Could Intrawest be for sale????

[gores95]

I just saw this on Epicski and figured I'd post it here. Correct me if I am wrong but doesn't Intrawest have four mountains in the East: Tremblant, Stratton, Snowshoe and Mountain Creek? Not sure if selling would be a good thing for skiers. They've really done a nice job upgrading Mountain Creek (my home mountain).

http://www.canada.com/nationalpost/...=422b04f0-633b-4053-9121-01c2da1fb046&k=28806

 

[Phildozer]

This is just one more reason to keep your company private for as long as possible.

 

[JimG.]

They've really done a nice job upgrading Mountain Creek (my home mountain).

http://www.canada.com/nationalpost/...=422b04f0-633b-4053-9121-01c2da1fb046&k=28806

Really? That's not what I hear from MC regulars, especially skiers.

Can you elaborate?

 

[gores95]

Really? That's not what I hear from MC regulars, especially skiers.

Can you elaborate?

Jim we live within twenty minutes of the mountain and have been season pass holders for three years. No complaints overall in regards to how they run things. Intrawest has done a fine job ugrading the lifts (new Gondola and quads a few years ago). They run just about all of the lifts EVERY day and are still blowing snow even if it is March. They do an outstanding job snowmaking and grooming. They are building a new base lodge/hotel and have put a lot of money overall in the mountain. They are also building nearby communities which also helps the local economy. Our local ski club works closely with them in sponsoring ski trips, etc. and they give safety classes throughout the year. They have kept season passes right around $200 a year which is very reasonable. Plus we get discounts to other Intrawest resorts.

Are there issues? Sure. Are there too many boarders? Of course . Is the parking situation outrageous? Yes but with a little local knowledge we park right next to the lifts. Does the mountain get WAY overcrowded? You bet...especially on weekends. Since we live so close we are able to ski weeknights and early on weekends when crowds are manageable. We are planning on skiing tonight and conditions should be good!

All in all I think Intrawest has done a great job. I know my home mountain is not Stowe or Whiteface so the only thing I ask in my ski area is to put some of my money back into the mountain and they have done just that! In the old days of Vernon Valley/Great Gorge there were always rumors of them closing the mountain, not having enough money for snowmaking, etc.

Intrawest has done a fine job IMHO.

Marc

 

[JimG.]

Jim we live within twenty minutes of the mountain and have been season pass holders for three years. No complaints overall in regards to how they run things. Intrawest has done a fine job ugrading the lifts (new Gondola and quads a few years ago). They run just about all of the lifts EVERY day and are still blowing snow even if it is March. They do an outstanding job snowmaking and grooming. They are building a new base lodge/hotel and have put a lot of money overall in the mountain. They are also building nearby communities which also helps the local economy. Our local ski club works closely with them in sponsoring ski trips, etc. and they give safety classes throughout the year. They have kept season passes right around $200 a year which is very reasonable. Plus we get discounts to other Intrawest resorts.

Are there issues? Sure. Are there too many boarders? Of course . Is the parking situation outrageous? Yes but with a little local knowledge we park right next to the lifts. Does the mountain get WAY overcrowded? You bet...especially on weekends. Since we live so close we are able to ski weeknights and early on weekends when crowds are manageable. We are planning on skiing tonight and conditions should be good!

All in all I think Intrawest has done a great job. I know my home mountain is not Stowe or Whiteface so the only thing I ask in my ski area is to put some of my money back into the mountain and they have done just that! In the old days of Vernon Valley/Great Gorge there were always rumors of them closing the mountain, not having enough money for snowmaking, etc.

Intrawest has done a fine job IMHO.

Marc

That's good to hear...alot of folks complain that MC has become one big terrain park and that they kind of ignore the skiing segment.

It's nice to hear from a skier that this is exaggerated.

 

[gores95]

That's good to hear...alot of folks complain that MC has become one big terrain park and that they kind of ignore the skiing segment.

It's nice to hear from a skier that this is exaggerated.

As I mentioned there are FAR too many boarders (all due respect to DMC, etc.) and MC does have its faults. You have to watch yourself on the slopes especially during the weekends...helmets are necessary! Not to generalize but we do tend to get a bad element in from the City areas where lighting up and/or PROFUSELY swearing on the mountain is becoming more commonplace. Believe me I am no prude but I do not want my 8 year old daughter around this. But this is more the clientele's fault than the mountain's. I might voice a complaint and I do think they probably need more visible ski patrol to nip these things in the bud.

Another pet peeve is all the young kids (many of them foreigners) manning the lifts these days. The chaos of having inexperienced lifties is absolutely maddening. Nothing worse than having a packed lift line while doubles and singles are riding up the quad! Having been up to VT twice this winter I know that this problem is not MC's alone.

That being said for what I use it for and the money it cost me I could not be happier. They honestly attempt to be a big mountain ski area...even if they are not!

Marc

 

[ctenidae]

Sounds like Pirate has Icahn-itis. Hedge funds are awful for this sort of thing- very interested in short-term results, couldn't care less about the long-term. Interesting that they mentioned the possibility of a private equity firm- that's my field. I'll keep an eye out for it.

 

[BeanoNYC]

I have two left on a triple play. Last time I was at MC, I ended up in a sling for a month. South Peak and Bear Peak are the hills to go to when skiing MC, IMO. Vernon Peak is just too crowded, I feel. I'd like to hear about the local knowhow of parking, Gore. Can you send me a PM regarding it?

