(AP) – Michigan-based Boyne USA is partnering with real estate investment trust CNL Income Properties to provide funding for upgrades at Sugarloaf USA and Sunday River.
Boyne planned to pay $77 million to buy the resorts from American Skiing Company.
But at the closing, Boyne sold the assets to CNL and took over their operation under a 40-year lease.
Critics have said that Sugarloaf and Sunday River were neglected by American Skiing, which fell into financial problems before selling off its resorts.
Boyne says that with CNL as its financial partner, it hopes to invest in energy-efficient snowmaking equipment, replace chairlifts, expand ski terrain and add amenities.
Maine development Commissioner John Richardson says the improvements at the two destination resorts are sure to create what he called ":a tremendous buzz": in both the ski and golf markets.