SAM reports Intrawest announced today a definitive purchase agreement to sell its interests in Sandestin Golf and Beach Resort to the Becnel family of Destin, Florida. Specific terms of the agreement were not disclosed; the transaction is anticipated to close in the first quarter of 2010.
Located on the Northwest Florida Gulf Coast in Destin, Florida, Sandestin Golf and Beach Resort is a 2,400-acre premier destination resort located in Northwest Florida, between Pensacola and Panama City.
The purchase agreement includes the management contracts for Cottage Rental Agency, a community of beach homes located in Seaside, Fla., and two hotel properties, The Marriott Residence Inn and The Marriott Courtyard, both located at Sandestin. Once the transaction is finalized, Intrawest and the Becnel family are committed to work together to ensure a smooth transition of ownership. Until then, it’s business as usual for Sandestin Golf and Beach Resort, Cottage Rental Agency and the Marriott hotels, according to a prepared statement.
This is the latest in a string of asset sales by Intrawest, beginning with the sale of Copper Mountain last December, followed by the sale of Panorama resort, B.C., and the Village at Squaw Valley last month. Intrawest has been raising cash as it negotiates with lenders to refinance its debt.