Intrawest Corporation, the leading operator and developer of village-centered resorts across North America, today announced that in the past 90 days it sold $233 million in resort real estate involving seven project launches at seven different resorts across North America. This is Intrawest`s strongest sales performance ever in a 90-day period.
In total, 70 per cent of the units offered during the period were sold, with average prices per square foot climbing by 11 per cent over those achieved for equivalent product types at the same resorts last year.
“Current economic conditions have not slowed demand for Intrawest resort homes from the baby boomers. Indeed, limited supply has created a sense of urgency that is driving our resort real estate sales,” said Joe Houssian, chairman, president and chief executive officer. “This demand, and our ability to leverage our expertise across different markets, are reflected in our success across our entire network of resorts, including our first warm-weather resort, Sandestin, in Florida.”
With the addition of the recent pre-sales, total pre-sales due to close in the next 24 months amount to $589 million. Contracted pre-sales due to close in fiscal 2002 amount to $378 million, and pre-sales due to close in fiscal 2003 now amount to a further $211 million.
“The success of these launches gives us confidence in our ability to increase our bed base by approximately 9,000 new beds at our resorts during the next two years,” said Dan Jarvis, executive vice president and chief financial officer. “The new beds represent an increase of 45 per cent over the number of beds added to our resorts in the past two years. Creation of these new beds is a significant driver of ongoing revenues for resort operations and ancillary businesses.”
Intrawest recently restructured its successful resort real estate business to support planned growth in this area. David Greenfield and David Kleinkopf are now co-presidents with responsibility for North American real estate activities divided between them. They will continue to report to Gary Raymond, president, Resort Development Group, who has overall responsibility for real estate and acquisitions. In conjunction with these changes, an executive office has been established in Denver, Colorado.
Intrawest Corporation is the leading developer and operator of village-centered resorts across North America. The company owns 10 mountain resorts, including Whistler/Blackcomb, North America`s most popular mountain resort. Intrawest also owns Sandestin Golf and Beach Resort in Florida. The company has a significant investment in Compagnie des Alpes, the largest ski company in the world in terms of skier visits and a 45 per cent interest in Alpine Helicopters Ltd., owner of Canadian Mountain Holidays, the largest heli-skiing operation in the world. Intrawest Corporation`s shares are listed on the New York (IDR) and Toronto (ITW) stock exchanges. The company is headquartered in Vancouver, British Columbia and is located on the Web at www.intrawest.com.