|  |  | Celebration Associates and Crosland Finalize Acquisition of Bretton Woods Mountain ResortHot Springs, Virginia, June 21, 2006 - Celebration Associates and Crosland Inc. announced today their $40 million purchase of over 900 acres of land and other assets that surround the historic Mount Washington Hotel and the Bretton Woods Mountain Resort in northern New Hampshire. The assets acquired include the 18-hole Mount Washington Golf Course designed by Donald Ross, an adjacent nine-hole course, equestrian stables and paddocks, Nordic ski center, water company, and cable company. The intent of the transaction had been announced in April of 2006 and was finalized today.
“We’re thrilled to have the opportunity to operate and further develop the Bretton Woods Mountain Resort including the Mt. Washington Hotel,” says Charles Adams, managing director of Celebration Associates. “We believe this is an excellent opportunity for us to leverage the experience we have gained from our work at Homestead Preserve, an 11,500 acre conservation-based development surrounding the historic Homestead Resort in Hot Springs, Virginia and to breathe new life into a venerable, beautiful and altogether remarkable resort property,” he added.
As part of the overall transaction, CNL Income Properties Inc., Orlando, Fla., has acquired the Mount Washington Hotel, the Bretton Arms Country Inn, The Lodge at Bretton Woods, the Bretton Woods Ski Area and other related assets for $45 million. CNL Income Properties has already entered into a long-term lease agreement with Celebration Associates and Crosland who have engaged National Resort Management Group to market and operate the resort property.
Mount Washington Hotel President Joel Bedor stated, “Our partnership is excited about the benefits of bringing together CNL Income Properties and Celebration Associates. The depth of their experience in the lifestyle real estate and land development industries respectively, combined with their strong balance sheets, will enable the Mount Washington Resort at Bretton Woods to become the premier leisure destination in the Northeast.”
“National Resort Management’s goal will be to build on the solid foundation that has been established by the current owners of Bretton Woods and the Mount Washington Hotel. We have the experience, resources and commitment to position Bretton Woods as the premier historic and year-round resort destination in New England,” says NRMG Founder and Managing Partner Pat Corso.
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