Winter Park Resort’s parent company refinances debt
April 28, 2010
Intrawest, the company that operates Winter Park Resort and Steamboat Ski and Resort Corp, announced Tuesday, April 27, that it “has successfully completed the refinancing of its corporate debt,” according to a press release.A missed $524 million loan payment by Intrawest’s parent company, Fortress, in December 2009 fueled rumors that Intrawest’s properties were headed for the auction block in February. Fortress’s remaining debt on Intrawest is reported to be roughly $1.4 billion.With last year’s financial troubles came a tide of speculation about bankruptcy and possible buyers for some of Intrawest’s more elite properties. Tuesday’s news staves off those concerns.”Intrawest repaid its prior lenders in full and has completed a new loan, which is scheduled to mature in 2014,” according to the press release. The company declined to release terms of the new loan. Fortress acquired British Columbia-based Intrawest in a $2.8 billion leveraged buyout in 2006. Included in that deal were Winter Park Resort, Copper Mountain and Whistler-Blackcomb ski areas among other North American resorts. The company added Steamboat to its portfolio in 2007 for $239 million. Last year, the company sold Copper Mountain to Utah-based Powdr Corps for $107 million, according to the Denver Post. It has also sold two resorts in France , Panaroma Mountain Resort in Western British Columbia, The Village at Squaw Valley, Calif., and Sandestin Golf and Beach Resort in Florida, according to the Steamboat Pilot & Today.In addition to Whistler, Steamboat and Winter Park, Intrawest still owns Mountain Creek in New Jersey, Stratton Mountain in Vermont, Snowshoe Mountain in West Virginia, Blue Mountain in Ontario and Quebec’s Mont Tremblant. – Reid Armstrong can be reached at 970-887-3334 ext. 19610 or email@example.com.