[ News ] Intrawest sale doesn't include Stratton ski area

[Greg]

Intrawest sale doesn't include Stratton ski area

DENVER A majority interest in the village of shops and restaurants surrounding the base of Stratton Mountain Resort is being sold.

But the ski resort itself is not going to change hands.

Stratton Mountain is owned by Intrawest Corporation, which is based in British Columbia, in Canada.

Intrawest has announced plans to sell a majority interest in its commercial properties at nine resorts to a real estate investment trust for about 135 (m) million dollars.

The agreement calls for C-N-L Properties Incorporated of Orlando, Florida, to acquire an 80 percent interest in the commercial villages at the base of the ski resorts.

Intrawest will keep a 20 percent stake in the stores and restaurants and will maintain full ownership of its ski areas and other holdings.

The transaction is expected to close by December.

Source