A real estate investment trust that is selling more than a dozen ski resorts from Maine to California won?t meet its deadline of completing the transaction by year?s end, Associated Press reported.
CNL Lifestyle Properties, which is based in Orlando, Florida, has sold its senior housing portfolio, a dozen marinas, four attractions, and the Mount Washington Hotel and Bretton Woods ski area in New Hampshire.
But it continues to seek buyers for 15 additional ski resorts, remaining attractions and marinas, and says it will update shareholders in the first quarter of the new year.
The real estate investment trust ?continues to evaluate strategic options for the remainder of its ski and mountain properties as it seeks to provide liquidity to its shareholders,? CNL Financial Group senior managing director Steve Rice said in a statement.
CNL Lifestyle Properties is trying to sell ski resorts including Sunday River and Sugarloaf in Maine, Loon Mountain and Mount Sunapee in New Hampshire, Okemo Mountain in Vermont, Crested Butte in Colorado, Brighton in Utah and Sierra-at-Tahoe in California.
CNL Lifestyle Properties was valued at as much as US$3 billion in 2012 with ownership of more than 100 water parks, ski resorts, marinas and senior housing developments. But the value has dropped in the aftermath of a real estate downturn.