North Conway, NH – The principals of Jiminy Peak Mountain Resort announced today that they have purchased the assets of Cranmore Mountain Resort from Booth Creek Resorts, a California-based ski resort group. Cranmore is located in the White Mountain community of North Conway, N.H.nThe principals and long term operators of Jiminy Peak Mountain Resort, Brian Fairbank, Joseph O’Donnell and Tyler Fairbank, purchased the assets and will make major upgrades and improvements at Cranmore. CNL Lifestyle Properties, a Florida-based real estate investment trust, which already has business relationships with Jiminy Peak and Booth Creek, is providing capital for the acquisition and planned improvements.

“Cranmore is a popular family ski area, with a great history and has tremendous potential for the near future,” said Jiminy Peak CEO Brian Fairbank. “With our team’s experience in the resort industry, the investment and support from CNL Lifestyle Properties, and the continued leadership of Cranmore General Manager Ben Wilcox and his outstanding management team, Cranmore will be able to fulfill its unrealized potential.”

“The Jiminy Peak group is the perfect organization to assume ownership of Cranmore,” commented Booth Creek President Chris Ryman. “We will miss having Cranmore as part of Booth Creek, but know that they are joining an established and effective resort operator in the Jiminy Peak group.”

Booth Creek will continue to operate the Northstar-at-Tahoe and Sierra-at-Tahoe ski resorts located near California’s Lake Tahoe under long-term lease arrangements with CNL Lifestyle Properties, Inc. Booth Creek retains its ownership and management of Waterville Valley ski area in New Hampshire.

Jiminy Peak, Booth Creek and CNL Lifestyle Properties have been in discussions for a year regarding the potential sale and amenity expansion. The three companies all have experience working with one another at ski and snowboard resorts in New England and across the country.

“Our team is pleased to make this investment,” said Byron Carlock, president and CEO of CNL Lifestyle Properties. “Brian, Joseph and Tyler are talented resort managers, and we believe that with their experience and vision and our capital, Cranmore will be able to become a better resort, a more vibrant business and continue to provide great experiences for New England skiers.”