by The Editors on October 1, 2009
Intrawest, the company that operates nine resorts in North America, wants everyone to protect themselves by wearing helmets when they ride on their mountains, according to a press release sent out today.
Intrawest will recommend that all skiers and snowboarders visiting its resorts wear helmets and there will be mandatory helmet requirements for all children and youth(1) participants in Ski and Snowboard School Programs as well as all students participating in freestyle terrain park programs, regardless of their age.
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by The Editors on August 6, 2009
Struggling international resort owner Intrawest has sold two French resorts we’ve never heard of, according to a story on Metronews.ca.
Vancouver-based Intrawest said it has agreed to sell the lodging and commercial operations at Arc 1950 Resort in Savoie and the Flaine Montsoleil Resort in the Haute-Savoie region of the French Alps. . . The price was not disclosed.
We’re going to go ahead and guess that this won’t be the last asset Intrawest sells in coming months.
[Link: Metronews.ca]
by The Editors on October 24, 2008
Seems like getting a whole lot of money is much easier than getting a little in this credit crisis. Intrawest, the company that owns Whistler Blackcomb and other resorts had a $1.7 billion debt coming due yesterday and luckily they were able to refinance it just in time.
We are very pleased to have reached an agreement with our lenders, particularly given the challenges of the global credit markets,” said Bill Jensen, chief executive officer at Intrawest. . . “The support Fortress and our lenders have shown underscores their confidence in Intrawest and will enable us to continue to execute on our long-term strategic plans. . . . Intrawest has great assets, a sound business model and a solid track record. We are preparing for another successful winter season and look forward to providing our resort guests and homeowners with the exceptional level of service they have come to expect from our resort properties.”
Just wait until the Vancouver Olympics roll out of town. Then we’ll all see how “sound” and “solid” Intrawest looks. Enjoy the next couple years. . .
[Link: Canada.com]
by The Editors on October 20, 2008
Fortress Investment Group, the private equity fund that purchased Intrawest in 2006 for $2.8 billion has reportedly approached potential and existing lenders about a refinancing of $1.4 billion of Intrawest’s senior debt according to a story in the Financial Times.
Fortress controls Intrawest via a $1.37bn equity stake. With Intrawest’s debt trading at less than 70 cents on the dollar, Fortress has approached potential and existing lenders to discuss a refinancing involving $1.4bn in senior debt. Fortress is putting in $100m of additional capital to preserve its equity’s value. . . . People familiar with Fortress, which operates hedge funds and private equity vehicles, say there is a low probability Intrawest will file for Chapter 11 bankruptcy protection.
Low probability? We guess that’s a good thing, right?
[Link: Financial Times]
by The Editors on October 14, 2008
The Coca-Cola Co has just signed a deal with Intrawest to be the “official beverage” at 10 of their resorts.
Coca-Cola North America and its bottle partners in the United States and Canada will continue to be the official beverage providers at 10 of Vancouver, Canada-based Intrawest’s destination resorts: Sandestin Golf and Beach Resort (Florida); Snowshoe Mountain (West Virginia); Winter Park Resort, Copper Mountain and Steamboat Ski Resort (Colorado); Mountain Creek (New Jersey); Stratton Mountain (Vermont); Panorama Mountain and Whistler Blackcomb (British Columbia); and Mont Tremblant Resort (Quebec).
All we wanted was a Pepsi, just one Pepsi and they wouldn’t give it to us.
[Link: Phoenix Business Journal]
by The Editors on June 1, 2023
The old dream of riding a local, independent mountain took another hit today (June 1, 2023) as uber resort conglomerate Alterra Mountain Company announced their pending purchase of Northern Idaho’s OG hill Schweitzer. Of course the business people are ecstatic about the purchase and how great it will be for everyone involved.
“Since becoming an Ikon Pass partner in 2021, we’ve had the good fortune of learning how Alterra Mountain Company has quickly evolved into an industry leader,” said Tom Chasse, President and CEO of Schweitzer. “The company’s commitment to preserving the authenticity of their mountain communities while investing in the overall mountain experience is what we’re most looking forward to as the newest member of the Alterra family.”
Just a reminder. Monopolies are always bad. They limit consumer choice. They stifle innovation. And they mean higher prices for worse service. But, it’s very difficult to slow the machine. We just had some of the best days of our season at Mammoth Mountain, so we’re as guilty as anyone when we encourage you to support your local independent hill.
