There are new landlords in some very high places on the North Shore.
The U.S.-based company that holds the rights to operate a commercial ski resort at Cypress has struck a deal to sell its assets to another American company.
“It’s basically like there’s a new landlord,” said Joffrey Koeman, director of sales and marketing for Cypress Mountain Resort, which operates from Black Mountain and Mount Strachan in Cypress Bowl Provincial Park above West Vancouver.
The change in landlords won’t result in any changes at the ski hill, said Koeman. “From a skiers’ perspective, it’s a non-event.”
Under the agreement, the previous real estate investment trust with rights to the ski hill lease and assets, CNL Lifestyle Properties, is selling those rights in a two-part deal involving two other U.S. companies. When the deal is finalized in the spring of 2017, Och-Ziff Real Estate, another U.S. financial firm, will be the new owners of the Cypress lease. Thirteen other resorts across the U.S. are also included in the US $244-million deal.
The new owners aren’t expected to have any impact on operations of the ski resort.
Cypress is operated by another U.S. company, Boyne Resorts, which has a long-term sub-lease in place to run the ski resort. Boyne, based in Michigan, operates 11 other resorts in the U.S.
The Cypress ski area was originally run by the province as part of the provincial park, created in 1975. Although the province still owns the land, the rights to operate a commercial ski hill were privatized in 1984, when the B.C. government issued a 50-year renewal park use permit to operate, develop and improve the alpine and Nordic ski areas within the park. All assets like buildings, lifts and equipment within the park area are owned by the chief lease holder.
Local businessman Wayne Booth was the first person with the rights to Cypress. He sold to Boyne in 2001, which in turn sold to CNL, but leased back operations of the ski hill.
