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Sunday, 18 March 2018 08:00

Boyne Resorts acquires 7 properties across North America

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BOYNE FALLS — Boyne USA Inc., the Petoskey-based ski resort company that does business as Boyne Resorts, plans to acquire seven properties it currently leases and operates around North America.

The company — which owns and operates Northern Michigan properties Boyne Mountain Resort, Boyne Highlands Resort and the Inn at Bay Harbor — will purchase the properties from Ski Resort Holdings LLC, an affiliate of New York City-based Och-Ziff Capital Management Group LLC, according to a statement.

The deal includes sites in Maine, New Hampshire, Tennessee, Utah, Washington State and British Columbia.

Terms of the transaction were not disclosed. The property deal is expected to close later this year, pending regulatory approvals.

Boyne Resorts had previously leased and operated the properties, which the company owned prior to entering into a sale-leaseback agreement in 2007, according to reports.

“Our intention all along has been to regain and acquire ownership of these resorts,” Stephen Kircher, president and CEO of Boyne Resorts, said in a statement. “We are pleased to see this come to fruition and also really proud of our long-term achievements and diligence that primed us for this acquisition. Boyne Resorts has been a long-term operator of these assets — some for decades.

“This transaction therefore poses no business interruption or integration risk.”

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