Vail Resorts isn't the only ski industry giant spending loads of cash this fall. Denver-based Intrawest Resorts Holdings Inc. just announced it will pay $52.5 million for the remaining 50% interest it doesn't already hold at Canada's Blue Mountain Resort in Ontario. Blue Mountain is about 90 miles from Toronto and is a relatively small mountain with 360 skiable acres, 14 lifts, and tons of snowmaking. This is Intrawest's first acquisition since its initial public offering pulled in about $29 million earlier this year.
Intrawest CEO Bill Jenson believes that the company's investment in Blue Mountain Resort will improve the company's financial position. It acquired the third busiest Canadian ski resort in 1999 and has operated it jointly with Blue Mountain Resorts Holdings Inc. ever since.
A definitive agreement is in place and Intrawest expects the purchase to close by the end of the month. No immediate changes are expected to the resort or its staff, but owning all of Blue Mountain should give Intrawest between $6 million-$8 million a year in extra cash.
Intrawest also owns or operates Mammoth Mountain, Steamboat Springs, Winter Park, Tremblant, Stratton, and Snowshoe Mountain.
· Intrawest acquiring remaining interest in one of Canada's busiest ski resorts [Steamboat Today]
· Intrawest buys half of Canadian ski resort it doesn't already own [Denver Business Journal]
· What Vail's Purchase of Park City Means for Skiers This Year [Curbed Ski]
· Big Plans for Steamboat Base Area and Clock Tower Square [Curbed Ski]
· Which Ski Resort Has The Most Skiing in North America? [Curbed Ski]