|VANCOUVER, July 14, 1998 - Intrawest Corporation
today announced that it has completed its previously announced acquisition
of all of the outstanding shares of Sandestin Resorts, Inc., owner
and operator of the largest resort and residential community in northwestern
Florida, for approximately US$130 million. Sandestin is located midway
between Pensacola and Panama City. The 2,400-acre property includes one-half
mile of frontage on the Gulf of Mexico and 6.5 miles of frontage on Choctawhatchee
Bay - the only panhandle resort with direct access to both the beach and
the bay. (Choctawhatchee Bay forms part of the Intracoastal Waterway).
Operating assets include management of approximately 700 rental units (100 of which are owned by the company), 63 holes of golf, a tennis center, conference facilities, and a 37,000-square foot resort retail ``market''. Also included are two restaurants adjacent to two resort swimming pools, a new sports bar, a full service marina, a health club and a soon-to-be completed ``members only'' beach club.
Future real estate includes approximately 2,300 planned residential units, comprising condominiums, townhomes, and single-family lots, and approximately 200,000 square feet of commercial space. As part of that development, Intrawest believes an opportunity exists to build a resort village at the Baytowne Marina on the Intracoastal Waterway similar to Harbortown at Hilton Head Island.
With the purchase of Sandestin, Intrawest will be able to apply its resort formula to a warm-weather destination. The planned acquisition of the assets of the Raven Golf Group, including two resort-quality golf courses in Arizona, will give Intrawest premium golf expertise and service methodology which can be applied to the golf courses at Sandestin. Intrawest expects to reposition the existing Sandestin courses and build a new high-end championship course called ``The Raven at Sandestin.''
Intrawest is the leading developer and operator of mountain resorts
across North America. The company has an ownership interest in nine resorts
across the continent in addition to real estate-only interests at another
two mountain resorts. The company has a high-end timeshare business and,
including the recently announced planned acquisition of Raven Golf Group
in Arizona, owns 14 golf courses. Intrawest also recently announced an
international alliance with Compagnie des Alpes, the largest ski company
in the world in terms of skier visits. Intrawest's shares are traded on
the New York Stock Exchange (IDR) and the Toronto and Montreal exchanges
The statements which are not historical facts contained in this release are forward-looking statements that involve risks and uncertainties. Intrawest's actual results could differ materially from those expressed or implied by such forward-looking statements. Factors that could cause or contribute to such differences include, but are not limited to, seasonality, weather conditions, competition, general economic conditions, currency fluctuations and other risks detailed in the Company's filings with the U.S. Securities and Exchange Commission.
|Intrawest and Compagnie des Alpes to Form International Alliance; Unique Partnership Links Premier Ski Resorts in Europe and North America / May 1998|