Intrawest Pulling an ASC?
According to an article in the Wall Street Journal, Intrawest is now exploring the sale of Whistler Blackcomb, it’s crown jewel, just a few short months after the 2010 Olympic Winter Games were hosted there. Not many years ago, the now defunct American Ski Company, sold off property after property until it consisted of just The Canyons, which was what ASC considered to be it’s flagship resort. In recent months, Intrawest has renegotiated it’s mammoth debt and sold off numerous properties including:
- Copper Mountain, Colorado (November 2009)
- Les Arcs 1950, France (October 2009)
- Flaine Montsoleil development, France (October 2009)
- Panorama Mountain Village, British Columbia (January 2010)
- Mountain Creek, New Jersey (May 2010)
- Sandestin Golf & Beach Resort, Florida (March 2010)
- The Village at Squaw Valley, California (January 2010)
Including Whistler Blackcomb, Intrawest still has full, or partial ownership of seven mountain resorts, heli skiing operations, a beach property in Sandestin, Florida as well as the private resort club called Club Intrawest. Without Whistler Blackcomb in it’s portfolio, it would seem financially the company should be in better financial shape, but without a key property to be it’s headliner. It will be interesting to see if Intrawest fares better than ASC did.
(Resort ownership information was pulled from the Wikipedia Intrawest article.)