SAM Magazine-Whistler, B.C., Oct. 14, 2010-Fortress Investment Group is planning to sell a significant stake in Whistler Blackcomb within the month, via an IPO expected to net C$300 million, according to filings with Canadian securities commissions. Fortress will keep a stake of unknown size in the resort as well.

The group of banks that are conducting the IPO have the right to sell additional shares equal to 15 percent of the value of the IPO, potentially bringing the total IPO to about C$345 million.

The resort recorded revenue of $218.7 million for the fiscal year ended Sept. 30, 2009, according to the filings. Whistler Blackcomb reported revenue of $223.9 million for fiscal 2008, and $219.5 million for 2007. The bottom line net revenue has also been little changed: $51.9 million in 2009, $60.7 million in 2008, and $52.4 million in 2007.

The latest news comes after Fortress tried for months to sell the resort outright; some sources say a sale is still possible.

Assuming that doesn't happen, Whistler Blackcomb will list shares on the Toronto Stock Exchange and pay a quarterly dividend, according to the filings.

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