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VANCOUVER, British Columbia, Sept. 29, 1998 - Intrawest
Corporation today announced its plans to
develop an intimate, four-season destination resort village at the base
of Solitude, Utah, its first entry into the Utah ski market. Through an
agreement with Solitude Ski Corporation, Intrawest will acquire and convert
land at the base of the mountain into a unique self-contained pedestrian
village. Under an option agreement, Intrawest has the right to acquire
the land in three separate development phases as the village is built.
Solitude will retain ownership of the mountain, all resort facilities and
operations, common areas, and commercial and residential management services
and will be heavily involved in the envisioning for the resort.
Intrawest's development, based on the approved master plan for Solitude, complements the already completed buildings at the base of the mountain. About 250 residential units and 40,000 square feet of commercial space will be developed, representing a total value of approximately US$100 million at build-out. Substantial completion of the village is planned to be in time for the Salt Lake City 2002 XIX Olympic Winter Games. Details will be announced over the next few months, with the first phase of the project expected to be offered for sale in spring 1999. "Solitude is a one-of-a-kind, natural treasure, a classic mountain resort," said Gary Raymond, president of Intrawest's resort development group. "It will become a true four-season destination with an alpine village at its heart and Intrawest is very pleased to be a part of that transformation." Intrawest's development of Blackcomb, British Columbia has led many in the industry to consider Whistler/Blackcomb the premier mountain resort in North America. They have replicated this success at Quebec's Mont Tremblant. Tremblant was voted number one in eastern North America by SKI magazine readers only three years after the start of redevelopment. Intrawest is also creating villages at Stratton, Vermont; Snowshoe, West Virginia; Copper, Colorado; Mammoth and Squaw Valley, California; Mountain Creek, New Jersey and Keystone, Colorado. The company plans to draw upon this considerable experience in year-round destination resorts in its development of the new Solitude village. Solitude, an award-winning mountain resort in Utah, is located half
an hour from Salt Lake International Airport. With an average annual snowfall
of over 450 inches, and a 2,030-foot vertical drop, Solitude's 63 trails
and bowls take you to a dream world of powder. Solitude was ranked 16th
in North America by SKI magazine in October 1997 with gold medals for snow
quality, terrain, challenge, value, weather and accessibility. Known as
a friendly, intimate ski resort with a well-developed mountain and exceptional
natural ski terrain, Solitude is home to Utah's
"Solitude is a great mountain whose only competitive limitation has been a lack of overnight accommodation and amenities," said Gary DeSeelhorst, president, Solitude Ski Corporation. "We are extremely excited to be working with a group that not only shares our vision but the desire to make Solitude the most successful village of its kind." Intrawest is the leading developer and operator of mountain resorts across North America. The company owns Whistler/Blackcomb, rated North America's No.1 resort. It also owns Panorama in British Columbia, Tremblant and Mont Ste. Marie in Quebec, Copper in Colorado, Stratton in Vermont, Snowshoe in West Virginia, Mountain Creek in New Jersey and Mammoth in California. The company also has a high-end timeshare business and is creating world-class, four-season resort villages at Keystone, Colorado and Squaw Valley near Lake Tahoe, California. Intrawest owns Sandestin Golf and Beach Resort in Florida and owns 14 golf courses. Intrawest also recently completed an international alliance with Compagnie des Alpes, the largest ski company in the world in terms of skier visits. Intrawest Corporation's shares are traded on the New York Stock Exchange (IDR) and the Toronto and Montreal exchanges (ITW). The Company is headquartered in Vancouver, British Columbia. 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. |
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