SAM Magazine-Big Sky, Mont., Oct. 8, 2008-CNL Lifestyle Properties, Inc. is providing capital to Boyne Resorts to, in large part, refinance some credit facilities Boyne had at the corporate level. The agreement includes an option to purchase Big Sky resort within the next two years, where Boyne expects to invest some of its capital. CNL already owns the operations at seven resorts that are managed by Boyne Resorts, from Sugarloaf, Maine, to Cypress Mountain, B.C.

"We are reinforcing our capital structure so that we can take advantage of investment or acquisition opportunities," Boyne president of Eastern operations Steve Kircher told SAM. These could include investments at individual resorts or additional resort acquisitions, he said. "We're in the same boat with other areas, preparing for the coming season. We're cautiously optimistic. Conditions will affect how quickly we move forward.

"We've been setting the stage for this current economic downturn by establishing capital sources that are more stable. CNL is that capital source," Kircher continued. "CNL is a long-term investor. We're more confident in them than we were with the 60-year bank relationship [with JP Morgan Chase] we just ended."

For CNL's part, the feeling is mutual. "We are excited to deepen our relationship as a capital partner for Boyne Resorts at a time when there is limited capital available in the financial markets," said Byron Carlock, president and CEO of CNL Lifestyle Properties. \