Intrawest sells U.S. resort

Vancouver-based Intrawest is selling its Copper Mountain resort in Colorado, the company announced Tuesday.

The owner of the Whistler Blackcomb Ski Resort in B.C. is struggling with large debts. It did not disclose the price it was getting from U.S. resort operator Powdr Corp.

The deal is due to close in December and is subject to regulatory approvals, including the issuance of a U.S. Forest Service special-use permit to Powdr Corp.

The two companies are promising clients that all multi-mountain season passes and reservations will be honoured for the 2009-10 winter season. Whistler Blackcomb will host alpine events for the 2010 Olympic Winter Games.

Powdr Corp., which is based in Park City, Utah,owns and operates seven ski and snowboard resorts in the U.S. New York-based hedge fund manager Fortress Investment Group bought Intrawest for $2.8 billion U.S. in 2006.

Bloomberg News reported in October that Fortress had told its investors that the value of Intrawest had fallen 71 per cent.