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CNL LIFESTYLE PROPERTIES ADDS FOUR NEW MARINAS TO PORTFOLIO

CNL Financial Group, Inc. – March 29th, 2010 [ Original Article ]
CNL LIFESTYLE PROPERTIES ADDS FOUR NEW MARINAS TO PORTFOLIO
-- $55 million deal in partnership with Almar Management--

(ORLANDO, Fla.) March 17, 2010 – CNL Lifestyle Properties Inc., a real estate investment
trust (REIT) focused on lifestyle properties, has acquired four California marinas for $55 million. The transaction boosts the company’s marinas portfolio to 19 and expands CNL
Lifestyle Properties West Coast presence in that sector.
The current operator, Almar Management Inc., will continue to operate the four properties under long-term triple net-leases. The four marinas in the transaction are all near California’s
three largest cities: Anacapa Isle Marina, in Oxnard, Calif., and Ventura Isle Marina, in Ventura, Calif., are each about one hour northwest of downtown Los Angeles. Ballena Isle
Marina is in San Francisco Bay, in Alameda, close to San Jose. And Cabrillo Isle Marina is in San Diego. The four marinas enjoy ideal year-round weather and have a strong affluent customer base.
“These four picturesque properties will add 1,984 additional boat slips to our marinas portfolio,
which is one of the largest collections of marinas under single ownership in the country,” said
Byron Carlock, president and CEO of CNL Lifestyle Properties. “Boaters will continue to want to spend time on the water, and since the supply of new marinas and boat slips is sharply
limited, we expect our portfolio will benefit as a result.”
The marinas offer guests a variety of amenities including heated pools, tennis courts, fitness centers and restaurants, which appeal to a number of yacht clubs that have chosen the
properties as their home base.

Anacapa and Ventura are both a short boat ride to the Channel Islands, which includes a
national park encompassing five islands. Ballena has direct access to San Francisco Bay’s open
waters and Cabrillo’s location allows for easy access to the San Diego Bay and blue Pacific.
“These acquisitions allow us to enter the West Coast marina market with flagship properties
and a strong, experienced operator, adding geographical and operator diversity to CNL
Lifestyle Properties,” Carlock said.
“We are excited about the partnership with CNL Lifestyle Properties, which allows us to
benefit from long-term capital investment,” said Randy Short, CEO of Almar Management,
Inc.. “We will be able to focus on property enhancements that improve the experience for our
boaters and their families. This will allow us to continue to provide upscale facilities to our
boaters so their experience will remain positive without any significant changes. ”
CNL Lifestyle Properties’ marinas are located in strong recreational regions across the country.
The portfolio also includes Great Lakes Marina (Muskegon, Mich.), Holly Creek Marina and
Eagle Cove Marina (Dale Hollow Lake, Tenn.), Lake Front Marina (Port Clinton, Ohio),
Sandusky Harbor Marina (Sandusky, Ohio), Beaver Creek Resort (Somerset, Ky.), Burnside
Marina (Monticello, Ky.), Pier 121 Marina and East Hill Park (Lewisville, Texas), Crystal Point
Marina (Point Pleasant, N.J.), Manasquan River Club (Brick Township, N.J.) and Brady
Mountain Resort & Marina (Royal, Ark.).