CNL Income Properties, Inc. to Purchase Majority Interest in Commercial Properties at Nine Resort Villages Owned by Intrawest Co
12 Agosto 2004 - 3:50PM
PR Newswire (US)
CNL Income Properties, Inc. to Purchase Majority Interest in
Commercial Properties at Nine Resort Villages Owned by Intrawest
Corporation ORLANDO, Fla., Aug. 12 /PRNewswire-FirstCall/ -- CNL
Income Properties, Inc., a real estate investment trust (REIT)
focused primarily on recreation and lifestyle properties, announced
today it has entered into a partnership to purchase an 80 percent
ownership interest in commercial properties at nine resort villages
owned by Intrawest Corporation (NYSE:IDR)(TSE:ITW) and its
affiliates. The $160 million acquisition, subject to completion of
customary closing conditions, includes premier retail and
commercial space located in the Intrawest villages. Intrawest will
retain 20 percent ownership of these facilities and continue in its
role as property and leasing manager. (Photo:
http://www.newscom.com/cgi-bin/prnh/20040812/FLTH010 ) While tenant
groups vary based on location, the commercial component of these
villages typically includes restaurants, retail and office space.
The villages, most of which are part of popular North American ski
resorts, include: * Whistler Creekside at Whistler Blackcomb,
British Columbia, Canada * 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, Ontario, Canada * Village at Snowshoe
Mountain, Snowshoe, West Virginia * Village at Stratton, Stratton,
Vermont "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." Intrawest CEO Joe Houssian echoed Carlock's
sentiments. "To position the company for continued success,
Intrawest is transitioning from a capital- intensive to a more
management-intensive structure as further exemplified by this
pending transaction," he said. "We consider CNL Income Properties
to be a key partner for the future." 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 portfolio will be CNL Income Properties' first
acquisition. "We're building a portfolio of premier properties that
capitalizes on the changing real estate utilization patterns of
baby boomers, echo boomers and genXers who, we believe, will be
golfing, traveling and shopping like never before," said Carlock.
"To have had the opportunity to forge this partnership with
Intrawest right out of the gate is exciting." The Intrawest
commercial portfolio includes Whistler Creekside, one of two retail
villages at Whistler Blackcomb, a 7,000-acre ski resort 75 miles
north of Vancouver. According to Intrawest Corporation, Whistler
Blackcomb saw 2.1 million ski visits in the 2002/2003 season
(November 02 through April 03) and will be a host venue for the
2010 Winter Olympic Games. The year-round resort municipality is
home to three championship golf courses and was named Canada's
"number one golf destination" by Golf Course Ranking Magazine. The
commercial portfolio also includes Village of Baytowne Wharf, a
56,000-square-foot retail village located in Sandestin Golf and
Beach Resort. The 2,400-acre resort, which offers a variety of
water sports, golf, tennis and lodging, is located midway between
Panama City and Pensacola on Florida's northwest peninsula, an area
that draws approximately 4.5 million visitors annually (source:
Emerald Coast Convention & Visitors Bureau). The transaction is
expected to close before the end of the year. There are no
assurances that all of the closing conditions will be satisfied or
that CNL Income Properties will acquire these facilities. About CNL
Income Properties, Inc. CNL Income Properties, Inc. is a real
estate investment trust (REIT) that invests in income-producing
real estate with an emphasis on recreation and lifestyle segments,
such as ski resorts, golf courses, outlet centers, marinas,
campgrounds and vacation ownership interests. The REIT is an
affiliate of CNL Financial Group (CNL), one of the nation's
largest, privately held real estate investment and finance
companies. Headquartered in Orlando, Fla., CNL and the entities it
has formed or acquired have more than $16 billion in assets --
including $3 billion managed for third-party investors -- and have
interests in more than 4,700 properties across North America. For
more information, visit http://www.cnlonline.com/. About Intrawest
Corporation Intrawest Corporation (NYSE:IDR)(TSE:ITW) 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 percent 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/. Safe Harbor Statement Under The Private
Securities Litigation Reform Act of 1995 Certain statements and
information included in this release constitute "forward-looking
statements" within the meaning of the Private Securities Litigation
Reform Act of 1995. These forward-looking statements are based on
current expectations, estimates and projections about future
events. Such forward-looking statements involve known and unknown
risks, uncertainties and other factors which may cause the actual
results, performance or achievements of the Company to be
materially different from any future results, performance, or
achievements expressed or implied in such forward-looking
statements. The Company disclaims any obligation or undertaking to
publicly release any updates or revisions to any forward-looking
statement contained herein to reflect any change in its
expectations with regard thereto or any change in events,
conditions or circumstances on which any such statement is based.
Although the Company believes its current expectations are based
upon reasonable assumptions, the Company can give no assurance that
expectations will be attained or that actual results will not
differ materially. Fact Sheet COMPANY OVERVIEW CNL Income
Properties, Inc. is a real estate investment trust (REIT) that
invests in income-producing real estate with an emphasis on
recreation and lifestyle segments, such as ski resorts, golf
courses, outlet centers, marinas, campgrounds and vacation
ownership interests. The REIT is an affiliate of CNL Financial
Group (CNL), one of the nation's largest, privately held real
estate investment and finance companies. Headquartered in Orlando,
Fla., CNL and the entities it has formed or acquired have more than
$16 billion in assets -- including $3 billion managed for
third-party investors -- and have interests in more than 4,700
properties across North America. For more information, visit
http://www.cnlonline.com/. ASSETS In August 2004, CNL Income
Properties entered into a partnership to purchase an 80 percent
ownership interest in commercial properties at nine resort villages
owned by Intrawest Corporation (NYSE:IDR)(TSE:ITW) and its
affiliates. The $160 million acquisition, subject to completion of
customary closing conditions, includes premier retail and
commercial space located in the Intrawest villages. The villages,
most of which are part of popular North American ski resorts,
include: * Whistler Creekside at Whistler Blackcomb, British
Columbia, Canada * 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, Ontario, Canada * Village at Snowshoe
Mountain, Snowshoe, West Virginia * Village at Stratton, Stratton,
Vermont ACQUISTION STRATEGY CNL Income Properties' acquisition
strategy is rooted in the changing demographics of Americans
themselves. As more baby boomers and their families age, they have
more discretionary income and more time to engage in leisure
activities ... therefore creating demand for recreation and
lifestyle-related real estate. EXECUTIVE/MGMT TEAM James M. Seneff
Jr., Chairman Thomas J. Hutchison III, Chief Executive Officer R.
Byron Carlock Jr., President Charles A. Muller, Chief Operating
Officer Tammie A. Quinlan, Senior Vice President & CFO CONTACT
INFORMATION CNL Center at City Commons 450 South Orange Avenue
Orlando, Florida 32801-3336 407-650-1000 800-522-3863
http://www.cnlonline.com/ MEDIA RELATIONS Carolyn B. Gosselin, APR
CNL Chief Communications Officer 407-540-2505
http://www.newscom.com/cgi-bin/prnh/20040812/FLTH010
http://photoarchive.ap.org/ DATASOURCE: CNL Income Properties, Inc.
CONTACT: Carolyn B. Gosselin, APR, Chief Communications Officer,
CNL Income Properties, Inc., +1-407- 540-2505, or John Currie,
Intrawest Corporation, +1-604-669-9777 Web site:
http://www.cnlonline.com/ http://www.intrawest.com/
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