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Intrawest eyes real estate development

Matt Stensland

— Intrawest, parent company of Steamboat Ski Area, is telling its investors there is an opportunity to restart real estate development at its resort properties.

On Thursday, Intrawest made a presentation available for investors.

Highlighted in the presentation are Intrawest’s real estate holdings at Steamboat and Winter Park. According to Intrawest, the land value of real estate holdings is $51 million at Steamboat and $21.4 million at Winter Park.



At Steamboat, Intrawest has an option to purchase a parcel of land behind The Steamboat Grand hotel and owns the parking garage across the street, as well as the Knoll and Meadows surface parking lots. Intrawest’s parent company, Fortress Investment Group, owns land ready to be developed in Ski Time Square.

Intrawest thinks the Colorado real estate market has improved, with year-over-year condominiums selling at a higher price per square foot. Prices are being impacted by the number of condos on the market, which Intrawest states is down 30 percent.



Intrawest has hired a new president of real estate, and new master plans are being developed for Steamboat and Winter Park, according to the presentation.

Intrawest outlined the proximity to the Denver market and Steamboat’s winter air program, which brings in skiers on direct flights from across the country. Steamboat also has a strong tourist economy during the summer. Intrawest believes the city sees an estimated 30,000 to 40,000 visitors during peak summer weekends.

This prompted Intrawest to build a mountain coaster and mini golf course at Steamboat Ski Area. Construction on those projects is slated for summer.

Intrawest plans to invest between $43 million and $48 million at its resort properties this year. The group thinks improvements will attract visitors and support the prices that are charged at the resorts.

To reach Matt Stensland, call 970-871-4247, email mstensland@SteamboatToday.com or follow him on Twitter @SBTStensland


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