Editing Intrawest

{{Short description|Defunct Canadian company}}
{{Infobox company
| name = Intrawest Resorts Holdings, Inc.
| logo = Intrawest.svg
| type = [[Privately held company|Private]]
| traded_as = {{NYSE was|SNOW}}
| foundation = {{start date and age|1976}}
| fate = Merged
| successor = [[Alterra Mountain Company]]
| defunct = {{end date|2017}}
| location = [[Denver]], Colorado, U.S.
| key_people = Tom Marano ([[Chief Executive Officer|CEO]])
| owner = 
| num_employees = 13,900
| website = [http://www.intrawest.com/ www.intrawest.com]
}}
'''Intrawest Resorts Holdings, Inc.''' was a developer and operator of [[Resorts#Destination resort|destination resorts]] and a luxury adventure travel company.  The company was founded in 1976 as a privately funded [[real estate development]] company.  In 2006, Intrawest was purchased by [[Fortress Investment Group]], a private equity investment company,<ref>See [http://skisoutheast.tv/article.php?table=article&mode=search&archived=0&article=1119 "A lot has been happening at Intrawest...and Snowshoe Mountain"] {{Webarchive|url=https://web.archive.org/web/20110827095320/http://skisoutheast.tv/article.php?table=article&mode=search&archived=0&article=1119 |date=2011-08-27 }}; "SkiSoutheast News", www.skisoutheast.tv, August 14, 2006.</ref> which resulted in the company being delisted from the Toronto Stock Exchange and New York Stock Exchange. Fortress was under financial pressure related to the Intrawest debt, but a new loan with a single lender was completed in April 2010 and all prior lenders were repaid in full.<ref>{{cite news | url = https://www.reuters.com/article/idUSN2711793420100427?type=marketsNews | work=Reuters | title=Intrawest strikes refinancing deal with lenders | date=April 27, 2010}}</ref>

In recent years, Intrawest has strengthened its cash flows, despite 2012 proving to be a challenging year for the American ski industry with warmer than normal temperatures and snowfall at 50% of historical averages.<ref>{{cite news | url = http://mountaintopcondos.com/u-s-ski-industry-tallies-51-million-visits-201112-season/ | title=U.S. Ski Industry Tallies 51 Million Visits in 2011/12 Season | date=May 7, 2012}}</ref> Western Canada experienced above average and record snowfall amounts in some areas.

In May 2017, it was announced that Intrawest would no longer exist as a public company after its acquisition by [[Henry Crown and Company]] and KSL Capital Partners. Intrawest resorts are now operated by [[Alterra Mountain Company]], which announced its new name at the 2018 Outdoor Retailer show in Denver, Colorado.<ref>{{cite web|last1=Blevins|first1=Jason|title=Reporter|url=https://www.denverpost.com/2017/05/09/aspen-steamboat-ski-area-merger/|website=Denver Post|date=10 May 2017 }}</ref>

==History==

In 1986, Intrawest acquired [[Whistler-Blackcomb#Blackcomb Mountain|Blackcomb Mountain]] from the Federal Business Development Bank, a Canadian Crown Corporation, and Fortress Mountain of Alberta (no relation to Fortress Investments LLC), a wholly owned division of [[Aspen Skiing Company]]. The company later went public, listed on the Toronto and New York Stock Exchanges and, in 1996, merged with [[Whistler-Blackcomb#Whistler Mountain|Whistler Mountain]] Ski Corporation to form [[Whistler-Blackcomb]] resort, a venue of the [[2010 Winter Olympics]] and Paralympic Games.  Intrawest eventually spun off Whistler-Blackcomb and sold the last of its shares in that company in 2012.

Today,{{when|date=October 2024}} the Intrawest network includes [[Ski resort|mountain resorts]]. Intrawest also operates [http://www.clubintrawest.com/ Club Intrawest], a [[Time share|private resort club]] with nine locations in North America.  The company is the largest developer and operator of resort properties in [[North America]] offering [[skiing]], [[snowboarding]], [[golf]], [[mountain biking]], lodging, and real estate opportunities at each of its resorts.  Intrawest develops real estate at its resorts and at other locations across North America.  The company owns [http://www.canadianmountainholidays.com/ Canadian Mountain Holidays], the largest heli-skiing operation in the world.<ref>{{cite web|url=http://www.canadianmountainholidays.com/about/our-story|title=Canadian Mountain Holidays: Our Story}}</ref>

On November 12, 2013, Intrawest filed an initial public offering (IPO) with the New York Stock Exchange to raise up to $100 Million.  The [https://www.sec.gov/Archives/edgar/data/1587755/000156761913000131/s000092x2_s1.htm filing] states that the money is being raised, "for working capital and other general corporate purposes, which may include potential investments in, and acquisitions of, ski and adventure travel businesses and assets."<ref>{{cite news | first = Howard | last = Pankratz | title = Denver's Intrawest Resorts files $100 million IPO | date = 2013-11-12 | publisher = [[Swift Communications]] | url = http://www.vaildaily.com/news/8876661-113/resorts-intrawest-ski-company | work = [[Vail Daily]] | access-date = 2013-11-12 | quote = Intrawest Resorts Holdings, which operates Steamboat Ski & Resort, Winter Park Resort and other ski resorts in the U.S. and Canada, has registered for an initial public offering seeking to raise as much $100 million}}</ref>

