Since that deal was announced, Fortress has been exploring the sale of Intrawest. The western resorts are hoping to gain access to the more than 70 million people living in the Northeast. The purchase was unanimously approved by the Intrawest board of directors. Together, they are forming a new entity to acquire these resorts.
In addition, it also owns and operates numerous retail and rental locations through the resort and the Roaring Fork Valley.
Intrawest also manages Honua Kai Resort & Spa, located in Maui Hawaii and The Westin Monache at Mammoth, both condominium hotel properties and also Winter City Park, in Colorado which is owned by the town of Winter Park. Shares in the company fell 8% to $23.27 United States before the markets opened today. The deal is expected to close the third quarter of this year.
He added, "We are excited to work with Aspen and KSL".
"Our new partners bring additional financial resources and a shared passion for the mountains and our mountain communities", Marano said in a statement.
The acquired resorts keep the Intrawest name.
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Per the agreement, the iconic Steamboat Ski Resort will now be operated by Aspen Skiing Co. Deutsche Bank, Moelis and Houlihan Lokey advised Intrawest. Hogan Lovells US LLP, Latham and Watkins LLP and Simpson Thacher Bartlett LLP are serving as legal counsel to Aspen and KSL.
And there is a Steamboat/Squaw connection in the persona of former Intrawest and Steamboat Ski Area marketing executive Andy Wirth, who is intimately familiar with the Steamboat Ski and Resort Corp. business model. But, the acquisition of the mountain resort and adventure company won't change how SkiCo operates at home. Inc., said the American ski chains are looking north of the border for the same reason as American visitors.
Intrawest, which once ruled the resort world as the world's largest ski area operator, has been on the block since last fall, when its owner, NY hedge fund Fortress Investment Group, began exploring a potential sale.
Intrawest bought a 50 percent stake in the resort in 1999 from the Weider family, and the family sold the other half in 2014 for a reported $58 million Canadian. They say that Aspen Snowmass will be separately owned and that the new company will be based in Denver. For more information, visit www.aspensnowmass.com.