For the official word, follow the jump.
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by The Editors on February 9, 2018
In what would seem to be good news for fans of Mammoth Mountain, former CEO and partial owner Rusty Gregory has been named chief executive officer of Alterra Mountain Company, the parent company of most of the resorts formerly known as Mammoth, Intrawest, and Aspen Skiing Company.
Mr. Gregory will focus on establishing the newly-formed Alterra Mountain Company’s culture and developing the growth, operating and guest service strategies for its platform of mountain destinations across North America, while leading its more than 20,000 employees. . . “I’m thrilled to be leading the Alterra Mountain Company team in its formative years at such a pivotal time in the mountain destination industry. This is truly the opportunity of a lifetime: to work with so many highly respected industry leaders and some of the most iconic mountain destinations in North America,” said Rusty Gregory, Chief Executive Officer of Alterra Mountain Company. “Together we will create a high performing enterprise by focusing on what’s important – our guests, our employees, and our mountain communities. We will build our business by enhancing and enriching the lives and experiences of each.”
At least Aspen and the Colorado crew aren’t taking things over just yet. Viva California. For the official word from Alterra, please follow the jump.
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by The Editors on April 12, 2017
Mammoth has always wanted to be Aspen. And now, it appears their wish has finally come true. Two days after picking up Intrawest for a reported $1.5 billion, the Denver, Colorado based Aspen Skiing Co./KSL partnership has picked up Mammoth, June, Snow Summit, and Bear Mountain for an undisclosed sum according to a Jason Blevins story in the Denver Post.
Rusty Gregory, the longtime manager and chief executive of Mammoth Resorts, in a statement called the move “the next logical chapter in the story of Mammoth. . . This new platform, built around a collective passion for the mountains and our commitment to the people who visit, work and live there, is exactly what the ski resort business needs.
We’re not sure that having every single resort in the USA owned by two companies is exactly what the ski resort business needs, but we’re pretty certain it won’t change much for the average shred. That Aspen leaf in the logo always did look like two tusks and a trunk to us anyway.
[Link: Denver Post]
by The Editors on October 5, 2010
Thanks to $1.4 billion in dept Fortress Investment Group LLC has been looking for buyers for their Intrawest properties almost since buying the company in August of 2006.
The sales most often spoken about is Whistler Blackcomb (which was nearly auctioned off by creditors during the 2010 Olympics). There were rumors from the Wall Street Journal regarding the attempted sale to Russian billionaire Vladimir Potanin, and another included “oil mogul” Murray Edwards (owner of Fernie Alpine Resort, Kimberley Alpine Resort, Stoneham Mountain Resort and Mont-Sainte-Anne), but none of them were interested in paying what Fortress believes the mountain is worth. Now Fortress is reportedly trying to take the resort public through an IPO, according to a story in The Globe & Mail.
But the well-known name of Whistler may be an easier sell for an audience of retail investors, especially after the successful Olympics at the site last winter. As a result, an IPO is now the favoured option, sources said. . . “They didn’t like the valuations they got [from other buyers] so they will try the IPO market,” said a second person familiar with the situation.
When you can’t get smart money might as well go retail, but It’s difficult to imagine a scenario where this turns out well no matter how sexy Canadian resorts are.
[Link: The Globe & Mail]
by The Editors on April 9, 2010
When the Excalibur Gondola at Whistler-Blackcomb failed in December of 2008 it left at least 12 people tapped in dangling gondolas. Now, the legal ramifications of that afternoon are coming back to haunt the resort in the form of lawsuits according to CKNW Radio.
Two separate civil suits have been filed in BC Supreme Court on behalf of Whistler residents Christopher and Michelle Pond. . . This brings to 5 the number of suits against Intrawest and gondola manufacturer Doppelmayr. . . .The Ponds are making separate claims alleging they were injured when Tower 4 of the Excalibur collapsed sending several gondola’s to the ground, rooftops and trees.
Wonder if Intrawest have anything left after the Olympics?
[Link: CKNW]
Intrawest, the company that operates nine resorts in North America, wants everyone to protect themselves by wearing helmets when they ride on their mountains, according to a press release sent out today.
