Intrawest announces sale of lot three Ka'anapali in Maui
September 28 2005 - 8:28PM
PR Newswire (US)
All dollar amounts are in U.S. currency VANCOUVER, Sept. 28
/PRNewswire-FirstCall/ -- Intrawest Corporation, one of the world's
leading destination resort and adventure-travel companies, together
with its joint venture partner announced today the sale of Lot
Three Ka'anapali, a 26-acre parcel of beachfront property in Maui.
The parcel of land was sold to a third party for a net profit
before tax to Intrawest of approximately $25 million. "This parcel
of land was not scheduled to be developed for some time and we had
the opportunity to realize its value this year," said Gary Raymond,
president and chief executive officer of Intrawest Placemaking. "We
will now turn our attention to the adjacent site and our Honua Kai
condo-hotel project, the first whole-ownership condominium project
on Ka'anapali Beach in more than 20 years." The joint venture
partnership is developing Honua Kai, a 700-unit luxury
condominium-hotel project, on Lot Four Ka'anapali. Honua Kai is a
whole- ownership condominium resort that will include two luxury
condo-hotel towers and three townhome clusters with ocean and
mountain views, lush gardens and resort-style amenities and
services. Reservations for condominium units in the first phase of
development, the Hokulani tower, will be accepted in mid- October.
For more information, visit http://www.honuakai.com/. Intrawest
Corporation (IDR:NYSE; ITW:TSX) is a world leader in destination
resorts and adventure travel. The company has interests in 10
resorts at North America's most popular mountain destinations,
including Whistler Blackcomb, a host venue for the 2010 Winter
Olympic and Paralympic Games. Intrawest owns Canadian Mountain
Holidays, the largest heli-skiing operation in the world, and an
interest in Abercrombie & Kent, the world leader in luxury
adventure travel. The Intrawest network also includes Sandestin
Golf and Beach Resort in Florida and Club Intrawest - a private
resort club with nine locations throughout North America. Intrawest
develops real estate at its resorts and at other locations across
North America and in Europe. Intrawest is headquartered in
Vancouver, British Columbia. For more information, visit
http://www.intrawest.com/. Statements contained in this release
that are not historical facts are forward-looking statements that
involve risks and uncertainties. Intrawest's actual results could
differ materially from those expressed or implied by such
forward-looking statements. Factors that could cause or contribute
to such differences include, but are not limited to, Intrawest's
ability to implement its business strategies, seasonality, weather
conditions, competition, general economic conditions, currency
fluctuations and other risks detailed in the company's filings with
the Canadian securities regulatory authorities and the U.S.
Securities and Exchange Commission. For additional information,
please contact Mr. John Currie, chief financial officer, at (604)
669-9777 or Mr. Tim McNulty, director, investor relations, at (604)
623-6620 or at . If you would like to receive future news releases
by email, please contact DATASOURCE: Intrawest Corporation CONTACT:
Mr. John Currie, chief financial officer, at (604) 669-9777 or Mr.
Tim McNulty, director, investor relations, at (604) 623-6620 or at
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