Deerhurst Resort will have a new owner come the end of October.
Skyline Investments Inc. announced today that it has agreed to sell its resort assets and surrounding development lands at Deerhurst Resort and Horseshoe Valley Resort, as well as all of its remaining
development lands at Blue Mountain Resort for an
aggregate purchase price of $210 million to Freed Corp.
The deal is expected to close on or about October 31, 2021.
Freed and its partners already own Muskoka Bay
Freed will combine these three resort properties with Muskoka Bay Resort through a newly formed subsidiary, Resort Communities LP.
Part of the deal for Skyline includes a 29 per cent equity stake in Resort Communities LP, which Freed will have the option to purchase until December 31, 2022.
Skyline’s CEO, Blake Lyon, said in a media release, “This is a milestone for Skyline that provides significant new liquidity to capitalize on our stated strategy to redeploy our investment and operational focus from resorts and development lands into hotels. This Transaction represents one of the largest resort sales in Canada in the last 15 years, according to Beechwood Real Estate Advisors who advised Skyline on the Transaction, and we are excited to be a 29 per cent partner in Resort LP
along with Freed, who will now own an expanded portfolio of premier, drive-to resorts in Ontario,
Canada. This Transaction allows us to realize the full net asset value of our Canadian resorts, while still participating in the value creation that Freed’s proven development team can produce.
“Skyline’s investment partner in Blue Mountain, Serruya Private Equity, also expressed their satisfaction and support for this transaction.”
Freed’s Founder and CEO, Peter Freed, commented “The acquisition of these iconic resort properties will allow us to execute our strategy of modernizing the traditional resort community market to the highest and best use through design-driven development and benefits of world-class amenities with all season access. In addition, the acquisition of these resorts further stimulates the growth in the hotel and resort sectors for Freed.”
Freed Developments was founded by Peter Freed over 25 years ago and is one of the largest private developers operating in the City of Toronto.
Skyline purchased Deerhurst in 2011.
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