Panorama Homeowners and Local Business People Come Together to Purchase Panorama Mountain Village
Whistler Blackcomb, host of next month’s Winter Olympics, is to be auctioned off following the failure of its owner Fortress to make payments on a $1.7 billion loan. The sale will take place in the middle of the Games, and will also include Mont Tremblant, Steamboat, Winter Park, plus six other ski resorts.
The following commentary is offered by Ken Schapiro, President of Condor Capital: Despite the disturbing ski industry news last week that resort operator Intrawest ULC had missed a debt payment on a $1.4 billion loan, the ski business is holding its own in the midst of nationwide travel revenue declines. All signs point toward a modest 3% to 5% revenue drop for mountain resorts nationally, which compares favorably with travel industry trends.
Intrawest and Sprint today announced a new strategic alliance that will put Sprint’s mobile devices, voice plans and air cards in the hands of Intrawest’s staff at Copper Mountain and Steamboat Resort in Colorado.
Pierre & Vacances Group and Intrawest Hotels & Residences sign agreement for the acquisition of Intrawest’s lodging and commercial operations at Arc 1950 in Savoie and the Flaine Montsoleil resort, France.
Starwood and Intrawest have announced plans tobuild the Westin Verasa Napa, a 160-unit luxury condominium-hotel locatedin America’s premier wine region, Napa Valley, California.
Intrawest and Fortress InvestmentGroup have entered into adefinitive agreement under which funds managed by affiliates of Fortress willacquire all of Intrawest’s outstanding common shares at a price of $35.00 pershare payable in cash.