Intrawest sells Panorama Mountain Village
And then there were 8
“Intrawest ULC has sold its Panorama Mountain Village resort in its effort to fend off an auction of the company’s assets as lenders demand repayment of debt.”(*1)
“… the deal will include the resort’s on-mountain and Nordic ski operations, a 50 per cent ownership position in the Greywolf Golf Course, all of Intrawest’s commercial operations and lodging units in the village and the land available for real estate development.”(*2)
This continues the Intrawest debt-fueled saga, which we first started covering in Intrawest spells ‘Trouble’?
Once bitten, twice shy?
Actually, it’s the second resort to be sold in the last few months in an apparent effort to reduce debt. “Intrawest announced the sale of Copper Mountain in Colorado in November”(*1).
Smells like home cooking
What makes this more interesting, is perhaps who bought Panorama Mountain Village Resort. “Panorama Mountain Village Inc., a new company run by developer Rick Jensen and includes local Panorama homeowners and local business people”(*1). Local ownership seemingly. Not sure where ‘Rick Jensen’ is from. But, townspeople buying a stake in their resort is an interesting twist to this story line. How many resort townspeople out there want an ownership stake in their resort? To potentially have more say over the direction of the resort. Can’t buy a whole resort? Maybe just buy a piece of a resort.
While they have lost the marketing and financial clout of Intrawest, this sounds like a positive turn of events for this resort. Beautiful location. Promising resort. Hopefully they can translate this action into visits and revenue.
Sources:
1. Intrawest sells Panorama Mountain Village resort, Globe and Mail, Jan.28, 2010
2. Intrawest sells Panorama resort, CBC News, Jan.28, 2010
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