WINTERGREEN (AP) - Coal and property baron Jim Justice has sold the Wintergreen Resort in Virginia's Blue Ridge Mountains.
Media reports say Justice sold the Nelson County resort to EPR properties, a real estate investment trust based in Kansas City, Missouri.
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EPR Properties and Justice did not immediately comment Thursday on the sale.
Justice owns The Greenbrier resort in West Virginia. He purchased Wintergreen in June 2012 for $16.5 million.
But Justice told The Associated Press one year ago he was interested in selling Wintergreen.
Shortly after purchasing Wintergreen, Justice invested nearly $12 million to make improvements over the next 16 months.
Wintergreen Resort sent out this statement on Friday, Feb. 13, 2015:
James C. Justice Companies, Inc. announced it has sold the assets of Wintergreen Resort to EPR Properties (NYSE:EPR), a real estate investment trust (REIT). Resort operator Pacific Group Resorts, Inc. will lease the property from EPR and manage the resort. The transaction closed February 12, 2015.
As part of the agreement, Justice will retain ownership of Grassy Ridge, a strategic 400-acre site adjacent to the existing ski operations. Justice has signed an agreement with EPR and Pacific Group Resorts that allows for the property to evolve in a fashion compatible with modern resort lodging and residential development.
EPR Properties' total investment portfolio exceeds $3.9 billion and the company adheres to rigorous underwriting and investing criteria centered on key industry and property level cash flow standards. Pacific Group Resorts has the experience and knowledge needed to add enterprise value and maximize the customer experience through the combination of meticulous master planning and operations enhancements and efficiencies. Pacific Group Resorts is the owner and operator of Ragged Mountain Resort in Danbury, NH and Wisp Resort in McHenry, MD.
Hank Thiess, General Manager of Wintergreen Resort expressed his enthusiasm for the transaction, "I've known the leadership of Pacific Group Resorts for over 20 years. They have tons of experience in this industry at some of the most iconic resorts in the West like Steamboat in Colorado and Park City Mountain Resort in Utah. My management team and I are excited for the possibilities this partnership could bring to our members and guests, while preserving the family-oriented nature of this community. The Wintergreen facilities are spectacular and the entire Resort has a tremendous impact on the local and regional tourism industry."