Orlando-Based CNL Lifestyle Properties Closes $400 Million Bond Offering

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Acceptance from institutional investors reflects strength of lifestyle-driven investments

According to CNL Lifestyle Properties, Inc., a $2.7 billion real estate investment trust (the "REIT") focused on lifestyle properties, has closed on a $400 million bond offering to qualified institutional buyers.

The 7.25 percent unsecured senior notes, which were issued at 99.249 percent of par and a 7.375 percent yield to maturity, are due in April 2019. The bonds provide attractive debt financing for the REIT, and were rated BB- by Standard & Poor's and Ba3 by Moody's.

"I'm pleased that investors have recognized the validity of our innovative investment thesis, which is focused on properties that stand to benefit from the lifestyle choices of baby boomers, their children and grandchildren," said Byron Carlock, president and CEO of CNL Lifestyle Properties. "Our offering has been met with broad acceptance by 30 institutional buyers, which further demonstrates the strength of the company."

CNL Lifestyle Properties will complete its current equity offering and close to new investors April 9, 2011. The REIT is one of the largest owners of ski resorts, golf courses, gated attractions and marinas in the country.

CNL Lifestyle Properties currently owns a portfolio of 150 properties in the United States and Canada in the lifestyle and recreation sectors. CNL Lifestyle Properties specializes in the acquisition of ski and mountain lifestyle, attractions, golf, marinas, senior living and additional lifestyle properties.

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