Intrawest forms financial partnership to own, manage resort village commercial properties
12 Agosto 2004 - 3:00PM
PR Newswire (US)
Intrawest forms financial partnership to own, manage resort village
commercial properties ALL DOLLAR AMOUNTS ARE IN U.S. CURRENCY
VANCOUVER, Aug. 12 /PRNewswire-FirstCall/ -- Intrawest Corporation,
the world's leading operator and developer of village-centered
resorts, announced today that it intends to form a partnership with
CNL Income Properties, Inc., a real estate investment trust (REIT),
under which CNL Income Properties will acquire an 80 per cent
interest in commercial properties at nine Intrawest resort
villages. These commercial properties have a total value of $160
million. As part of the venture formation agreement signed
yesterday, Intrawest will continue in its role as property and
leasing manager of all of the retail and commercial space involved.
While tenant groups vary based on location, the commercial
component of Intrawest's villages typically includes restaurants,
retail and specialty shops. Resort lodging is not included. A
conference call is scheduled for Thursday, August 12, 2004 at 9:30
am ET (8:30 am CT, 6:30 am PT) to discuss this transaction. The
call will be webcast live on Intrawest's Web site at
http://www.intrawest.com/. Access to the call can also be obtained
by calling 1-888-458-1598 (media and retail investors) and
1-888-202-2787 (analysts and institutional investors), using the
access code 88228 followed by the number sign, before the scheduled
start time. A playback version of the conference call will be
available until August 19, 2004 at 1-877-653-0545. The password to
access the playback version is 242418. "Creation of this
partnership is another significant step in our transition to a
management-intensive structure from a more capital-intensive one,"
said Joe Houssian, chairman, president and chief executive officer
of Intrawest. "This transaction will provide a significant recovery
of capital as well as a partnership for future commercial
development. "This is a winning arrangement for both parties," said
Houssian. "Our commercial properties are a natural fit for CNL
Income Properties, and Intrawest maintains its relationship with
the retail and commercial tenants whose presence forms an important
part of our resort guests' experiences." Orlando-based CNL Income
Properties invests in income-producing real estate with an emphasis
on recreation and lifestyle segments, such as golf resorts,
marinas, vacation ownership, and ski resorts and adjacent property.
The Intrawest commercial property portfolio will be CNL Income
Properties' first acquisition. "This partnership is ideal for the
lifestyle investment objectives of this REIT," said CNL Income
Properties President Byron Carlock. "The properties are in
excellent locations and have marked opportunity for growth, and
Intrawest is a recognized leader in its field." The agreement
currently includes commercial properties at nine Intrawest resort
villages: - Whistler Creekside at Whistler Blackcomb, Whistler,
British Columbia - Village of Baytowne Wharf at Sandestin Golf and
Beach Resort, Destin, Florida - Village at Squaw Valley USA, Lake
Tahoe, California - Village at Mammoth Mountain, Mammoth Lakes,
California - Village at Copper Mountain, Copper, Colorado -
MonteLago Village at Lake Las Vegas Resort, Las Vegas, Nevada -
Village at Blue Mountain, Collingwood, Ontario - Village at
Snowshoe Mountain, Snowshoe, West Virginia - Village at Stratton,
Stratton, Vermont The completion of the transaction is subject to a
number of conditions, including finalizing the financing, settling
and executing definitive documentation, completion of due
diligence, and customary closing conditions. The transaction is
scheduled to close before the end of December 2004. There are no
assurances that all of the closing conditions will be satisfied or
that CNL Income Properties will acquire these properties. Intrawest
Corporation (IDR:NYSE; ITW:TSX) is the world's leading developer
and operator of village-centered resorts. Intrawest owns or
controls 10 mountain resorts in North America's most popular
mountain destinations, including Whistler Blackcomb, a host venue
for the 2010 Winter Olympic Games. The company also owns Sandestin
Golf and Beach Resort in Florida and has a premier vacation
ownership business, Club Intrawest. Intrawest is developing an
additional six resort villages at locations in North America and
Europe. The company has a 45 per cent interest in Alpine
Helicopters Ltd., owner of Canadian Mountain Holidays, the largest
heli-skiing operation in the world. Intrawest is headquartered in
Vancouver, British Columbia. For more information visit
http://www.intrawest.com/. Statements contained in this release
that are not historical facts are forward-looking statements that
involve risks and uncertainties. The closing of the transaction
contemplated by this release is conditioned upon a number of
factors, many of which are outside of Intrawest's control. There is
no assurance that the transaction will be completed at all or upon
the same terms and conditions described above. Intrawest's actual
results could differ materially from those expressed or implied by
forward-looking statements. Other factors that could cause or
contribute to such differences include, but are not limited to,
Intrawest's ability to implement its business strategies,
seasonality, weather conditions, competition, general economic
conditions, currency fluctuations and other risks detailed in the
company's filings with the Canadian securities regulatory
authorities and the U.S. Securities and Exchange Commission. For
information contact: John Currie Chief Financial Officer Intrawest
Corporation (604) 669-9777 Carolyn B. Gosselin, APR CNL Chief
Communications Officer (407) 540-2505 If you would like to receive
future Intrawest news releases by email, please contact DATASOURCE:
Intrawest Corporation CONTACT: John Currie, Chief Financial
Officer, Intrawest Corporation, (604) 669-9777; Carolyn B.
Gosselin, APR, CNL Chief Communications Officer, (407) 540-2505; To
request a free copy of this organization's annual report, please go
to http://www.newswire.ca/ and click on reports@cnw.
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