Intrawest Sells $109 million in a Day

A diverse group of purchasers participated in the invitation-only sales launch of Four Seasons Private Residences Whistler at Intrawest’s Discovery Centre in Whistler yesterday where investors snapped up $109 million CDN of real estate in one-day. The Residences, 37 luxury hotel condo suites that will be built near the base of Blackcomb Mountain, represent an increasingly rare opportunity to own newly built luxury hotel property walking distance of Whistler Village.

“The purchasers represent an internationally diverse group, which speaks highly of where Whistler stands today as a sought after world destination,” said James Askew, Vice-President of Pacific Northwest and Central U.S. for Playground Destination Properties, Intrawest’s marketing and sales arm. “Of the 37 suites, eight countries were represented including Hong Kong, United Kingdom, Mexico, U.S.A., Canada and Venezuela.”

“The sell-out of all 37 private residences confirms the market in Whistler for luxury condo-hotel suites remains very strong, and buyers are keen to be associated with well-established names such as Four Seasons, Intrawest and Whistler Blackcomb,” said Askew.

Four Seasons Private Residences Whistler follows on the heels of the sell-out last spring of Four Seasons Resort Whistler. The 242-suite luxury hotel sold for Cdn. $150 million in just five hours. Buoyed by that success, Intrawest and Four Seasons introduced another Four Seasons community of 37 exclusive luxury suites averaging 2,600 sq. ft. and ranging in price from $1.7 million CDN to $5.4 million CDN.

According to Paul Woodward, Regional Vice President, Intrawest Resort Development Group, Intrawest decided to match the high-end market demand with the Four Seasons unprecedented level of service and amenities.
“As the number of visitors to Whistler grows and the resort continues to receive international attention, purchasers believe there will be an increasing demand for luxury vacation properties such as Four Seasons,” he said.
Construction of the Residences is slated to start in spring 2003 and is expected to be complete in winter 2004. The fully furnished suites range in size from 1,500 sq. ft. for two-bedroom homes to nearly 3,700 sq. ft. for penthouses. Sale prices ranged from approximately $1.7 million CDN ($1.1 million US) to $5.4 million CDN ($3.7 million US).

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Intrawest Corporation (IDR:NYSE; ITW:TSX) is the world’s leading developer and operator of village-centered resorts across North America. The company owns or controls 10 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 45 per cent interest in Alpine Helicopters Ltd., owner of Canadian Mountain Holidays, the largest heli-skiing operation in the world. Intrawest is headquartered in Vancouver, British Columbia and is located on the World Wide Web at www.intrawest.com.

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