INTRAWEST AND BLUE MOUNTAIN JOIN FORCES

Source: Intrawest Corporation

May 25, 1999
Intrawest Corporation announced it has entered into an agreement to purchase 50 percent of Blue Mountain Resorts Limited, the owner and operator of the largest mountain resort in Ontario. In a separate transaction, Intrawest also will acquire all of the developable real-estate lands at the base of the resort, subject to certain approv-als. Intrawest plans to develop a four-season pedestrian village replete with quality restaurants, shopping, and nightlife, similar to Intrawest’s village at Tremblant, Quebec.

“Intrawest is fortunate to have loyal customers from the Toronto area who visit Whistler/Blackcomb and Tremblant,” says Intrawest’s chairman, president and chief executive officer, Joe Houssian. “Now we have an opportunity to create, in their own backyard, a four-season resort that has similar attributes to these resort icons.

“We believe that regional resorts which are capturing new participants are critical to the growth of the ski industry,” adds Houssian. “Blue Mountain is a continuation of our strategy to participate in premier regional resorts close to major metropolitan areas. As the market leader in an area within a three-hour drive of 7 million people, Blue Mountain is well positioned for future growth.”
Within a two–hour drive of Toronto, Canada’s largest ski market, Blue Mountain has averaged approximately 380,000 skier visits per year over the past three years. The ski area includes 16 lifts servicing 235 acres (95.1 hectares) of terrain and offers 100 percent snowmaking coverage, night skiing, and tubing.

The resort has a strong summer business featuring the Monterra Golf Course, an 18-hole link-style course designed by Tom McBroom, complemented by a driving range and pro shop. Other non-winter amenities include a waterpark and alpine slides as well as a seven-acre (2.8-hectare) private park on Georgian Bay with 700 feet (213.4 meters) of sandy beach located near the resort. Recreational amenities include racquetball, squash and tennis courts, exercise rooms, indoor and outdoor swimming pools, whirlpool, and saunas. The attractions are complemented by 60,000 square feet (5,574 square meters) of conference facilities with an accommodation base consisting of the 97-room Blue Mountain Inn and four condominium developments.

Preliminary plans for the village development include about 1,000 condo-hotel units, 200 townhome units, and 100,000 square feet (9,290 square meters) of commercial space, similar to the current size of Tremblant. Intrawest also is a joint-venture partner in the development of 600 single-family and townhome units to be built surrounding the golf course.