Friday, January 29, 2010

Intrawest to sell Panorama Mountain Village

Intrawest and a newly formed company, Panorama Mountain Village Inc. (Panorama Inc.) announced today that they have entered into a definitive asset purchase agreement that will enable Panorama Inc. to purchase Intrawest's interests in Panorama Mountain Village. Panorama is located in the British Columbia Rockies on the Kootenay Rockies Powder Highway, close to Banff and just over a three hour drive from Calgary International Airport Panorama Inc. is made up of area homeowners and local business people. The transaction will include the resort's on-mountain and Nordic ski operations, a 50% ownership position in the Greywolf Golf Course, all of Intrawest's commercial operations and lodging units in the village and the land available for real estate development. The transaction is anticipated to close in February 2010, pending regulatory approvals.
This winter season it is business as usual for reservations and pass products. This sale comes on the heels of Intrawest selling Copper to Powdr Corp., as Intrawest tries to pay down its debts.
Fortress purchased Intrawest for $2.8 billion in 2006, and financed $1.8 billion of that amount. The resort operator missed a $524 million debt payment originally due Oct. 23. The primary lender on the Intrawest deal in 2006 was defunct investment bank Lehman Brothers.
Intrawest is a leader in the development and management of experiential destination resorts. The Company has a network of resorts at North America’s most popular mountain destinations including Whistler Blackcomb, the host venue for the 2010 Olympic and Paralympic Winter Games and Canadian Mountain Holidays, the largest heli-skiing operation in the world. Intrawest is headquartered in Vancouver, British Columbia.