Intrawest Corporation, the leading operator and developer of village-centered resorts across North America, announced that its real estate sales and marketing company, Playground, sold 98 per cent of units offered during four project launches on consecutive Saturdays, June 15 and 22.
Three of the developments launched were Intrawest projects at Sandestin,
Florida; Tremblant, Quebec and Les Arcs, France. These generated $67 million in revenue. The fourth project, in Savannah, Georgia, was sold by Playground on commission for another developer.
“We have sold out projects before, but virtually selling out four projects in the space of a week is a novel and confidence-enhancing experience for Intrawest,” said Joe Houssian, Intrawest`s chairman, president and chief executive officer. “We are particularly pleased with our continued success at Sandestin and Les Arcs. Sales performance at Sandestin, our first warm-weather destination resort, confirms our view that our village-centered resort development strategy has huge potential in other warm-weather locations. At Les Arcs, the success of two launches, in March and June, gives us further confidence that we can apply the strategy we developed in North America to other opportunities in Europe.”
With the addition of the recent pre-sales, total pre-sales due to close in the fourth quarter of 2002 and in the next two fiscal years amount to over $820 million. Contracted pre-sales due to close in fiscal 2003 amount to approximately $400 million. Intrawest typically pre-sells real estate projects before commencing construction to reduce risk.
During the same period, Playground also sold $36 million in resort real estate on commission for non-Intrawest clients in the U.S.
“This performance is further indication of the continuing momentum in the vacation home marketplace and the power of the launch sales methodology created by Playground,” said Michael Coyle, Intrawest`s senior vice president, marketing. “Playground is quickly establishing itself as the North American leader in resort home sales and is great validation of our strategy of leveraging our expertise to create business opportunities.”
Intrawest Corporation (IDR:NYSE; ITW:TSX) is the leading developer and operator of village-centered resorts across North America. The company owns nine mountain resorts, including Whistler Blackcomb, North America`s most popular mountain resort. Intrawest also owns Sandestin Golf and Beach Resort in Florida and has a premier vacation ownership business, Club Intrawest. 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. The company is headquartered in Vancouver, British Columbia and is located on the World Wide Web at www.intrawest.com.
Statements contained in this release that are not historical facts are forward-looking statements that involve risks and uncertainties. Intrawest`s actual results could differ materially from those expressed or implied by such forward-looking statements. Factors that could cause or contribute to such differences include, but are not limited to, seasonality, weather conditions, competition, general economic conditions, currency fluctuations and other risks detailed in the company`s filings with the Canadian securities regulatory authorities and the U.S. Securities and Exchange Commission.