Intrawest Resorts Files $100 Million IPO

Intrawest Resorts Files $100 Million IPO

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Intrawest Resorts Files $100 Million IPO

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Quebec-Tremblant

Image: Mont Tremblant Resort, Quebec 

Earlier today, Denver-based Intrawest filed with the U.S. Securities and Exchange Commission (SEC) for a $100 million initial public offering (IPO). Intrawest has scaled back the number of ski resorts and mountain village it has owned over the past few years but is still one of the world’s largest ski resort holding companies in the world.

Resorts owned at least in part by Intrawest include:

  • Blue Mountain, Ontario
  • Snowshoe Mountain, West Virginia
  • Steamboat Ski Resort, Colorado
  • Stratton Mountain Resort, Vermont
  • Mont Tremblant Resort, Quebec
  • Mammoth, California
  • Canadian Mountain Holidays, Alberta
  • Winter Park, Colorado (Intrawest is contracted to operate this city park which is owned by the city of Denver.)

Resorts formerly owned by Intrawest:

  • Whistler Blackcomb, British Columbia 
  • Copper Mountain, Colorado (November 2009)
  • Les Arcs 1950, France (October 2009)
  • Flaine Montsoleil development, France (October 2009)
  • Panorama Mountain Village, British Columbia (January 2010)
  • Mountain Creek, New Jersey (May 2010)
  • Sandestin Golf & Beach Resort, Florida (March 2010)
  • The Village at Squaw Valley, California (January 2010)

The real estate collapse in 2007 marked a tipping point for Intrawest. The company divested itself of a number of properties including Whistler Blackcomb

“Prior to the collapse in housing markets in late 2007 and the global financial crisis that followed, we were actively engaged in large scale development and sales of resort real estate, primarily in North America. In light of the then prevailing market conditions, we ceased new development activities in late 2009. As a result, we were left with a portfolio of legacy real estate assets, high leverage levels and litigation initiated by purchasers of resort real estate seeking to rescind their purchase obligations or otherwise mitigate their losses,” the company explains in its SEC filing. “Through a series of debt refinancings, cost saving initiatives and divestitures of non-core assets, we believe we have streamlined our operations. As of September 30, 2013, we have divested substantially all of our legacy real estate assets and have settled the majority of litigation claims stemming from our pre-2010 development and sales activities. Although the effects of our pre-2010 legacy real estate development and sales activities on our consolidated financial results will continue in future periods, we expect that these effects will continue to diminish over time. ”

Here is more on the IPO from reuters.com

“The Denver-based company intends to use proceeds from the IPO for investments and acquisitions, it said in a regulatory filing on Tuesday. (r.reuters.com/wyg64v)

The amount of money a company says it plans to raise in its first IPO filing is used to calculate registration fees. The final size of the IPO could be different.

The filing did not reveal how many shares Intrawest or Fortress planned to sell or their expected price.

Intrawest said it plans to list its stock on the New York Stock Exchange, but did not disclose its intended stock symbol.

The company’s net loss narrowed to $296.7 million, while revenue rose to $524.4 million in the year ended June 30, 2013.

Total long-term debt was $1.95 billion as of June 30, according to the IPO filing.” – reuters.com

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