John E. Ciluzzi and family: Watch Intrawest

Advertisement

The deal looks as if it's done - the closing is scheduled for spring and the final documents are being prepped. A premium of $265 million. How? Why? Steamboat?

Intrawest is paying a premium and matching a multiple (a calculation used to determine value) that real estate mogul Starwood Trust recently paid for Mammoth Mountain in California. Starwood's plans for Mammoth are mammoth, including the transformation of the resort into an elite/luxury destination. And although Intrawest's acquisition has been met with open arms by most in the community, I hope that a local watch group closely monitors what exactly Intrawest is planning.

Intrawest has the experience, money and vision, but what is the vision? For a conglomerate such as Intrawest, Steamboat is a clean slate with huge development potential. As a colossal fan of Steamboat, I appreciate the time my family and I spend there each year. We only visit a couple of times but consider ourselves very lucky when we're back in the 'Boat. Additionally, we relish our experience on the slopes and in town at many of the spots year-rounders adore.

Beware - the Old West charm and local hospitality so alive in Steamboat can and will be lost in a New York minute if the plans of foreign corporations are not monitored. Please protect and preserve the Old West charm of Steamboat that we all want to come back to. The last thing Steamboat needs is to be referenced as an elite/luxury destination.

John E. Ciluzzi and family

Cape Cod, Mass.

Comments

another_local 7 years, 10 months ago

I have heard that the closing is more likely later this month than in the spring. The points in the letter are well taken especially considering the involvement of Fortress players in Bear Claw, One Steamboat Place and possibly the Sheraton/Ski Time Square area.

0

SteamboatJoe 7 years, 10 months ago

OOOOO, evil corporations! Yes we must watch out. God forbid they do some development so Steamboat can compete with with other ski destinations. What will you do when they bring Steamboat out of the 70's and your neon jump suit no longer matches?

0

Requires free registration

Posting comments requires a free account and verification.