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Friday, November 9, 2012

Wisp ski resort in western Md. asks bankruptcy court to OK sale to Kansas City REIT

Per www.therepublic.com:

DAVID DISHNEAU  Associated Press
November 09, 2012 - 4:30 pm EST

PHOTO: FILE - In this Aug. 22, 2011 file photo, a vacant luxury log home for sale is seen tucked behind trees as Amy Patterson, of Pittsburgh, tees off at the Wisp Resort in McHenry, Md. The financially strapped owners of Maryland's only ski resort say they have found a buyer for the western Maryland property. D.C. Development filed documents Friday, Nov. 9, 2012, asking the U.S. Bankruptcy Court in Greenbelt to approve a sale of the Wisp Resort to a unit of Kansas City-based Entertainment Properties Trust for $20.5 million. (AP Photo/Patrick Semansky, File)
FILE - In this Aug. 22, 2011 file photo, a vacant luxury log home for sale is seen tucked behind trees as Amy Patterson, of Pittsburgh, tees off at the Wisp Resort in McHenry, Md. The financially strapped owners of Maryland's only ski resort say they have found a buyer for the western Maryland property. D.C. Development filed documents Friday, Nov. 9, 2012, asking the U.S. Bankruptcy Court in Greenbelt to approve a sale of the Wisp Resort to a unit of Kansas City-based Entertainment Properties Trust for $20.5 million. (AP Photo/Patrick Semansky, File) 
 
Myers and her partners bought the resort on Marsh Mountain in far western Maryland in 2001 for just under $12 million. They expanded the resort's skiable terrain and snow-making ability, added a snow-tubing park and mountain coaster and enlarged the lodge.

They filed for Chapter 11 bankruptcy protection in October 2011 after defaulting on nearly $30 million in loans they had received from BB&T Corp. of Winston-Salem, N.C., to build a golf course community near the ski hill. The partners say home sites in the Lodestone golf-course development didn't' sell as well as expected in the recession.

The deal with Entertainment Properties doesn't include the Lodestone development, Myers said. The deal would include a purchase of about 600 acres and long-term leases on another 250 acres, she said.
Entertainment Properties or its subsidiaries own 11 other ski areas in Indiana, Missouri, New Hampshire, Ohio, Pennsylvania and Vermont, according to the firm's 2011 annual report. Its other investments include multiplex theaters, entertainment retail centers, wineries and public charter schools.

The publicly traded company reported total revenue of $301.7 million in 2011, up 4 percent from $289.8 million the previous year.

Entertainment Properties said last month it will change its name on Nov. 12 to EPR Properties.

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