by Osman Parvez
Resort operator Intrawest announced a buy-out this morning. The company, which owns Copper Mountain and Winter Park, among other resorts was purchased for $2.8BN by Fortress Investment.
“Over the past five months, we have thoroughly analyzed the financial and strategic options for the company and believe that the value inherent in this transaction is in the best interests of all of our shareholders,” said Joe Houssian, Intrawest’s Chairman and CEO.
As real estate in resort and second home markets continues to transition, I’d expect to see more deals like this one. Also, look to Fortress to begin selling off some non core assets of Intrawest.
Note: Other sources tag the purchase price at $1.8Bn.
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