Intrawest sells Panorama ski resort to local homeowners

Posted By: The Ski Channel on January 28, 2010 3:03 pm

Ski resort owner/operator Intrawest ULC was unable to renegotiate a 1.7 billion debt assumed when it was acquired by Fortress Investment Group LLC back in 2006. Thus, it has confirmed today that it will sell its Panorama Mountain Village ski resort in British Columbia to local homeowners and businesses.

From First Tracks Online: “The transaction will transfer to a newly formed corporation, Panorama Mountain Village Inc. (Panorama Inc.) the ski resort’s alpine 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. The sale price was not immediately disclosed.”

Intrawest’s statement included: “This winter season it is business as usual at Panorama Mountain Village. Once the transaction is finalized Intrawest and Panorama Inc. have committed to work together to ensure a smooth transition of ownership and all vacation reservations, season pass and card products will be honored for the 2009-2010 winter season.”

This is the second Intrawest sale in 2 months. Back in November, it sold Copper Mountain Resort in Colorado to Powdr Corp (based in Utah).