Filed under: Real Estate Developments
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.