intrawest

Whistler Blackcomb Facing Foreclosure Auction

Next month's Winter Olympics have been anticipated for years in Whistler. But one resort is facing an unexpected snag, foreclosure. Whistler Blackcomb, which will be hosting part of next month's games may end up being auctioned off in the middle of the Olympics. The owner, private equity firm and hedge fund Fortress Investment Group, has failed to make payments on a $1.7 billion loan. The company bought resort operator Intrawest for $2.8 billion in 2006 back when everything was smooth sailing in the real estate world.

Flash forward to now and Fortress is trying to refinance the loan and lenders to Fortress have been publishing notices of foreclosure in places like the Wall Street Journal announcing a public auction of the assets of Intrawest which includes a bunch of winter resorts sprinkled across North America. The auction date of February 19 puts the sale of Whistler Blackcomb smack dab in the middle of the Olympics. Intrawest is said to be negotiating with the lenders but plans to continue with business as usual and the auction likely won't affect the running of the event. Intrawest properties also include the Whistler Sliding Centre, shown at right, which is the site of the Olympic bobsled and luge events.

The Globe and Mail reports that Intrawest ULC has sold its Panorama Mountain Village resort as part of its effort to stave off the auction. Panorama is located in eastern British Columbia and neither the buyer nor the price have been revealed. Intrawest already sold Copper Mountain in Colorado last November.

Tags: foreclosure, fortress, hotel foreclosure, HotelForeclosure, hotels in trouble, HotelsInTrouble, intrawest, OlympicGames, olympics, whistler, whistler blackcomb, WhistlerBlackcomb, winter olympics, WinterOlympics

Mosaic at Blue

by Deidre Woollard (RSS feed) —

Filed under: Estates

Mosaic at Blue, the planned co-tel at the Village at Blue Mountain, a resort 90 minutes from Toronto will be the site of the first branded spa from Intrawest, the developer of destination resorts. The spa will cater to skiers who will be able to take off their ski togs, put on their robes and head to the spa to have those sore muscles immediately attended to. The 5,000 square-foot spa will have its own heated swimming pool, a lap pool, all-season hot tub and a fitness center. The first phase of Mosaic at Blue goes on sale next month. The units start at around $200,000 and owners can put their units into rental programs or exchange time at other Intrawest resorts. There are 20 different floor plans from basic studios to three bedrooms and the suites will have gas fireplaces, balconies or terraces, and will be fully furnished down to the linens and cutlery. They are expected to be ready for occupancy in June 2007.

[via The Globe and Mail]

Source

Tags: blue mountain, intrawest, mosaic, ski resort

intrawest

Whistler Blackcomb Facing Foreclosure Auction

Mosaic at Blue

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