Daily News: March 8, 2013

SSG Advises Wisp Resort in Sale to EPR Properties, NLP


SSG Capital Advisors acted as the exclusive investment banker to Wisp Resort in the sale of its resort assets to EPR Properties and the sale of certain real property to National Land Partners (NLP). The sale was conducted through a §363 auction under the U.S. Bankruptcy Code in the U.S. Bankruptcy Court for the District of Maryland.

Wisp Resort is comprised of D.C. Development, Recreational Industries, Wisp Resort Development and The Clubs at Wisp and is a year-round resort area in western Maryland.

Wisp Resort engaged SSG in February 2012 to explore all strategic alternatives, including a sale of substantially all of the company’s assets.

SSG delivered a stalking horse bidder for the resort assets and produced multiple bidders for both the resort assets and the real estate development including Lodestone Golf Club, culminating in an all-day §363 auction.

EPR, a specialty real estate investment trust focused on entertainment, recreation and education, acquired the company’s resort assets and NLP, one of the largest buyers and sellers of recreational and residential land in the U.S., acquired most of the developed real property. The combined final purchase price totaled $29.6 million.

SSG Capital Advisors is an independent boutique investment bank that assists middle-market companies and their stakeholders in completing special situation transactions.