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CNL Income Properties, Inc. to Purchase for $160 million
an 80% Interest in Nine Resort Villages
Owned by Intrawest Corporation


ORLANDO, Fla., Aug. 12, 2004 - CNL Income Properties, Inc., a real estate investment trust (REIT) focused primarily on recreation and lifestyle properties, announced today it has entered into a partnership to purchase an 80 percent ownership interest in commercial properties at nine resort villages owned by Intrawest Corporation (NYSE: IDR; Toronto: ITW) and its affiliates.  The $160 million acquisition, subject to completion of customary closing conditions, includes premier retail and commercial space located in the Intrawest villages.  Intrawest will retain 20 percent ownership of these facilities and continue in its role as property and leasing manager. The commercial component of properties typically includes restaurants and shops, but not lodging.

While tenant groups vary based on location, the commercial component of
these villages typically includes restaurants, retail and office space.  The villages, most of which are part of popular North American ski resorts, include:

  • Whistler Creekside at Whistler Blackcomb, British Columbia, Canada
  • Village of Baytowne Wharf at Sandestin Golf and Beach Resort, Destin, Florida
  • Village at Squaw Valley USA, Lake Tahoe, California
  • Village at Mammoth Mountain, Mammoth Lakes, California
  • Village at Copper Mountain, Copper, Colorado
  • MonteLago Village at Lake Las Vegas Resort, Las Vegas, Nevada
  • Village at Blue Mountain, Ontario, Canada
  • Village at Snowshoe Mountain, Snowshoe, West Virginia
  • Village at Stratton, Stratton, Vermont
"This partnership is ideal for the lifestyle investment objectives of this REIT," said CNL Income Properties President Byron Carlock.  "The properties are in excellent locations and have marked opportunity for growth, and Intrawest is a recognized leader in its field."

Village at Blue Mountain, Ontario, Canada
Intrawest CEO Joe Houssian echoed Carlock's sentiments.  "To position the company for continued success, Intrawest is transitioning from a capital-intensive to a more management-intensive structure as further exemplified by this pending transaction," he said.  "We consider CNL Income Properties to be a key partner for the future."

CNL Income Properties invests in income-producing real estate with an emphasis on recreation and lifestyle segments, such as golf resorts, marinas, vacation ownership, and ski resorts and adjacent property.  The Intrawest commercial portfolio will be CNL Income Properties' first acquisition.

"We're building a portfolio of premier properties that capitalizes on the changing real estate utilization patterns of baby boomers, echo boomers and genXers who, we believe, will be golfing, traveling and shopping like never before," said Carlock.  "To have had the opportunity to forge this partnership with Intrawest right out of the gate is exciting."

The Intrawest commercial portfolio includes Whistler Creekside, one of two retail villages at Whistler Blackcomb, a 7,000-acre ski resort 75 miles north of Vancouver.  According to Intrawest Corporation, Whistler Blackcomb saw 2.1 million ski visits in the 2002/2003 season (November 02 through April 03) and will be a host venue for the 2010 Winter Olympic Games.  The year-round resort municipality is home to three championship golf courses and was named Canada's "number one golf destination" by Golf Course Ranking Magazine.

The commercial portfolio also includes Village of Baytowne Wharf,  a 56,000 square foot retail village located in Sandestin Golf and Beach Resort.  The 2,400-acre resort, which offers a variety of water sports, golf, tennis and lodging, is located midway between Panama City and Pensacola on Florida's northwest peninsula, an area that draws approximately 4.5 million visitors annually (source: Emerald Coast Convention & Visitors Bureau).

The transaction is expected to close before the end of the year.  There are no assurances that all of the closing conditions will be satisfied or that CNL Income Properties will acquire these facilities.

About CNL Income Properties, Inc.
CNL Income Properties, Inc. is a real estate investment trust (REIT) that
invests in income-producing real estate with an emphasis on recreation and lifestyle segments, such as ski resorts, golf courses, outlet centers, marinas, campgrounds and vacation ownership interests.  The REIT is an affiliate of CNL Financial Group (CNL), one of the nation's largest, privately held real estate investment and finance companies.  Headquartered in Orlando, Fla., CNL and the entities it has formed or acquired have more than $16 billion in assets -- including $3 billion managed for third-party investors -- and have interests in more than 4,700 properties across North America.  For more information, visit

About Intrawest Corporation
Intrawest Corporation (NYSE: IDR; Toronto: ITW) is the world's leading developer and operator of village-centered resorts.  Intrawest owns or controls 10 mountain resorts in North America's most popular mountain destinations, including Whistler Blackcomb, a host venue for the 2010 Winter Olympic Games.  The Company also owns Sandestin Golf and Beach Resort in Florida and has a premier vacation ownership business, Club Intrawest.  Intrawest is developing an additional six resort villages at locations in North America and Europe.  The company has a 45 percent interest in Alpine Helicopters Ltd., owner of Canadian Mountain Holidays, the largest heli-skiing operation in the world.  Intrawest is headquartered in Vancouver, British Columbia.  For more information, visit

Certain statements and information included in this release constitute "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. 


CNL Income Properties, Inc.
Also See: Sandestin Resorts, Inc. Acquired for $130 Million by Intrawest / July 1998
Intrawest Creating New Concept of Real Estate Ownership; Building Vacation Homes Sold in Shares of 10 for Five Weeks a Year / March 2002
Intrawest's Condominium Market Thrives at Squaw Valley Ski Resort / Dec 2001
Intrawest's $350 million, 22-acre Village at Mammoth Now in the Ninth Month of Construction / Jan 2002
Intrawest to Acquire 50% of Blue Mountain Resort (Ontario, Canada); Plans 1,000 Condo-Hotel Units / Jan 1999

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