The Timeshare Beat
May 14, 2001
Intrawest Corporation, the leading developer of village-centered resorts across North America, announced in March
its first quarter-share fractional ownership property in the United States. Called Blue Wing Lodge at Copper Mountain,
in Colorado, the project comes as no surprise to those who have been watching the mammoth Copper Mountain development
unfold.
The new project at Copper Mountain will include 1-bedroom units with a starting price of $79,900, 2-bedrooms at $119,900 and 3-bedrooms at $177,900. With a total of 66-units, the $25-million project will allow a maximum of 264 fractional ownership transactions, though it is not uncommon for people to purchase more than one quarter share- which would bring the total number of transacations down somewhat.
Intrawest calls its quarter-ownership projects "iQ™", the "intelligent" vacation home ownership. It has two iQ projects that are completely sold out at its Whistler/Blackcomb resort in Canada. Under this program, owners get the use of the same condo one week every month and every four years they get the two weeks around Christmas. Owners also get year-round use of the community amenities (i.e., pool, hot tubs, fitness room, club lounge, kids’ playroom and changing rooms) based on availability. The fully furnished and accessorized homes range in size from 650 to 1,670 square feet.
BlueWing Lodge also will have concierge service, a $2-million swimming pool/fitness area and high-end interior features such as granite countertops.
Located at the foot of the mountain, on the west side of The New Village at Copper, BlueWing Lodge reflects its surroundings with rugged stone, rustic wood trim set off with heavy timber beams, classic alpine rooflines and huge picture windows that bring the outdoor scenery indoors.
Nestled in the Ten Mile and Gore wilderness ranges just 75 miles west of downtown Denver in the Rocky Mountains,
Copper Mountain Resort is a year-round vacation resort. Originally a mining and logging camp, it was the discovery
of copper that gave the area its current name and brought its first non-Native American residents.
In 1971, Chuck Lewis, Copper's founding father, decided to build a ski resort at the current site of Copper. He
negotiated a deal to purchase 280 acres at the base and worked with the Forest Service to establish parameters
and guidelines for the ski area. Over the years, new lifts were added and Copper grew to its current size of 2433
acres, enjoying the status of Summit County's largest ski area.
Copper Mountain became part of Intrawest in late 1996, when Intrawest Corporation, Whistler Mountain Holdings Ltd.,
and Copper Mountain, Inc., Colorado, announced their intention to combine the three companies and their assets
into one company under the Intrawest name.
At that time Intrawest announced that Copper Mountain would receive over US$26 million in capital improvements
on the mountain including new lifts. In addition a total of US$340 million was to be invested over the next 10
years to complete the Copper Mountain Village, which is situated at the base of the mountain. As a result of Intrawest's
vision and capital infusions, what was once a sleepy little day ski area is now one of Colorado's premiere year-round
destination resorts.
The anticipated success of the Blue Wing Lodge quarter-share project has already given rise to speculation that Intrawest will introduce a similar product at its other US resort villages, including Mammoth and Squaw Valley in California, and perhaps the company's warm weather destination at Sandestin, Florida. Because the company has not ruled out the possibility of timeshare or fractional ownership at the luxurious Monte Lago project in Las Vegas, insiders insist that we should keep a close eye on that development as well.
Intrawest is the leading developer and operator of village-centered destination resorts across North America. The company owns ten mountain resorts, including Whistler/Blackcomb, North America’s most popular mountain resort. Intrawest is also developing resort villages at five other locations and has a premier vacation ownership business, Club Intrawest. The company also owns Sandestin Golf and Beach Resort in northwest Florida, has a 45% interest in Alpine Helicopters Ltd., owner of the largest heli-skiing operation in the world, and has a significant investment in Compagnie des Alpes, the largest ski company in the world in terms of skier visits. Intrawest Corporation’s shares are listed on the New York (IDR) and Toronto (ITW) stock exchanges. The company is headquartered in Vancouver, British Columbia and is located online at www.intrawest.com
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