Intrawest sells California development

Financially troubled Intrawest ULC of Vancouver announced Wednesday it is selling another of its assets.

Intrawest has a deal to sell The Village at Squaw Valley real estate development to California's Squaw Valley USA, which already owns on-mountain operations at the Lake Tahoe ski resort.

Financial details were not disclosed.

The European-style village was built by Intrawest in 2002 at the bottom of the site of the 1960 Winter Olympic Games in Squaw Valley.

Last week,Intrawest announced the sale ofits Panorama Mountain resort inInvermere, B.C., to a group of property owners.

Wall Street financiers said last monththey were going to put up for sale another high-profile Intrawest asset, the Whistler Blackcomb resort near Vancouver, while the facility is hosting WinterGames events starting Feb. 12.

Intrawest received notice on Jan. 8 that a foreclosure process was to begin after its owner, Fortress Investment Group LLC, missed payments in December that were due on a $1.4-billion US loan.

Intrawest has also sold several other assets in order to meet the payments, including a resort at Copper Mountain, Colo., in November and two resorts in France.