Whistler Watch

As you may or may not know, Whistler Blackcomb is owned by a giant corporation called Intrawest. Intrawest declares itself a World Leader in Experiential Destination Resorts, and there is no doubt that is the case.

Intrawest owns:
Blue Mountain
Mountain Creek
Sandestin
Steamboat
Tremblant
Copper Mountain
Panorama
Snowshoe
Stratton
Winterpark
(and of course) Whistler Blackcomb

In addition to all these winter destination resorts, Intrawest also has a handful off hotels, properties and resort villages like Honua Kai Maui in Hawaii and Arc 1950 Le Village in the French Alps. But these places aren’t really making the money that is needed to repay the $1.7 billion debt that plagues Intrawest.

Intrawest really knows one thing, and only one thing… North American winter resorts. They have come to this realization in the difficult times that have hit the economy and now they’re ready to unload their less profitable resorts.

Intrawest is looking to liquidate its less profitable assets. What that means is, for the right price, you could buy a giant resort like Mont Tremblant. No joke.

Intrawest has been owned by Fortress Investment Group which is an asset management firm based out of  New York City since 2005. Their stock has gone down approximately 80% in the last year.  They obviously have to do some refinancing to repay the 1.7 billion dollar debt that Intrawest has. Liquidation of the assets is the best thing for Intrawest to prevent them from going under.

A lot of the money that Intrawest has is tied up in property and they’ll be actively selling the property off. Whistler is Intrawests biggest cash cow, it will stay as an Intrawest resort, as well as places like Steamboat in Colorado.

Everyone here in Whistler knows that the resort has had a tough year, and despite the fact that the Olympics are coming next year looks to be far worse. However, with all the attention that Whistler will be getting next year, 2011 looks to be promising for the resort.

Sources:
http://www.theglobeandmail.com/servlet/story/RTGAM.20090416.wrintrawest16art1941/BNStory/GlobeSportsHockey/
http://www.summitdaily.com/article/20090413/NEWS/904139973/1078&ParentProfile=1055