Intrawest Corporation announces largest real estate sales launch and pre-sale success in company's history
December 12 2005 - 4:30PM
PR Newswire (US)
- The launch of 318 residential suites in the first phase of Honua
Kai generates an unprecedented $425 million in real estate sales
VANCOUVER, Dec. 12 /PRNewswire-FirstCall/ -- Intrawest Corporation,
a world leader in destination resorts and adventure travel, today
announced the largest real estate sales launch and pre-sale success
in its history at Honua Kai on Maui's western shore - all 318
suites available in the first phase of Honua Kai were selected by
Priority Reservation Holders representing gross sales of
approximately $425 million. Known as Hokulani, Honua Kai's first
phase was released for sale on Friday, December 9, 2005, at a VIP
Sales Selection Event attended by more than 400 people. Suites in
the first release included a mix of studio, one, two and three
bedrooms ranging in price from the mid $500,000's to $4.5 million.
The launch sales success at Honua Kai is by far the largest in the
company's history - the total gross sales generated is four times
as large as any other project previously launched by Intrawest.
"Our reputation for developing luxury master-planned resorts with
high quality craftsmanship and irreplaceable locations continues to
drive the success of our overall real estate business," said Joe
Houssian, chairman, president and chief executive officer of
Intrawest Corporation. "Our Placemaking and Playground teams have
done an outstanding job bringing this project to market and this
hard work will allow us to move forward and create a very special
place for our homeowners." Honua Kai is situated on Ka`anapali
Beach - one of West Maui's best snorkeling and dive beaches, with
direct ocean and mountain views. Construction on the first phase of
the luxury condo-hotel resort development is expected to begin in
the first quarter of 2006 with completion estimated in late 2008.
"Our sales success on Maui speaks to the continued strong demand
for vacation and second home properties in truly special locations,
such as Maui," said Greg Ashley, president of Playground,
Intrawest's marketing and sales division. "Properties like Honua
Kai are truly 'one of a kind' and as such will continue to be in
great demand by real estate buyers." Intrawest is developing the
Honua Kai resort project with a joint venture partner. Upon
completion, the multi-phased development will feature 700 luxury
residential condominium and townhome units with ocean and mountain
views, and amenities typically associated with a luxury beach
resort hotel including a spa, fitness and wellness center,
restaurant, conference space, a number of elaborate pools and water
features, room service and an optional rental management program.
Most buyers are long time Maui loyalists and frequent mainland
visitors from British Columbia and California. Last week, Intrawest
also released 256 condominium suites in the first phase of the
Village of Imagine, a village-centered resort development in
Orlando, Florida. The nature of this project required a 14-day
sales process and results for the launch will be available on
December 22, 2005. Honua Kai is a whole-ownership condominium
resort along Ka`anapali Beach on Maui's western shore. Developed by
Intrawest, the resort will reflect meticulous masterplanning with
deference to the land and its Hawaiian people. Upon completion, the
approximately 40-acre beachfront resort will feature 700 luxury
tower residential condominiums and townhome units with ocean and
mountain views, lush gardens, water-rich landscaping, several
recreational pools, a luxurious spa and fitness center, a beachside
restaurant and one of the island's best snorkeling and dive
beaches. 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
Copyright