SAM Magazine-North Conway, N.H., June 17, 2010-The principals of Jiminy Peak Mountain Resort-Brian Fairbank, Joseph O'Donnell and Tyler Fairbank-have purchased the assets of Cranmore Mountain Resort from Booth Creek Resorts. The new owners plan to make major upgrades and improvements. CNL Lifestyle Properties, which already has business relationships with Jiminy Peak and Booth Creek, is providing capital for the acquisition and planned improvements.

"Cranmore is a popular family ski area, with a great history and has tremendous potential for the near future," said Jiminy Peak CEO Brian Fairbank. "With our team's experience in the resort industry, the investment and support from CNL Lifestyle Properties, and the continued leadership of Cranmore general manager Ben Wilcox and his outstanding management team, Cranmore will be able to fulfill its unrealized potential."

"The Jiminy Peak group is the perfect organization to assume ownership of Cranmore," said Booth Creek president Chris Ryman. "We know that they are joining an established and effective resort operator in the Jiminy Peak group."

Booth Creek will continue to operate Northstar-at-Tahoe and Sierra-at-Tahoe under long-term lease arrangements with CNL Lifestyle Properties, Inc. Booth Creek retains its ownership and management of Waterville Valley, N.H.

Jiminy Peak, Booth Creek and CNL Lifestyle Properties have been in discussions for a year regarding Cranmore's potential sale and amenity expansion. "Our team is pleased to make this investment," said Byron Carlock, president and CEO of CNL Lifestyle Properties. "Brian, Joseph and Tyler are talented resort managers, and we believe that with their experience and vision and our capital, Cranmore will be able to become a better resort, a more vibrant business and continue to provide great experiences for New England skiers."