Intrawest

Intrawest was a destination-resort and adventure-travel company founded in Vancouver, British Columbia, in 1976 by Joe Houssain. It began as a privately funded real-estate development business and evolved into one of North America's best-known mountain-resort operators, with activities spanning ski resorts, resort villages, private vacation-club accommodation, and heli-skiing. A major turning point came in 1986, when Intrawest acquired Blackcomb Mountain in British Columbia from the Federal Business Development Bank and Fortress Mountain in Alberta from Aspen Skiing Company. The company subsequently expanded its portfolio in Canada and the United States and became publicly traded on both the Toronto and New York stock exchanges. Its most important resort combination was the 1996 merger with Whistler Mountain Ski Corporation, which created Whistler Blackcomb. The resort later hosted events during the 2010 Winter Olympics and Paralympic Games, although Intrawest ultimately sold its remaining interest in Whistler Blackcomb in 2012. Intrawest's operating network included destination ski areas such as Steamboat, Stratton, Snowshoe, Mont Tremblant, Blue Mountain, and Winter Park, where it operated the municipally owned resort for the City of Denver. The company also controlled or developed nontraditional resort businesses. Club Intrawest was a private resort club with nine North American locations, while Canadian Mountain Holidays became a central adventure-travel asset and was described as the world's largest heli-skiing operation. The portfolio also included resort and village developments outside the core ski business, including projects in France, Florida, California, and Mexico. In 2006, Fortress Investment Group acquired Intrawest. Joe Houssain left the chief executive role at the time, and Intrawest was delisted from the Toronto and New York exchanges. The company later moved its headquarters from Vancouver to Denver in 2011. Intrawest experienced substantial financial pressure connected with its debt burden during the Fortress period. A refinancing completed in April 2010 replaced the previous lending arrangements with a loan from a single lender, and the prior lenders were repaid in full. The company also pursued asset sales and portfolio changes, including the disposal of several resorts and the sale of Club Intrawest to Diamond Resorts International at the end of 2015. Intrawest filed for a proposed New York Stock Exchange initial public offering in 2013, seeking to raise as much as $100 million, although the company was later taken private rather than continuing as a public company. In 2016, it reduced full-time staffing at corporate and resort locations as part of a cost-reduction program. The changes reflected continuing pressure to simplify the organization and improve its financial performance. In 2017, Henry Crown and Company and KSL Capital Partners acquired Intrawest in a transaction reported at approximately $1.5 billion. The acquisition ended Intrawest's existence as a public-company structure and led to the creation of Alterra Mountain Company. Alterra announced its new name in 2018. Intrawest's former resort portfolio is therefore best understood as a predecessor platform within Alterra's mountain-resort business rather than as an active standalone company. The Intrawest corporate brand itself is defunct, although several resorts and adventure businesses associated with it continue operating under other ownership or management arrangements.

Intrawest was established in Vancouver in 1976 as a privately funded real-estate development company. Under founder Joe Houssain, it moved into mountain-resort ownership and operations, building a business around the development potential of destination ski areas rather than treating them solely as seasonal sporting facilities. This approach connected lift operations, lodging, village development, and resort property. The company made an important expansion in 1986 by acquiring Blackcomb Mountain in British Columbia from the Federal Business Development Bank and Fortress Mountain in Alberta from Aspen Skiing Company. These acquisitions established Intrawest as a significant Canadian mountain-resort operator. It later expanded into the United States and other resort markets and became publicly traded on the Toronto and New York stock exchanges. In 1996, Intrawest merged with Whistler Mountain Ski Corporation. The combination created Whistler Blackcomb, which became one of the most prominent ski destinations in North America and later served as a venue for the 2010 Winter Olympics and Paralympic Games. Intrawest eventually separated from the resort and sold its final shares in 2012. During the wider expansion period, the company also developed or operated resorts and destination properties in locations including Colorado, Vermont, West Virginia, Ontario, Quebec, California, New Jersey, Florida, France, and Mexico. Intrawest broadened its activities beyond conventional ski-area management. Club Intrawest operated as a private resort club with nine North American locations. Canadian Mountain Holidays became the company's major heli-skiing and adventure-travel business and was described as the world's largest heli-skiing operation. Its resort portfolio also included village and real-estate developments, giving the company exposure to property sales and vacation accommodation as well as lift-ticket revenue. Fortress Investment Group acquired Intrawest in 2006. The acquisition resulted in delisting from both public exchanges and the departure of Houssain from the chief executive position. Intrawest later relocated its headquarters from Vancouver to Denver in 2011. During the Fortress ownership period, debt obligations created financial pressure. In April 2010, the company completed a new single-lender financing arrangement and repaid its previous lenders in full. Intrawest also sold a number of assets, including several resorts, and disposed of Club Intrawest to Diamond Resorts International at the end of 2015. The company announced or pursued several structural changes during the 2010s. In November 2013, it filed for a proposed New York Stock Exchange initial public offering that could have raised up to $100 million. It later remained subject to private ownership. In 2016, Intrawest carried out substantial reductions in full-time staffing at headquarters and resorts, reflecting a cost-cutting program and uncertainty about its longer-term operating model. In 2017, Henry Crown and Company and KSL Capital Partners acquired Intrawest in a transaction reported at approximately $1.5 billion. The transaction ended Intrawest's existence as a public company and led to the formation of Alterra Mountain Company. Alterra publicly introduced its name in 2018. As a result, Intrawest is now a defunct corporate brand and historical predecessor of the Alterra mountain-resort platform. Its former resorts and travel businesses have continued under different corporate ownership, operating arrangements, or brand identities.

