Tuesday, December 19, 2006
Editor Scott Stanford provides the video news update for Tuesday, December 19.
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Intrawest ULC has agreed to buy the Steamboat Ski Area and related assets for $265 million, American Skiing Co. CEO B.J. Fair announced today.
The deal will bring an end to ASC's 10-year run as the ski area's owner. Included in the sale are the resort and all resort-owned operations, all of Steamboat's resort-owned real estate assets, the commercial core of the Steamboat Grand Hotel and Condominiums and the company's interest in the Walton Pond Apartments complex.
"The proceeds of this transaction will reduce outstanding debt and allow us to focus on opportunities in our portfolio of resorts and their related real estate," Fair said. "We look forward to working with the entire Intrawest team to ensure a smooth transition and a continued outstanding resort experience for our guests."
Intrawest, which was acquired by Fortress Investment Group in October, is expected to close on the Steamboat deal by March 31. Fortress is a rapidly growing hedge fund and private equity fund managing $26 billion in assets. Fortress purchased Intrawest, which is based in Vancouver, British Columbia, in a $2.8 billion deal. Intrawest has an interest in 10 North American mountain resorts including Copper Mountain and Winter Park in Colorado and Whistler-Blackcomb in British Columbia.