Organization and Nature of Business

6 Months Ended

Jun. 30, 2017

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Organization and Nature of Business

Organization and Nature of Business:

CNL Lifestyle Properties, Inc. (the “Company”), was organized in Maryland on August 11, 2003. The Company elected to be taxed as a real estate investment trust (a “REIT”) for federal income tax and believes it has operated as a REIT except as described in Note 3, "Significant Accounting Policies – Income Taxes." The Company generally invested in lifestyle properties in the United States that were primarily leased on a long-term (generally five to 20 years, plus multiple renewal options), triple-net or gross basis to tenants or operators that the Company considered to be industry leading. In the event of certain tenant defaults, the Company engaged third-party managers to operate properties on its behalf until they were re-leased. The Company engaged CNL Lifestyle Advisor Corporation (the “Advisor”) as its advisor, who currently provides management, disposition, advisory and administrative services.

In November 2016, the Company entered into a purchase and sale agreement (the "Sale Agreement") with EPR Properties ("EPR") and Ski Resort Holdings, LLC for the sale of its remaining 36 properties for approximately $830.0 million (the "Sale"), which was estimated to be paid in $182.6 million of cash and $647.4 million of common stock of beneficial interest of EPR. At a March 24, 2017 stockholders’ special meeting, the Company's stockholders approved the Sale pursuant to the Sale Agreement and a plan of liquidation and dissolution (the "Plan of Dissolution") providing for the complete liquidation and dissolution of the Company following the closing of the Sale.  In connection with obtaining stockholder approval of the Sale and the Plan of Dissolution, the Company adopted the liquidation basis of accounting, as further described in Note 3, "Significant Accounting Policies."

The Company completed the Sale in April 2017 and paid an interim liquidating distribution ("Interim Liquidating Distribution") to its stockholders.