intrawest Sells Mammoth Real Estate
SAM Magazine--March 13, 2006, Vancouver, B.C.--After the sale of Mammoth Mountain to Starwood Capital, Intrawest announced today that it will sell the majority of its real estate holdings in the town of Mammoth Lakes for $60 million pre-tax profit to the same company. The real estate comprises the future development of over 1,100 residential units and 40,000 square feet of commercial space.
Intrawest will retain a 15 percent interest in the joint venture with Starwood and will act as development manager, which will allow Intrawest to earn management fees from the future development.
The proceeds from the sale will be used by Intrawest to pay down debt and the closing will take place in two stages--the first to close by the end of March, the second by the end of April.