CNL Lifestyle Properties

This caught my eye:
But the party comes to a close in 2015, when the CNL Life style REIT expires and the company will liquidate everything in the portfolio. By this time next fall, CNL will begin plotting the sale of its lifestyle properties.
I suppose from the area operators' perspective this may not matter much because of the long term lease contracts that would still apply to the new owner/REIT.
 
Tony Crocker":2g484yye said:
This caught my eye:
But the party comes to a close in 2015, when the CNL Life style REIT expires and the company will liquidate everything in the portfolio. By this time next fall, CNL will begin plotting the sale of its lifestyle properties.
I suppose from the area operators' perspective this may not matter much because of the long term lease contracts that would still apply to the new owner/REIT.

Which is the part I don't get. REIT status doesn't simply disappear on a certain year. So the 'long term' view of CNL and the leases and then they are going to give up on the properties after only a decade or so? Then the article goes on to mention a new REIT that was just set up and that mountain assets will be in that REIT as well. The way it is written up doesn't make tons of sense to me. Somewhere in there is a 'read between the lines' moment. Such as: we plan to dump the stinkers in our original REIT by no later than 2015 while shifting ("selling") the truly good ones into our new REIT. Just a guess on my part but that's what I read when look at it. The question being does Vail want to buy back Northstar or not for example. Or is that one of the 'good performing' ones that will simply be shifted around.
 
Interesting article.

I was taken by the statement that "no CNL Lifestyle tenant has ever gone bankrupt." CNL has a very savvy business analysis group. Snowshoe WV could really use the financial discipline this group maintains. Their ski operation always makes money, but hey keep going bankrupt on side operations like a golf course, riding stables, over leveraged property, etc. (yes, they are bankrupt again, I hear.)
 
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