EpicSki › The Barking Bear Forums › On the Snow (Skiing Forums) › General Skiing Discussion › Lenders moving in on Intrawest properties
New Posts  All Forums:Forum Nav:

Lenders moving in on Intrawest properties

post #1 of 11
Thread Starter 
I'm sure this is not news to some of you, and mostly likely not a surprise to any of you, but here it is, from Summit Daily News
http://www.summitdaily.com/article/20100120/NEWS/100129992/1008&parentprofile=1055

Teaser from the article:
Quote:
VANCOUVER, British Columbia — Lenders have seized the assets of Intrawest ULC, including the Whistler ski resort that will be home to the Olympic downhill races next month.

A public notice has been posted in newspapers by the company's lenders, which include Lehman Brothers, saying that an auction to sell the assets will be held on Feb. 19, right in the midst of the Olympics.
 
post #2 of 11
Yeah, the folks in the instructor locker room at Copper were commenting on this all morning.  We're glad we were picked up by Powdr before all this went down.  When Intrawest sold out to Fortress  Investments and the bosses got their big paydays, it was only a matter of time.  Fortress turned Intrawest into another over-leveraged ASC.  We're cautiously optimistic about Powdr. 
post #3 of 11
Who knew making bagels could be so lucrative.
post #4 of 11
Quote:
Originally Posted by billyymc View Post

Who knew making bagels could be so lucrative.


Actually, they wouldn't need to sell Whistler if the bagels were doing well...

also, I thought Lehman Bros was gone with the wind?
post #5 of 11
I read yesterday that W/B is supposed to be on the auction block during the Olympics....many people in the community are thinking (hoping would be a better term I suspect) that Joe Hussen (sp?) who was one of the early developers of Blackcomb is going to attempt to repurchase the assists....which would be cool!

Though it's (very) small change in the overall scheme of things, no doubt Interwest is questioning the wisdom of building that bloody big and hideous gondola.

Apologies for the run-on sentence....I doubt my 8th grade English teacher is on Epicski however (unless the WWW exists in afterlife).

Da Flav
post #6 of 11
Powdr made a lot of misteps when they took over Killington 3 years ago, but they seem to have learned their lessons and things are improving.  At least they seem to have their financial act together.  Good luck at Copper!
post #7 of 11
Ha. I'll be in whistler that day anyway. Might as well put in an early bid before it gets too rich for my blood.
post #8 of 11
In the meanwhile, Intrawest has sold Panaroma and something called 'The Village' at Squaw

FIRESALE !
post #9 of 11
Quote:
Originally Posted by flaviaman View Post
many people in the community are thinking (hoping would be a better term I suspect) that Joe Hussen (sp?) who was one of the early developers of Blackcomb is going to attempt to repurchase the assists....which would be cool!

Who's saying that?  He caused the whole entire mess the company is in right now.  I'm sure Joe loves Whistler, it was his baby after all.  But at the end of the day he's just a greedy developer who'd sell his soul if he knew he could get a few $$$ for it.  Make no mistake about it, if Joe is interested in Whistler it's not because he's doing it for Whistler, he's doing it simply to make money. 

Quote:
Originally Posted by wbsr View Post

In the meanwhile, Intrawest has sold Panaroma and something called 'The Village' at Squaw

FIRESALE !

The Village @ Squaw was an Intrawest condo development done in the base area.  Later it continued to be managed by Intrawest.  It's similar in style and scope to the River Run development done at Keystone, with the notable difference that they didn't turn operations over to Ski Corp when they were done. 
post #10 of 11
Quote:
Originally Posted by vinn View Post




Who's saying that?  He caused the whole entire mess the company is in right now.  I'm sure Joe loves Whistler, it was his baby after all.  But at the end of the day he's just a greedy developer who'd sell his soul if he knew he could get a few $$$ for it.  Make no mistake about it, if Joe is interested in Whistler it's not because he's doing it for Whistler, he's doing it simply to make money. 


The Village @ Squaw was an Intrawest condo development done in the base area.  Later it continued to be managed by Intrawest.  It's similar in style and scope to the River Run development done at Keystone, with the notable difference that they didn't turn operations over to Ski Corp when they were done. 

 


Viin: I am slightly perplexed as your assessment of Joe Hussein ....what "mess" are you referring you that he created? Yes he was one of the principals behind the massive amount of real estate development in the area, as well as the expansion of Whistler Village (which is highly regrettable IMO)....but I do not believe he has been involved with Interwest or Fortress for a number of years.

If you want to blame (or attribute) Joe Hussein for real estate development go ahead, but that has nothing to do with Fortress's difficulties.

By most people's reckoning, Whistler-Blackcomb does fine financially, it is the parent company that is in trouble....I fail to see how you equate Joe Hussein to Fortress's difficulties...please explain....

I personally think local ownership of the mountains would be a great thing, providing the company is sufficiently capitalized.

Cheers

Da Flav
post #11 of 11
Quote:
Originally Posted by flaviaman View Post

Village (which is highly regrettable IMO)....but I do not believe he has been involved with Interwest or Fortress for a number of years.
 

Well, I'll give you that.  Joe barely did anything at the resort level for the last decade he owned Intrawest.  Instead it was the Hugh (Smythe) and Dan (Jarvis) road show.  And you could hardly say they were leaders either.  The smartest thing they ever did was to promote David Barry into a VP position.

So in the run up to the housing boom, Hugh and Dan, with Joe's consent,  did a nice run of acquiring resort properties and completely overextending the company.  This had more to do with "Playground" than the resort ops group.  Anyway, the financing of a lot of that construction was only the beginning of the problem.  In 2005, as a lot of construction projects around the country were wrapping up (Lake Las Vegas, Sandestin, Squaw, Keystone, Copper, etc, etc), it was very clear that Intrawest was going to shop the company around to the highest bidder.  They hired a new CEO to slash spending to pump up the bottom line on the books.   By the time late 2006 rolled around, they had Fortress on the hook to buy the company for a ridiculous amount so the Intrawest execs could cash in their lottery ticket.  And it totally worked.

So yeah, I'm blaming Joe.  Resort operations was never, ever the focus of the company, even though the resort ops side of the company tended to be very fiscally conservative and generate a steady cash flow (Whistler EBIDTA: $70 million).
New Posts  All Forums:Forum Nav:
  Return Home
  Back to Forum: General Skiing Discussion
EpicSki › The Barking Bear Forums › On the Snow (Skiing Forums) › General Skiing Discussion › Lenders moving in on Intrawest properties