EPR Properties’ $830 Million Acquisition of CNL Lifestyle Properties


Goodwin represented EPR Properties (NYSE:EPR) in its acquisition of CNL Lifestyle Properties together with a co-buyer, Och-Ziff Real Estate, for approximately $830 million in cash and EPR Properties common shares. The transaction was highly structured, with the co-buyers effectively splitting apart CNL Lifestyle’s operating subsidiaries and CNL liquidating and dissolving promptly following closing. In addition, the Goodwin team represented EPR in financing its co-buyer with a $251 million secured loan.

As a result of the transaction, EPR owns Northstar-at-Tahoe, a California ski resort, as well as a U.S. portfolio of 15 waterparks and amusement parks and five family entertainment centers, and Och-Ziff Real Estate owns a portfolio of 14 ski resorts, including Loon Mountain, Sunday River, Okemo and Sierra at Tahoe.

Based in Kansas City, Missouri, EPR Properties is a leading specialty REIT with an investment portfolio of more than $5.3 billion. The company invests in three primary segments: entertainment, education and recreation. Its entertainment investments include megaplex theatres, entertainment retail centers, family entertainment centers and other retail parcels; its education investments include public charter schools, early education centers and K-12 private schools; and its recreation investments include ski areas, waterparks, golf entertainment complexes and other recreation properties.

The Goodwin team advising EPR Properties was led by John Haggerty (Picture) and included partners Sam Richardson and David Patton; counsel Ed Glazer, Audrey Leigh and Suzanne Lecaroz; and associates Daniel Koehler, Caitlin Tompkins, John Stern, Erin Claywell, Bridgette Pighin, Mark Schenkel, Riley Lovendale and Kristin Eberhart.

Involved fees earner: John Haggerty – Goodwin Procter; Suzanne Lecaroz – Goodwin Procter; Daniel Koehler – Goodwin Procter; Caitlin Tompkins – Goodwin Procter; Bridgette Pighin – Goodwin Procter; Mark Schenkel – Goodwin Procter; Kristin Eberhart – Goodwin Procter; Samuel Richardson – Goodwin Procter; Audrey Leigh – Goodwin Procter; Erin Claywell – Goodwin Procter; David Patton – Goodwin Procter; Edward Glazer – Goodwin Procter; John Bennett – Goodwin Procter; Riley Lovendale – Goodwin Procter;

Law Firms: Goodwin Procter;

Clients: EPR Properties;

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Author: Ambrogio Visconti