Monday, May 31, 2010

Intrawest Sell Mountain Creek Resort

Intrawest has sold its Mountain Creek Resort in Sussex County (New Jersey) to a group led by developer Eugene Mulvihill, who operated the property when it was known as Great Gorge during the 1980s. Intrawest had owned Mountain Creek since 1998, it’s the latest resort sold by Intrawest following its disposal of of Copper Mountain last December, followed by the sale of Panorama resort, B.C., the Village at Squaw Valley and the Sandestin Golf and Beach Resort .
Last April Intrawest announced that it has successfully completed the refinancing of its corporate debt which was due in December 2009. The Company repaid its prior lenders in full and has completed a new loan, which is scheduled to mature in 2014.
The transaction includes the resort and its real estate properties, according to Mulvihill, who plans to add "other amenities" to the resort to complement the Crystal Springs Golf Resort that he operates in nearby Hardyston. "It's the only major ski resort within an hour of New York City, and it has one of the best terrain parks for snow boarding", Mulvihill said in a phone interview. The resort has 1,500 condos and has the capacity to build another 1,500, he said. The developer expects to build hotels at the location and add other sports attractions. Mulvihill and his partners have potential plans to add retail stores, a craft village, an indoor water park, organic food shops and a tropical rain forest in Vernon Valley.
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 of 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.