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CNL Properties Acquires Washington’s Stevens Pass For $20.5 Million

Real estate investment company CNL Lifestyle Properties has acquired Stevens Pass, a premiere Northwest resort in the Cascade Mountain Range outside of Seattle, Wash., for $20.5 million. CNL released the following statement about the deal:

Stevens Pass, Cascade Mountain Range, Washington

Stevens Pass, Cascade Mountain Range, Washington

(ORLANDO, Fla.) Nov. 18, 2011 — CNL Lifestyle Properties, Inc., a real estate investment trust (REIT), announced today its acquisition of Stevens Pass, one of the Northwest’s premier ski resorts, from New Stevens, LLC for $20.5 million. The ski resort, located in the Cascade Mountain Range east of Seattle,Wash., will be operated by Stevens Pass Mountain Resort, LLC, under a long-term lease agreement.

Established in 1937, Stevens Pass is located on two national forests – Mt. Baker-Snoqualmie on the west and the Wenatchee National Forest on the east – on the crest of the Cascade Mountain Range. With a carrying capacity of 15,800 skiers per hour, the resort offers 1,800 feet of vertical drops, 1,125 acres of skiable terrain, 10 lifts, 37 primary runs and a mix of beginner, intermediate and advanced trails. Stevens

Pass also offers night skiing, 17 miles of Nordic trails and a base village with three-day lodges. “We are very pleased to add Stevens Pass to our growing and diversified ski and mountain lifestyle portfolio,” said Steve Mauldin, president and chief operating officer of CNL Lifestyle Properties. “The property has developed into one of the Northwest’s premier ski resorts and it is a great complement to our other assets in this segment.”

Stevens Pass receives an average annual snowfall of 450 inches and 105 inches of average annual snowpack

– 50 percent more snow than the average resort in Colorado receives. The resort will be leased by Stevens Pass Mountain Resort, LLC, an affiliate of the operator of Mountain High Resort in California, which is also owned by CNL Lifestyle Properties. Karl Kapuscinski will serve as president and CEO of both Stevens Pass Mountain Resort, LLC and Mountain High Resort Associates,

LLC. Kapuscinski is also owner of both entities. Stevens Pass will have its own management team headed by current General Manager John Gifford. Mountain High Resort will be managed by Vice President of Resort Operations Ben Smith. There will be no immediate changes to operations as a result of the acquisition; season passes and other commitments made by the resort will be unaffected by the change in ownership.

“We believe prospects for growth of this historic ski resort are bright,” said Steve Rice, senior vice president and managing director of CNL Lifestyle Properties. “An innovative and proven operator like Karl Kapuscinski, coupled with the depth and experience of the resort’s existing management team, makes a compelling combination.”

Kapuscinski added, “We are excited to partner again with CNL Lifestyle Properties in this transaction. Our goal is to build upon the resort’s reputation, while boosting guest experiences and honoring established traditions and practices. We look forward to working with CNL and growing our partnership in the ski industry.

The acquisition of Stevens Pass boosts CNL Lifestyle Properties’ ski and mountain lifestyle portfolio to 23 in the U.S. and Canada. Notable properties include:

• Crested Butte Mountain Resort (Crested Butte, Colo.)

• Okemo Mountain Resort (Ludlow, Vt.)

• Cypress Mountain (West Vancouver, BC)

• Northstar-at-Tahoe™ Resort (Lake Tahoe, Calif.)

About CNL Lifestyle Properties, Inc.

CNL Lifestyle Properties, Inc. is a real estate investment trust that owns a portfolio of 169 properties in the United States and Canada in the lifestyle sectors. Headquartered in Orlando, Fla., CNL Lifestyle Properties specializes in the acquisition of ski and mountain lifestyle, attractions, golf, marinas, senior living and additional lifestyle properties. For more information, visit www.CNLLifestyleREIT.com.