 

[riverc0il]

ahhhh, unsubstantiated rumors, gotta love them. hey, who knows? the ASC ticket price turned about to be real, so i won't be too harsh this time around actually, it could be noted that intrawest is not primarily in the business of running ski resorts, but rather real estate and resorts in general. i suspect their ski resort business is probably their least profitable operation, though it's hard to believe with the prices they charge. the strike at tremblant during xmas vacation could not have helped this year. still, i am skeptical.

 

[LVNLARG]

ahhhh, unsubstantiated rumors.

A story in the National Post with specifics from company officials on what is actually going on is unsubstatiated rumor? You guys kill me!

 

[ctenidae]

I don't think it's an unsubstantiated rumor at all, considering the remarks from Tran at Pirates Capital (the hedge fund that owns 11% of Intrawest and is pushing for them to sell). Add in the fact that Intrawest has said they've hired Goldman Sachs to explore refinancing or a sale, and I think I'd call it a lock that something is likely to happen.

 

[ctenidae]

Bloomberg confirms:
http://www.bloomberg.com/apps/news?pid=10000082&sid=ahB9sTgaSYnE&refer=canada

As does teh Globe and Mail:
http://www.theglobeandmail.com/servlet/story/LAC.20060302.RINTRAWEST02/TPStory/Business

Interesting- G&M is a little more detailed- talk of splitting the real estate from the ski operations, and selling those bits seperately. Anybody know of areas that have run the ski operations and the lodging/resort seperately? Loon is doing it with South Peak, I know, but anybody that's been doing it for long enough to know if it works? (Clearly, running them together doesn't, just look at ASC)

 

[riverc0il]

here we go, some direct links to information. thanks ctenidae for a rational response to a skeptical mind!!!
:beer:

 

[LVNLARG]

here we go, some direct links to information. thanks ctenidae for a rational response to a skeptical mind!!!
:beer:

You need to substantiate something in the National Post with a Globe and Mail story? LOL.. I suppose you don't believe the Wall Street Journal either unless the story is echoed in the Natioanl Enquirer? You're killing me! :dunce:

 

[BeanoNYC]

You need to substantiate something in the National Post with a Globe and Mail story? LOL.. I suppose you don't believe the Wall Street Journal either unless the story is echoed in the Natioanl Enquirer? You're killing me! :dunce:

A downfall of these types of forums is that, at times, it's tough to tell the intended tones of a post. I may be falling victim to this downfall, LVNLARG, but it seems to me like your trying to pick a fight. What's even more amazing to me is that it is directed at one of the most respected members of this forum. I suggest you either clarify your tone or put an end to the snide comments. Back on topic ...

 

[gores95]

I started this thread and certainly did not want to start any rumors. Since this is my home mountain and they have quite a few resorts in the East (MC, Stratton, Tremblant, Snowshoe) I wanted to see if anyone had heard anything.

Marc

 

[BeanoNYC]

I started this thread and certainly did not want to start any rumors. Since this is my home mountain and they have quite a few resorts in the East (MC, Stratton, Tremblant, Snowshoe) I wanted to see if anyone had heard anything.

Marc

No need to defend yourself for starting an interesting thread, Marc. This subject will be a major source of conversation to get us through the summer. :idea:

 

[awf170]

A downfall of these types of forums is that, at times, it's tough to tell the intended tones of a post. I may be falling victim to this downfall, LVNLARG, but it seems to me like your trying to pick a fight. What's even more amazing to me is that it is directed at one of the most respected members of this forum. I suggest you either clarify your tone or put an end to the snide comments. Back on topic ...

One snazzy thing I found out about this new forum is the ignore list... Bye. bye.

 

[LVNLARG]

A downfall of these types of forums is that, at times, it's tough to tell the intended tones of a post. I may be falling victim to this downfall, LVNLARG, but it seems to me like your trying to pick a fight. What's even more amazing to me is that it is directed at one of the most respected members of this forum. I suggest you either clarify your tone or put an end to the snide comments. Back on topic ...

My tone was representative of the fact that I decided Rivercoil was an idiot long ago ...and saw he was at it again..as his comments questioning the legitimacy of this post (a post which was all laid out in black and white literally) were bordering on mentally retarded. One scratches ones head at stuff in the National Enquirer...but if the National Post was to be caught even miss-quoting someone.. their readership (most of whom are the actual people quoted in their stories) would vaporize. Sorry for supporting someone with an actual fact based post of great interest over someone merely spewing crap for the sake of adding a post to their tally? To you he is respected ..to me he is a moron. I don't hold that against you...but don't expect me to respect someone just because you tell me I should. Tone clarified.

 

[ctenidae]

I'm gonna go out on a limb and suggest that Riverc0il may not have seen the link to the National Post story, in which case his comment on unsubstantiated rumors makes perfect sense.

Talked to one of the hedge fund guys here, and he said that Pirates is probably one of the best hedge funds in this strategy, but that their stake in Intrawest is scary, because it's something like 35% of their portfolio (for scale, we get a little nervous when a hedge fund has a single holding that's 5% of their portfolio). Pirates is the kind of fund that can get you fired, since if/when they go down, it'll be big, and overnight. You wake up one morning, they're down 30%, and you don'thave a job anymore (if, that is, you're in the business of picking hedge funds).

Not to get too far into a discussion of hedge funds, but getting past 10% ownership is dangerous territory for an activist hedge fund- you have to start reporting to the SEC then, and other funds can start trading against you, since they know what you're up to. I would expect Intrawest stock to be fairly lively for the next couple of weeks.

I'm also having some difficulty coming up with a private equity fund that would be interested in this deal- the guys that are big enough wouldn't want to take on the kind of operational burden Intrawest represents, and if there's anyone out there with enough experience to do it, they're not big enough to handle it. Should be interesting.