• 2018

  Alterra Mountain Company identity is announced

  [1]Intrawesten.wikipedia.org

  The successor company introduced the Alterra Mountain Company name, marking the replacement of Intrawest as the corporate platform.

• 2017

  Intrawest is acquired by Henry Crown and Company and KSL Capital Partners

  [1]Intrawesten.wikipedia.org

  The two investment groups acquired Intrawest in a reported approximately $1.5 billion transaction.

• 2015

  Club Intrawest is sold

  [1]Intrawesten.wikipedia.org

  Diamond Resorts International acquired the Club Intrawest timeshare lodging business.

• 2013

  Proposed public offering is filed

  [1]Intrawesten.wikipedia.org

  Intrawest filed an initial public offering registration with the New York Stock Exchange.

• 2012

  Intrawest sells its remaining Whistler Blackcomb shares

  [1]Intrawesten.wikipedia.org

  The company completed the sale of its remaining interest in Whistler Blackcomb.

• 2011

  Headquarters move to Denver

  [1]Intrawesten.wikipedia.org

  Intrawest relocated its headquarters from Vancouver to Denver, Colorado.

• 2010

  Debt refinancing is completed

  [1]Intrawesten.wikipedia.org

  The company completed a new single-lender loan in April and repaid its previous lenders in full.

• 2006

  Fortress Investment Group acquires Intrawest

  [1]Intrawesten.wikipedia.org

  Intrawest was acquired by Fortress Investment Group and subsequently delisted from the Toronto and New York stock exchanges.

• 1996

  Whistler Blackcomb is formed

  [1]Intrawesten.wikipedia.org

  A merger with Whistler Mountain Ski Corporation created the Whistler Blackcomb resort.

• 1986

  Blackcomb Mountain and Fortress Mountain are acquired

  [1]Intrawesten.wikipedia.org

  Intrawest acquired Blackcomb Mountain in British Columbia and Fortress Mountain in Alberta, establishing a foundation for its mountain-resort expansion.

• 1976

  Intrawest is founded in Vancouver

  [1]Intrawesten.wikipedia.org

  Joe Houssain founded Intrawest in Vancouver, British Columbia, as a privately funded real-estate development company.

Intrawest positioned itself as an owner, developer, and operator of destination mountain resorts and premium adventure-travel experiences. Its model combined ski-area operations with resort real estate, lodging, private-club accommodation, and specialized outdoor travel.

• Destination mountain resort · 1996

  Whistler Blackcomb

  Created through Intrawest's 1996 merger with Whistler Mountain Ski Corporation, Whistler Blackcomb became the company's most prominent resort combination. The British Columbia destination grew into a major North American ski and tourism resort and later hosted events at the 2010 Winter Olympics and Paralympic Games. Intrawest eventually sold its final shares in 2012.

• Heli-skiing and adventure travel

  Canadian Mountain Holidays

  Canadian Mountain Holidays was Intrawest's specialist adventure-travel business in the Canadian Rockies and related mountain regions. It operated heli-skiing experiences and was described in reference material as the world's largest heli-skiing operation, extending Intrawest beyond conventional lift-served resorts.

