Intrawest sells another resort

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Intrawest, the parent company of Steamboat Ski and Resort Corp., has sold another one of its resorts. On Tuesday, Intrawest announced a definitive purchase agreement to sell its interests in Sandestin Golf and Beach Resort in Florida. The purchaser is identified as the Becnel family of Destin, Fla., according to an Intrawest news release.

Sandestin is a 2,400-acre resort on Florida’s Gulf Coast. It includes 30 residential neighborhoods and a variety of hotels. Sandestin has seven miles of beach, four golf courses, 15 tennis courts, 19 swimming pools, a 98-slip marina and a number of commercial spaces, according to Intrawest. Details of the sale, including the purchase price, were not disclosed.

The purchase agreement includes the management contracts for Cottage Rental Agency, a community of beach homes in Seaside, Fla., and two hotels, the Marriott Residence Inn and the Marriott Courtyard. Both hotels are at the Sandestin resort.

The deal appears to be part of Intrawest’s continued efforts to address its heavy debt load. The resort owner and operator already has sold several other resorts this year, including Panaroma Mountain Resort in western British Columbia and The Village at Squaw Valley, Calif.

Intrawest, which is based in Vancouver, British Columbia, also sold Copper Mountain ski resort to Powdr Corp. of Utah late last year and sold two of its French resorts.

Intrawest bought Steamboat Ski Area for $265 million in March 2007. Its parent company is Fortress Investment Group.

Comments

boater1 4 years, 10 months ago

so does this sound like steamboat's situation or not?

http://www.vancouversun.com/travel/Intrawest+sells+fourth+property+three+months/2544497/story.html

"In the future, the company plans to focus on full-year resorts where Intrawest owns both the ski resort and the village nearby.

...Where Intrawest owns both, like at Whistler-Blackcomb, Mont Tremblant in Quebec and Blue Mountain in Ontario, it plans to hang on to them, Galbraith said. "That's really the focus of our company moving forward."

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greenwash 4 years, 10 months ago

Yea right....Its all a sugar coated lie.Intrawest is soooo poorly managed.. Look at there front office in Steamboat?

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awirth 4 years, 10 months ago

I have noticed your comments, Mr. Greenwash over the past month or so. Like many others and me, you seem to care a great deal about the community and strive to be informed on most topics. However, you are dramatically misinformed and mistaken about a number of issues, including the Steamboat Ski & Resort Corporation and our industry leading success. If you have any interest in learning the facts and truths about some of the matters upon which you've recently commented, I would be glad to meet you for a coffee...the coffee is on me. I would, however, also maintain respect and would understand if you preferred to remain anonymous and couldn't see your way to getting together. Best regards, Andy Wirth

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