Although warm temperatures and a lack of snow kept Intrawest resorts on the east coast high and dry, a snowy winter across the west bolstered quarterly earnings to above expected levels for the destination resort company. According to Steamboat Today, those quarterly earnings are allowing resort executives to investigate possible development opportunities at many of their North American holdings.
One of those holdings is Steamboat Resort in northern Colorado. Thanks to a combination of Intrawest’s newly constructed developments selling out and the average price per square foot rising $150 above its average, the resort company is looking into a multitude of development opportunities. One of those opportunities includes buying land behind the Grand Hotel @Steamboat.
Over the past year, Intrawest has increased their profits by a total of $45.8 million!
What exactly the resort company would do with that land has yet to be seen. In an interview with Steamboat Today, Intrawest CEO Tom Murano told one reporter, “Nothing to report right now as far as a specific project, but the market is primed and is ready for us to do something.”
Winter Park, CO
Blue Mountain, PA
Find the entire Steamboat Today article here: Intrawest CEO says real estate market is ‘primed,’ ready for development