Intrawest completes first tranche of resort village commercial property sale
December 06 2004 - 8:30AM
PR Newswire (US)
Intrawest completes first tranche of resort village commercial
property sale Listed: NYSE TSX Symbols: IDR (NYSE) ITW (TSX)
VANCOUVER, Dec. 6 /PRNewswire-FirstCall/ -- Intrawest Corporation,
one of the world's leading destination resort and adventure-travel
companies, announced today that it has completed the first tranche
of its previously announced sale of commercial properties at
several Intrawest resort villages to a partnership in which CNL
Income Properties, Inc., a real estate investment trust, is an 80%
partner and Intrawest retains a 20% interest. These commercial
properties include space occupied by a variety of tenants including
retail stores, restaurants and specialty shops in the resort
villages developed by Intrawest. Due to the size and complexity of
the transaction, the partners agreed to split the closing into
three separate tranches. In this first tranche, the partnership has
acquired commercial properties at Intrawest resort villages of
Whistler Creekside at Whistler, British Columbia and the Village at
Blue Mountain in Collingwood, Ontario, having a total value of
$30.3 million. The net proceeds to Intrawest of $27.8 million will
be used to pay down debt. The second tranche of the transaction
will include five Intrawest resort villages including the Village
of Baytowne Wharf at Sandestin Golf and Beach Resort, Florida; the
Village at Mammoth Mountain, California; the Village at Copper
Mountain, Colorado; the Village at Snowshoe Mountain, West
Virginia; and the Village at Stratton, Vermont. The second tranche
is valued at approximately $80 million. In order to facilitate the
scheduled closing of the second tranche, which is expected by March
31, 2005, Intrawest has agreed to provide bridge financing of $45
million on normal commercial terms. It is anticipated that
permanent financing will be arranged before June 30, 2005. The
third tranche will include two of Intrawest's newest developments:
MonteLago Village at Lake Las Vegas Resort, Nevada and the Village
at Squaw Valley, California. No date has been set for the closing
of these properties. The completion of the second and third
tranches are subject to a number of conditions, including
finalizing the financing, settling and executing definitive
documentation, completion of due diligence, and customary closing
conditions. There are no assurances that all of the closing
conditions will be satisfied or that CNL Income Properties will
acquire these properties. Orlando-based CNL Income Properties, an
affiliate of CNL Financial Group, has been formed to invest in
income-producing real estate with an emphasis on recreation and
lifestyle segments, such as golf resorts, marinas, vacation
ownership, and ski resorts and adjacent property. The Intrawest
commercial property portfolio will be CNL Income Properties' first
acquisition. Intrawest Corporation (IDR:NYSE; ITW:TSX) is one of
the world's leading destination resort and adventure travel
companies. Intrawest has interests in 10 mountain resorts in North
America's most popular mountain destinations, including Whistler
Blackcomb, a host venue for the 2010 Winter Olympic and Paralympic
Games. The company owns a 67% interest in Abercrombie & Kent,
the world leader in luxury adventure travel and a 45% interest in
Canadian Mountain Holidays, the largest heli-skiing operation in
the world. The Intrawest network also includes Sandestin Golf and
Beach Resort in Florida and Club Intrawest - a private resort club
with its ninth location in Zihuatanejo, Mexico opening in December
2004. Intrawest is developing five additional resort village
developments at locations in North America and 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 ; To request a free copy of this
organization's annual report, please go to http://www.newswire.ca/
and click on reports@cnw.
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