Stevens Pass Ski Resort Sold

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Stevens Pass, Washington, USA - December 28, 2015: Stevens Pass Ski Area and the Top Philight Ski and Snowboard Terrain Park lit up by lights at night

Stevens Pass Ski Resort is under new ownership. New York hedge fund manager Och-Ziff will assume ownership of 14 properties located across the United States including Stevens Pass and The Summit at Snoqualmie Pass from Florida-based CNL Lifestyle Properties

The company reports that skiers won’t see a big impact. Long-term leases will remain in place, so mountain operators will remain unchanged after the properties change hands.

CNL will receive about $830 million in cash and stock under the purchase and sale agreement. When the deal closes, it will be the largest ski resort transaction in the history of the sport.