Intrawest, the Owner of Steamboat Ski Resort, Refinances Debt

Posted by The Steamboat Group on Wednesday, April 28th, 2010 at 1:00pm.

     Intrawest announced yesterday that they have completed refinancing their previously outstanding debt payments. The resort operator of Whistler/Blackcomb, missed debt payments in December that led to a threat of auction from lenders. This auction was scheduled to occur in the middle of the 2010 Olympic Games. Since that time Fortress Investment Group, Intrawest's primary creditors, have been working with lenders to restructure the $1.4 billion borrowed in 2006 that Fortress used when purchasing Intrawest.

     Yesterday, it was announced that Fortress Investment Group has repaid their prior lenders in full and completed a new loan that is scheduled to mature in 2014. The details and terms of the new loan have not been fully disclosed. In early March it was reported that the new debt restructuring requires Fortress to invest more equity directly into the company.

     Including Whistler/Blackcomb, Intrawest also owns and operates Steamboat Ski Resort So what implications does this have for Steamboat? The Globe and Mail states that ‘for Fortress, it’s a restart from zero. Intrawest has valuable assets, such as Whistler Blackcomb, the co-host of the Olympics’ And ‘Fortress can reasonably expect to benefit from an improving real estate market.’

For more information about Intrawest or Steamboat in general feel free to shoot me an email.

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2 Responses to "Intrawest, the Owner of Steamboat Ski Resort, Refinances Debt"

chuck hanlon wrote:
This blog is interesting but it is nearly two years old. Do you have any current information on Fortress and it investment in One Steamboat Place and the ski area in general?

Posted on Saturday, February 4th, 2012 at 6:48am.

Jon Wade wrote:
Thank you for your question Chuck. I wrote this post to update everyone.
http://www.steamboatsprings-realestate.com/blog/how-are-intrawest-and-the-steamboat-ski-area-doing.html

Posted on Sunday, February 5th, 2012 at 2:06am.

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