In 2016, Intrawest initiated significant reductions in full time staff to achieve rapid cost reductions.<ref>{{Cite news|url=http://seekingalpha.com/article/4018861-intrawest-resorts-snow-ceo-tom-marano-q1-2017-results-earnings-call-transcript|title=Intrawest Resorts' (SNOW) CEO Tom Marano on Q1 2017 Results - Earnings Call Transcript|last=Transcripts|first=SA|date=2016-11-03|newspaper=Seeking Alpha|language=en-US|access-date=2016-11-23}}</ref> Numerous key staff positions have been eliminated at its corporate headquarters and resort locations. This follows the sale<ref>{{Cite press release|url=http://www.businesswire.com/news/home/20151125005060/en/Diamond-Resorts-International-Acquire-Intrawest-Resort-Club|title=Diamond Resorts International to Acquire Intrawest Resort Club Group {{!}} Business Wire|website=www.businesswire.com|date=25 November 2015 |access-date=2016-11-23}}</ref> of the Club Intrawest time share lodging operation to [[Diamond Resorts International]] at the end of 2015. It is unclear regarding the company's longer term strategies as it continues to display inconsistent approaches in its business and staffing model. In 2017, Intrawest was sold to Henry Crown and Company (which owns Aspen Skiing Company<ref>{{cite web|url=https://www.denverpost.com/2018/01/11/alterra-mountain-ksl-capital-partners-aspen-skiing-co/|title=The new name in ski resorts you need to know: Alterra Mountain|date=11 January 2018}}</ref>) and KSL Capital Partners for $1.5 billion.<ref>{{cite news|title=Intrawest ski resort firm to be sold for $1.5B US|url=http://www.cbc.ca/news/business/intrawest-aspen-ksl-1.4063705|access-date=10 April 2017|work=[[CBC News]]}}</ref> 
In May 2017, it was announced that Intrawest would no longer exist as public company. The newly formed company is called [[Alterra Mountain Company]], which was announced at the 2018 Outdoor Retailer Show in Denver, Colorado.<ref>https://www.denverpost.com/2017/05/09/aspen-steamboat-ski-area-merger/ https://www.denverpost.com/2017/04/10/intrawest-aspen-ksl-capital/</ref>

==Latest resorts==
Resorts owned at least in part by Intrawest included:
*[[Blue Mountain (Resort)|Blue Mountain]], [[Ontario]]
*[[Snowshoe Mountain]], [[West Virginia]]
*[[Steamboat Ski Resort]], [[Colorado]]
*[[Stratton Mountain Resort]], [[Vermont]]
*[[Mont Tremblant Resort]], [[Quebec]]
*[[Canadian Mountain Holidays]], [[Alberta]] 
*[[Winter Park Resort|Winter Park]], [[Colorado]] (Intrawest is contracted to operate this city park which is owned by the City of Denver.<ref>{{cite web|url=http://www.denverpost.com/2017/04/10/steamboat-winter-park-ski-resorts-acquired/|title=$1.5 billion deal rocks Colorado ski industry as Aspen Skiing Co. acquires Steamboat and operator of Winter Park resort|date=10 April 2017}}</ref>)
*[[Zihuatanejo]], [[Mexico]]
===Former resorts===
* [[Mont Ste. Marie]], [[Québec]] (February 2002<ref>{{cite news |title=Intrawest sells Mont Ste-Marie resort |date=2002|url=https://www.theglobeandmail.com/report-on-business/intrawest-sells-mont-ste-marie-resort/article18286843/ |work=The Globe and Mail|quote=Intrawest Corp. has sold its Mont Ste-Marie, Que., ski resort and golf course to Camp Fortune Resorts for an undisclosed amount. Vancouver-based Intrawest said it will retain about 2,000 acres of land at the base of the mountain for future development. The company acquired the resort in 1996.}}</ref>)
* [[Mammoth Mountain Ski Area|Mammoth Mountain Ski Area]], [[California]] (October 2005<ref>{{cite news |first=Duffy |last=Hayes |title=Intrawest sells off Mammoth |date=2005-10-05 |url=http://www.summitdaily.com/article/20051005/NEWS/110050045 |work=Summit Daily News |access-date=2013-11-12 |quote=Intrawest announced the finalization of the sale of Mammoth Mountain Ski Area}}</ref>)
* [[Whistler Blackcomb]], [[British Columbia]]<ref>{{cite press release|url=http://www.prnewswire.com/news-releases/ksl-capital-partners-acquires-24-interest-in-whistler-blackcomb-holdings-inc-181937291.html|title=KSL Capital Partners Acquires 24% Interest in Whistler Blackcomb Holdings Inc.|website=www.prnewswire.com}}</ref>
* [[Copper Mountain (Colorado)|Copper Mountain]], [[Colorado]] (November 2009)
* [[Les Arcs|Les Arcs 1950]], [[France]] (October 2009)
* [[Flaine|Flaine Montsoleil development]], [[France]] (October 2009)
* [[Panorama Ski Resort|Panorama Mountain Village]], [[British Columbia]] (January 2010)
* [[Mountain Creek]], [[New Jersey]] (May 2010)
* [[Sandestin, Florida|Sandestin Golf & Beach Resort]], [[Florida]] (March 2010)
* [[Squaw Valley Ski Resort|The Village at Squaw Valley]], [[California]] (January 2010)

==References==

<references/>

==External links==
*[http://www.intrawest.com/ Intrawest]
*[http://www.clubintrawest.com/ Club Intrawest]
*[http://www.canadianmountainholidays.com/ Canadian Mountain Holidays]

{{Intrawest resorts}}
{{Vancouver Corporations}}

[[Category:Hospitality companies established in 1976]]
[[Category:Companies based in Vancouver]]
[[Category:Companies formerly listed on the New York Stock Exchange]]
[[Category:Private equity portfolio companies]]
[[Category:Amusement park companies]]
[[Category:1976 establishments in British Columbia]]
[[Category:Hospitality companies disestablished in 2017]]
[[Category:2017 disestablishments in British Columbia]]