Intrawest sells ski resort
The article (www.altassets.com) @JoeSkiBum’s tweet points at states:
A portfolio company of alternative asset manager Fortress Investment that specialises in mountain resorts has sold off one of its Canadian ski resorts as it moves to refinance its debt. Intrawest, which is providing one of the host venues for next month’s Winter Olympics in Canada, has agreed to sell its Panorama Mountain Village resort in British Columbia to a newly formed company, known as Panorama Mountain Village Inc.
The article does not state whether or not this calls off the auction scheduled in the middle of the Olympics, but my guess is that it will forestall that auction sparing Intrawest & Fortress the embarrassment of losing the Olympic venue in the middle of the Olympics.
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