Intrawest Sells Commercial Stake Worth $160 Million

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SAM Magazine--Vancouver, B.C., Aug. 12, 2004--Intrawest is forming a partnership with CNL Income Properties, Inc., a real estate investment trust, in which CNL will acquire an 80 per cent interest in commercial properties at nine Intrawest resort villages, with a total value of $160 million. Intrawest will continue to manage and lease all of the retail and commercial space involved, which typically includes restaurants, retail and specialty shops, but not lodging.

"Creation of this partnership is another significant step in our transition to a management-intensive structure from a more capital-intensive one," said Joe Houssian, Intrawest chairman and CEO. It also provides a recovery of capital, Houssian pointed out.

The agreement currently includes commercial properties at nine Intrawest resort villages, including Whistler Creekside and the Villages at Squaw Valley, Mammoth, Copper Mountain, Snowshoe and Stratton. The transaction is expected to close before the end of the year. \