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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