Fortress's Olympics host company Intrawest sells ski resort
A portfolio company of alternative asset manager Fortress Investment that specialises in mountain resorts has sold off one of its Canadian ski resorts as it moves to refinance its debt. Intrawest, which is providing one of the host venues for next month’s Winter Olympics in Canada, has agreed to sell its Panorama Mountain Village resort in British Columbia to a newly formed company, known as Panorama Mountain Village Inc.
The transaction will include the resort’s on-mountain and Nordic ski operations, a 50 per cent ownership stake in Greywolf Golf Course, all of Intrawest’s commercial operations and lodging units in the village, and some land available for real estate development. The transaction is expected to close in February, pending approvals.
The resort is the latest to be sold by the company as it discusses refinancing options with its lenders. In November, Intrawest sold its interests in the Copper Mountain resort, Colorado, to Powdr Corp.
The Whistler Blackcomb resort, the official alpine skiing venue for the 2010 Olympic and Paralympic Winter games in February and March, will be unaffected by the sale.
Fortress Investment recently provided a $225m bail-out of troubled listed fund of funds APEN.
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Private Equity News» By News Type» Deal News
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Private Equity News» By News Type» Deal News
Private Equity News» By PE Sector» Buy-out
Private Equity News» By Region» North America» Canada
