Big Sky, MT - Boyne Resorts has agreed to sell Montana's Big Sky ski and snowboard resort to CNL Lifestyle Properties, formerly known as CNL Income Properties for $74 million.

CNL Lifestyle Properties has agreed to purchase Montana' Big Sky ski and snowboard resort from Boyne Resorts for $74 million. (photo: Big Sky Resort)

According to documents filed with the U.S. Securities and Exchange Commission (SEC) on Thursday, CNL on Sept. 23 made an interest-bearing loan to Boyne Resorts and its subsidiaries totaling $68 million. Boyne has agreed that when the loan matures in September 2010, it agrees to sell Big Sky to CNL for $74 million. At the closing of the purchase of The Big Sky Resort, CNL will enter into a long-term lease with Boyne to operate the ski resort.

CNL currently holds numerous such triple-net leases with ski resort operators across the U.S.

As a condition to the loan, Boyne has agreed to make improvements to Big Sky Resort, including the completion of a new maintenance facility and completion of certain environmental remediation projects. Boyne has deposited $5.0 million in escrow as security for and for payment of Boyne’s obligations to complete such improvements.