon Mountain in New Hampshire; Sugarloaf and Sunday River resorts in Maine; and The Summit at Snoqualmie near Seattle, Washington. The transaction is expected to close later this year and well ahead of the 2018/19 ski season, once regulatory approvals are granted.

"Our intention all along has been to regain and acquire ownership of these resorts," said Stephen Kircher, president and chief executive officer of Boyne Resorts. "We are pleased to see this come to fruition and also really proud of our long-term achievements and diligence that primed us for this acquisition. Boyne Resorts has been a long-term operator of these assets—some for decades. This transaction therefore poses no business interruption or integration risk. This opportunity now at hand will enable us to accelerate and fine tune the execution of our reinvestment plans for these spectacular properties, which will boost our competitive advantages and support our focus on continuous enhancement of the guest experience."

 

[LKillick]

Interesting. They'll own a decent sized chunk of the Ikon resorts..

 

[marzNC]

Interesting. They'll own a decent sized chunk of the Ikon resorts..

The former MAX Pass started out as a combination of Boyne, Intrawest, and Powdr a few years ago. Alterra bought Intrawest. The decision was made to discontinue the MAX Pass in favor of the new Ikon pass options for 2017-18. So not really a surprise that Boyne and Powdr resorts are included as Ikon Partners.

The other Ikon Partners are mostly places that have been on the Mountain Collective Pass. Big Sky is the new destination resort for the MCP that was on the MAX Pass. Big Sky replaced Telluride, which moved to a long term agreement with Vail as a perk with limited days for people who buy an Epic pass.

Fair to say that there are Divas who follow changes that impact travel planning for trips to destination resorts out west.

https://www.theskidiva.com/forums/index.php?threads/multi-ski-area-pass-comparison.22583/

https://www.theskidiva.com/forums/i...oth-squaw-deer-valley-former-intrawest.22360/

 

[SnowHot]

Interesting. They'll own a decent sized chunk of the Ikon resorts..

They already own the resorts. They will own the property, which was under CNL, which sold the holdings to OCH-Ziff.
No real change, other than Boyne will own the properties and will likely start fixing things up a bit.

 

[Cascadia]

News finally hitting in WA. Boyne made a lot of improvements in recent years to Crystal so I hope to see some bigger investments in Snoqualmie where somehow a full day ticket cost $5 more than Crystal this year. On the other hand some seemed thrilled to get Crystal out of the clutches of Boyne last year.

 

[marzNC]

News finally hitting in WA. Boyne made a lot of improvements in recent years to Crystal so I hope to see some bigger investments in Snoqualmie where somehow a full day ticket cost $5 more than Crystal this year. On the other hand some seemed thrilled to get Crystal out of the clutches of Boyne last year.

Clearly John Kircher had reasons for wanting to simply focus on Crystal. Always easier to make executive decisions about capital improvements when not having to discuss with someone higher up on a corporate ladder. John helped bring Crystal into Boyne Resorts in the first place and was the CEO while being in charge of Boyne resorts in the west for quite a while. His brother, Stephen, is President and CEO of Boyne Resorts as of 2018. Their father started Boyne Mountain in MI in 1947.

For more about Crystal:

Change in ownership in 2017
https://www.crystalmountainresort.com/2017/04/18/john-kircher-acquires-crystal-mountain/
https://www.seattletimes.com/busine...untain-ski-resort-bought-by-longtime-manager/

Kim Kircher, Crystal Ski Patrol, interview in 2011
https://www.theskidiva.com/the-lady-in-red/

 

[Jenny]

It's funny, we rode up a lift last weekend with a guy who said his brother (or brother in law) runs your Crystal Mountain, @Christy.

 

[marzNC]

I knew that Everett Kircher spent time improving snowmaking, but didn't know he was ahead of his time for ski lifts at Boyne Mountain too. The first chair was bought from Sun Valley.

Everett thought long term. I'm guessing his children think that way too. The sons have been running the company in one way or another together with their sister since 1976. Bought Big Sky in 1976 and Brighton in 1986. The sale to CNL in 2007 and long-term lease agreements of several resorts worked out well considering the recession in 2008. The agreements had some sort of buy-back included that didn't work out when CNL was ready to sell. Guess the timing is right to regain ownership in 2018.

News report in Michigan from 2011

 

[SnowHot]

It's funny, we rode up a lift last weekend with a guy who said his brother (or brother in law) runs your Crystal Mountain, @Christy.

That would be one of the Kirchers.
Everett Kircher was the founder of Boyne in Michigan and great the family skiing business across the country.
In some cases, they owned the property, but in some cases they leased from companies like CNL, which then sold the properties to Och - Ziff.
Everett and his family take pride in their properties so I believe they'll be making the needed improvements if/when they finalize the purchase.

On that note, John Kircher and his wife (head ski patroller at Crystal Mountain WA) Kim Kircher, bought Crystal from the Boyne family, so they own it on their own now.
John Kircher Acquires Crystal Mountain

 

[marzNC]

In some cases, they owned the property, but in some cases they leased from companies like CNL, which then sold the properties to Och - Ziff.

What I learned from the Wiki page is that Boyne originally bought Brighton, Sunday River, and Sugarloaf. Boyne used CNL as a way to operate those resorts under a lease arrangement starting in 2007. The long term leases were for 40 years.

Boyne Resorts also has 11 golf courses scattered around the U.S.

 

[marzNC]

The purchase by Boyne was completed in early May. Unlike major purchases by Alterra or Vail, the news coverage seemed quite regional even when all of the locations were mentioned.

Boyne Resorts Completes Purchase of Leased Ski Areas - NE Ski Industry 5/9/2018
https://www.newenglandskiindustry.com/viewstory.php?storyid=684

Michigan-based Boyne completes purchase of 6 ski resorts including Cypress Mountain - Vancouver Sun 5/9/2018
https://vancouversun.com/pmn/busine...orts/wcm/058b851b-12cd-4f26-97c6-678d444df502

In the press release that Boyne Resorts sent out, there was marketing statements about the improvements being made at Big Sky.

5/8/2018
https://www.prnewswire.com/news-rel...-seven-resorts-and-attractions-300644219.html

"BOYNE FALLS, Mich., May 8, 2018 /PRNewswire/ -- Boyne Resorts today announced closing of a purchase transaction with Ski Resort Holdings, LLC, an affiliate of Oz Real Estate, to acquire six mountain resorts and a scenic chairlift attraction previously leased by the resort company. Boyne Resorts has been the long-term operator of the seven newly acquired assets and also owns three resorts in northern Michigan and Big Sky Resort in Montana. As third largest based on skier visits, Boyne Resorts' portfolio of mountain properties is the most geographically diverse among all North American ski resort companies. . . ."

 

[marzNC]

I was confused by the Gatlinburg Skylift in TN. Couldn't figure out why it wasn't part of the little ski area there. Turns out that the owner of the Ober Gatlinburg wanted a lift but didn't have the expertise to set it up. In the early 1950s Everett Kircher was asked to build a lift and was given the strip of land needed for the towers. The first Skylift opened in 1954. It runs year round and was upgraded in 1991.

In Nov 2016, the town Gatlinburg was devastated by a major wildfire. Boyne Resorts replaced the lift in six months, in time to re-open for the 2017 summer season. The new lift cost $2.4 million.

https://liftblog.com/2017/05/22/six-months-after-flames-gatlinburg-sky-lift-returns-friday/