• Private resort club and vacation accommodation

  Club Intrawest

  Club Intrawest was a private resort club with nine locations in North America. It provided members with access to resort lodging and vacation properties and represented Intrawest's expansion into timeshare and private-club accommodation. The business was sold to Diamond Resorts International at the end of 2015.

• Destination ski resort

  Steamboat Ski Resort

  Steamboat Ski Resort in Colorado was among the mountain destinations owned at least in part by Intrawest. It formed part of the company's U.S. resort portfolio during its later operating period.

• Destination ski resort

  Stratton Mountain Resort

  Stratton Mountain Resort in Vermont was part of Intrawest's North American mountain-resort network. The asset reflected the company's strategy of operating destination resorts across multiple U.S. ski markets.

• Destination ski resort

  Mont Tremblant Resort

  Mont Tremblant Resort in Quebec was included among Intrawest's Canadian destination resorts. Its inclusion gave the company a major eastern Canadian resort presence alongside its British Columbia operations.

• Destination ski resort

  Snowshoe Mountain

  Snowshoe Mountain in West Virginia was one of Intrawest's U.S. mountain properties. It formed part of the company's geographically diverse resort portfolio.

• Destination mountain resort

  Blue Mountain

  Blue Mountain in Ontario was listed among the resorts owned at least in part by Intrawest during the company's later operating period.

• Municipal mountain-resort operation

  Winter Park

  Intrawest operated Winter Park in Colorado under contract for the City of Denver, which owned the city park. The relationship illustrates that Intrawest's resort activities included management contracts in addition to direct ownership.

• 2017

  Sell Intrawest to Henry Crown and Company and KSL Capital PartnersM&A

  Background

  Intrawest remained a private resort company after the Fortress period and had undertaken asset sales and cost reductions.

  Action taken

  Henry Crown and Company and KSL Capital Partners acquired the company in a transaction reported at approximately $1.5 billion.

  Aftermath

  Intrawest ceased to exist as a public-company brand and became part of the newly formed Alterra Mountain Company.

  Reported acquisition value. Approximately $1.5 billion (2017 acquisition)

  Source

• 2016

  Implement significant staffing reductionsStrategy

  Background

  Intrawest pursued rapid cost reductions amid uncertainty about its longer-term strategy and operating model.

  Action taken

  The company eliminated numerous full-time positions at its corporate headquarters and resort locations.

  Aftermath

  The reductions preceded the 2017 acquisition that replaced Intrawest with the Alterra Mountain Company platform.

  Source

• 2015

  Sell Club IntrawestM&A

  Background

  Intrawest was simplifying its portfolio and reducing exposure to non-core vacation-club activities.

  Action taken

  The company sold its Club Intrawest timeshare lodging operation to Diamond Resorts International.

  Aftermath

  Intrawest continued concentrating on mountain resorts and related adventure-travel operations.

  Source

• 2013

  File for a proposed initial public offeringOther

  Background

  After operating under private ownership, Intrawest sought to return to the public capital markets.

  Action taken

  The company filed an initial public offering with the New York Stock Exchange, proposing to raise as much as $100 million.

  Aftermath

  Intrawest was subsequently acquired in 2017 and did not remain a standalone public company.

  Proposed IPO proceeds. Up to $100 million proposed (2013 filing)

  Source

• 2010

  Refinance debt through a single lenderStrategy

  Background

  Fortress faced financial pressure related to Intrawest debt and the company's previous lending structure.

  Action taken

  Intrawest completed a new loan with a single lender in April 2010 and repaid all prior lenders in full.

  Aftermath

  The refinancing allowed the company to continue operating while it pursued asset sales and other portfolio changes.

  Source

• 2006

  Accept Fortress Investment Group acquisitionM&A

  Background

  Intrawest had developed into a public mountain-resort and adventure-travel company before being acquired by Fortress Investment Group.

  Action taken

  Fortress acquired the company, after which Intrawest was delisted from the Toronto and New York stock exchanges and its founder and chief executive, Joe Houssain, stepped down.

  Aftermath

  The company operated as a private business, later relocated its headquarters to Denver, and underwent debt refinancing and portfolio restructuring.

  Source

1. 1Intrawesten.wikipedia.org