Below is the Big Sky sale article for those who were blindsided by it at the MGL Annual Meeting.

Enjoy!

Robert



Big Sky Investment
Big Sky Resort to Sell for $74 Million

BIG SKY – A Florida real-estate investment trust, CNL Lifestyle Properties, has agreed to buy the Big Sky Resort for $74 million within the next two years.

As part of the purchase agreement, CNL has agreed to advance $68 million toward the purchase price as a loan to Boyne Resorts, owner of the Montana property.

Big Sky Resort spokesman Dax Schieffer confirmed details of the agreement Friday.

Schieffer says the transaction is not expected to result in any changes in Big Sky's management team or staff.

The Michigan-based Boyne Resorts is expected to serve as "operating tenant" of Big Sky, as it does at six CNL properties elsewhere in the country: Brighton Ski Resort in Utah; The Summit at Snoqualmie in Washington state; Loon Mountain Resort in New Hampshire; Sugarloaf and Sunday River Resort in Maine; and Gatlinburg Sky Lift in Tennessee

The ski season at Big Sky is scheduled to open on Thursday, Nov. 27, Thanksgiving Day.