Intrawest Sells Colorado’s Copper Mountain to Park City Company
By Jonathan Weber , 11-18-09
Copper Mountain resort, a major ski hill about 75 miles west of Denver, is being sold by troubled ski giant Intrawest to Park City-based Powdr Corp., the owner resorts in Utah, California, Vermont, Oregon and Nevada. The deal is expected to close in December, and both companies say patrons should see few changes in the short term. The terms of the deal were not disclosed.
Vancouver-based Intrawest said the sale was part of its strategy to focus on “core resorts,” though it did not elaborate on what was considered core. The comapny’s flagship is Whistler-Blackcomb, which will host alpine skiing at this winter’s Olympic Games.
Intrawest, which was acquired by New York-based Fortress Investment Group in 2006, has been hit very hard by the mountain real estate meltdown and is struggling to manage a large debt load. The Toronto Globe & Mail has a good story today on Intrawest’s travails and its recent financial history.
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Comments
1. We start with a resort and enhance the experience.
2. Then build an animated village so people stay longer.
3. All this attracts more visitors who come more often, spend more money and bring their friends.
4. More real estate is built and attractions are added, drawing yet more people.
5. More people, more often, leads to the expansion of year-round facilities, maximizing use of shops, hotels, convention facilities and restaurants.
6. As occupancy and room rates climb, so does demand for resort real estate, creating a surge in real estate sales.
7. All this results in a total resort experience which brings year-round destination visitors, generating financial critical mass which...
8. Leads to more resorts. Network synergy results in a compounding effect on the company's revenue streams and growth through time.