Breaking: Intrawest selling Copper Mountain to Powdr Corp.
Wild news breaking today: Intrawest is selling Copper Mountain to Park City-based Powdr Corp, with plans to close the deal as soon as next month.
Intrawest, based in Vancouver, owns nearly a dozen other resorts around the world, including Winter Park and Steamboat Springs here in Colorado, but has been spinning some of them off in the face of mounting debt: In August, Intrawest sold off its lodging and commercial operations at Arc 1950 Resort in Savoie and the Flaine Montsoleil Resort in the Haute-Savoie region of the French Alps.
Copper will be Powdr Corp's first Colorado resort; it also owns Park City Mountain Resort, Mt. Bachelor, Boreal, Ski Las Vegas, Killington, Pico Mountain, Soda Springs, and Gorgoza Park. Early word is that Powdr Corp will continue to honor the Rocky Mountain Super Pass products for the 2009-2010 season.
Full press release after the jump:
Popular Rocky Mountain Super Pass Suite of Products will be Honored at Copper Mountain, Steamboat Resort and Winter Park Resort for the 2009-2010 Winter Season
VANCOUVER and PARK CITY, UT, Nov. 17 /PRNewswire/ - Intrawest and Powdr Corp today announced they have entered into a definitive purchase agreement to sell Intrawest's interests in Copper Mountain to Powdr Corp. The transaction is anticipated to close in December 2009 and the agreement is subject to regulatory approvals including the issuance of a U.S. Forest Service special-use permit to Powdr Corp.
This winter season it is business as usual at Copper Mountain. Once the transaction is finalized Intrawest and Powdr Corp have committed to work together to ensure that all of the multi-mountain season pass products, vacation reservations and joint marketing initiatives will be honored for the 2009-2010 winter season. This includes the Rocky Mountain Super Pass suite of products that provide skiers and riders with access to Copper Mountain, Steamboat Resort and Winter Park Resort. In addition, vacation packages, season passes and lift tickets for all three mountains will continue to be available online at www.skicolorado.com.
About Powdr Corp
Powdr Corp is one of the leading mountain resort owners and operators in the United States. Headquartered in Park City, Utah, Powdr Corp currently owns and operates seven ski and snowboard resorts including Park City Mountain Resort in Park City, Utah, Killington Resort and Pico Resort in Killington, Vermont, Mt. Bachelor in Bend, Oregon, Boreal Resort and Soda Springs Resort, both in Donner Summit, California, and Las Vegas Ski and Snowboard Resort outside of Las Vegas, Nevada. Powdr Corp also operates Gorgoza Park, a lift-served tubing park, in Park City, Utah. For additional information, please visit www.powdr.com
Intrawest is a leader in the development and management of experiential destination resorts. The Company has a network of resorts at North America's most popular mountain destinations including Whistler Blackcomb, a host venue for the 2010 Olympic and Paralympic Winter Games and Canadian Mountain Holidays, the largest heli-skiing operation in the world. In addition, Intrawest markets and sells real estate at its resorts in North America. Intrawest is headquartered in Vancouver, British Columbia. For more information, visit www.intrawest.com.
SOURCE Intrawest ULC
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