Intrawest sells another resort
February 10, 2010
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.