Intrawest selling off Panorama, too
- Thread starter Admin
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longshanks
New member
Admin":15ua8foa said:
Very interesting bit of news that...one of my kids was offered an opportunity to work there this summer.
Patrick
Well-known member
Admin":kj70zpvv said:
Funny, the Intrawest topic came up last night at the bar when we were talking to someone in the know and close to the ski area ownership business. He was mentioning that the news reports were way over blown about selling us of Intrawest assets, however mentioned that in the next few weeks, one or more ski areas would be sold off.
Patrick":16l7yry2 said:
Well, with two gone now their number is shrinking quickly. That leaves W-B, Tremblant, Steamboat, Stratton Mountain, Mountain Creek and Snowshoe, plus a 50 percent interest in Blue Mountain and a lease agreement on Winter Park. With a few exceptions that's not a terribly impressive list. Sell off one or two more and it'll be even less impressive. Predictions? Tremblant will be the next to go.
Patrick
Well-known member
Two stories in today's Globe & Mail.
Intrawest Sells Second Resort
http://www.theglobeandmail.com/report-o ... le1447756/
How Did Intrawest Rack Up So Much Debt?
http://www.theglobeandmail.com/report-o ... le1439047/
Intrawest Sells Second Resort
http://www.theglobeandmail.com/report-o ... le1447756/
How Did Intrawest Rack Up So Much Debt?
http://www.theglobeandmail.com/report-o ... le1439047/
Curious to know how Intrawest decides which property to sell first... is it the one that's the most cash-positive, the one that'll fetch the most money to pay off that debt, or is there some other formula?
I remember how places like Mount Snow and Killington were seen as the money-generating work horses that financed ASC's ill-advised spending spree out west. How do Intrawest's properties compare?
I remember how places like Mount Snow and Killington were seen as the money-generating work horses that financed ASC's ill-advised spending spree out west. How do Intrawest's properties compare?
Patrick
Well-known member
Don't know about Copper, but I don't think Panorama was a big cash marker.jamesdeluxe":1gnqdzt9 said:
Admin might be right about Tremblant, this one would have a big value. I know that the Quebec Government is on the hook for a few hundred millions in loans with Intrawest, 90% non-protected. I would think they would be an interest by someone or a group to buy Tremblant.
A couple of good stories regarding the financial interest of the Quebec Government with Intrawest Situation in La Presse (in French):
Intrawest : expliquez-moi
http://blogues.cyberpresse.ca/lapressea ... au/?p=1093
Intrawest: Québec perd sa mise
http://lapresseaffaires.cyberpresse.ca/ ... a-mise.php
EMSC
Well-known member
Admin":53tdat5n said:
So EMSC I hear that Intrawest is hosed. Why EMSC, you are right, Intrawest is being bled to nothing, etc...
Sorry Admin, couldn't resist.
jamesdeluxe":53tdat5n said:
Very complex to decide. Generally you want to relieve yourself of 'non-core' properties first. You resist until absolutely necessary the 'crown jewels'. The secondary item however, is what the price you can get for a property. You might go to market with a Panorama and find the price is well below what you consider even close to reasonable and end up taking it back off the market and having to put a more 'core' operation on the market to get a deal done. Of course only the insiders know for sure what resort(s) other than WB are truly 'core' to their brand (in their own minds anyway). None of these sales are guaranteed in this market. I've heard that WB is a huge cash machine even in a bad year so I would expect that to be the last one standing.
No idea on the cash flow of the rest, but would expect an east coast property (or the whole group of them?) to go next.
On a related note Intrawest has now sold the Village at Squaw Valley: http://www.saminfo.com/news/article.php?tid=4417.
Makes you wonder if we'll ever see such an explosion of ski-related development in our lifetimes, what with the baby boomers gradually becoming less of an impact (and current generations seemingly less interested in skiing). Even though the recent boom years were obviously overboard, they definitely left a legacy of impressive villages, lifts, entire ski resorts, etc.
Makes you wonder if we'll ever see such an explosion of ski-related development in our lifetimes, what with the baby boomers gradually becoming less of an impact (and current generations seemingly less interested in skiing). Even though the recent boom years were obviously overboard, they definitely left a legacy of impressive villages, lifts, entire ski resorts, etc.
rsmith":1umlvpnf said:
The beauty of that story is that we broke it a full 3 days before SAM.
http://www.firsttracksonline.com/News/2 ... -Ski-Corp/
EMSC
Well-known member
Hmmm. I can't find the original Copper sold to Powdr Corp thread, so I'll post it here.
Talked with a former Copper employee whose wife still works there. He's happy to have left on his own prior to this season (to a different central colo resort). I guess the transaction closed just before Christmas. Powdr Corp didn't cut a lot of folks but did immediately cut several people and apparently told the remaining mangers to cut $3M in expenses from thier budgets/plans for the remaining season. Given the low snowfall providing opportunity to not have to run Tucker mtn or even copper bowl, etc... I suspect that there is little notice by the public thus far.
However, the $3M figure says to me that skiers should expect a decline in maintenance, worse service, etc... in future seasons. I will be surprised if they offer a pass for next season that works with anywhere else (in colo); and frankly being primarily a day trip area for denverites I would bet their skier visits plummet in the future too.
Talked with a former Copper employee whose wife still works there. He's happy to have left on his own prior to this season (to a different central colo resort). I guess the transaction closed just before Christmas. Powdr Corp didn't cut a lot of folks but did immediately cut several people and apparently told the remaining mangers to cut $3M in expenses from thier budgets/plans for the remaining season. Given the low snowfall providing opportunity to not have to run Tucker mtn or even copper bowl, etc... I suspect that there is little notice by the public thus far.
However, the $3M figure says to me that skiers should expect a decline in maintenance, worse service, etc... in future seasons. I will be surprised if they offer a pass for next season that works with anywhere else (in colo); and frankly being primarily a day trip area for denverites I would bet their skier visits plummet in the future too.