Intrawest Corporation, the leading operator and developer of village-centered resorts across North America, today announced the sale of Mont Ste. Marie ski operation and golf course in Quebec to Camp Fortune Resorts of Ottawa, Ontario. Intrawest is retaining developable land at the base of the mountain. Further terms of the sale were not disclosed.
“We are very proud of our accomplishments at Mont Ste. Marie,” said Joe Houssian, Intrawest`s chairman, president and chief executive officer. “During the past five years, Mont Ste. Marie`s management and staff have turned the resort around. We are confident Mont Ste. Marie will continue to thrive under Camp Fortune Resorts with its focus on the Gatineau region.”
Intrawest is retaining approximately 800 hectares (2,000 acres) of real estate for future development including Lac a la Truite, lands surrounding the golf course and the base of the mountain and Lac Ste-Marie.
Mont Ste. Marie General Manager Steve Paccagnan will serve as acting general manager during the ownership transition. After the transition period he will remain with Intrawest as a senior manager.
Intrawest acquired Mont Ste. Marie in December 1996. Since then, annual skier visits to the resort have increased by 51 per cent to 97,000 in 2000/2001, golf rounds have increased by 40 per cent, and gross revenue has increased by 81 per cent and the operation is now profitable.
Camp Fortune Resorts, a private company owned by Robert and Peter Sudermann, also owns and operates Camp Fortune Ski Resort, which is the most popular ski resort in the National Capital Region. Camp Fortune Resorts anticipates that the addition of Mont Ste. Marie will create a tightly focused western Quebec-based ski resort company with more than 300,000 skier visits annually. For more information visit www.campfortune.com
Intrawest Corporation (IDR:NYSE; ITW:TSE) 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 as well as those made in the conference call 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.