Intrawest Holdings significantly expanded its presence in Colorado’s ski industry Thursday with the completion of its purchase of Steamboat Ski & Resort for $239.1 million.
Intrawest now owns or manages 11 North American ski resorts, including Copper Mountain and Winter Park Resort, where it is developing a new village.
David Barry, chief operating officer for Intrawest’s U.S. mountain resorts, declined to discuss specific changes planned for Steamboat.
But Barry did say he sees an opportunity to package the three Colorado resorts together, which could lead to discounted pass deals for Front Range skiers as early as next winter.
Steamboat’s senior management team, led by president Chris Diamond, will remain in place, Barry said.
The deal was valued at $265 million when it was announced in December, but adjustments were made for debt assumed by the buyer and other factors.
In addition to the mountain terrain, the purchase also includes six parcels of developable base-area land, 13 dining venues and the management of the Steamboat Grand Resort Hotel and Condominiums.
– Julie Dunn
More business briefs
DENVER
Judge weighs penalty for Kerr-McGee
A federal court judge Thursday took under advisement arguments on how large a penalty oil-and-gas company Kerr-McGee should pay following last month’s jury verdict that the firm underpaid oil royalties to the government.
Judge Phillip Figa said he will rule within 30 days on plaintiff Bobby Maxwell’s claim that Kerr-McGee should pay a maximum of $39 million in penalties or a lesser amount requested by Kerr-McGee.
Maxwell, a former auditor for the federal Minerals Management Service, filed suit, claiming that Kerr-McGee underpaid $7.56 million in royalties. The amount could be doubled or tripled, and up to $16 million in additional penalties may be added.
LITTLETON
Deal to sell Champps to N.Y. group fails
A deal to sell Champps Entertainment to a New York investment group has fallen through.
The Littleton-based restaurant operator on Thursday said the letter of intent it had entered with Kinderhook Industries LLC expired. Company leaders said they are continuing to pursue a sale of the company.
DENVER
House panel OKs bill to deregulate taxis
A bill that would deregulate the taxicab industry sailed through a House committee Thursday, passing by a 10-2 vote.
House Bill 1114 would eliminate a hurdle that requires taxicab companies to prove their service is needed before a permit is issued by the Public Utilities Commission. The bill, aimed at increasing competition, will be considered by the full House this month.
DENVER
Beef sold to Japan set to increase this year
U.S. beef shipments to Japan may increase more than fourfold this year as the country eases mad-cow-disease-related restrictions on imports, an industry group said.
U.S. processors including Tyson Foods Inc. and Cargill Inc. may ship 60,000 metric tons of the meat to Japan this year, up from 13,376 tons in 2006, Philip Seng, chief executive of the Denver-based U.S. Meat Export Federation, said Thursday.
WASHINGTON
House OKs measure to ease union creation
Democrats rewarded organized labor Thursday for helping them retake control of Congress, passing a House bill that would make it easier for workers to start unions against companies’ wishes.
The legislation, passed 241-185 on a nearly party-line vote, would take away the right of employers to demand secret-ballot elections by workers before unions could be recognized.
The White House says President Bush will veto the measure.
WASHINGTON
More corn will go for making ethanol in ’07
Ethanol will devour 50 percent more corn this year, eating into the food industry’s share of the crop, the Agriculture Department said Thursday.
Ethanol demand is pushing feed prices higher and enticing farmers to switch from other crops.
Farmers are expected to grow a record 12.2 billion bushels of corn in 2007, said Keith Collins, the department’s chief economist. An estimated 3.2 billion bushels will go into ethanol, up from 2.15 billion in 2006.
DENVER
BBB issues alert about scholarship company
The Denver/Boulder Better Business Bureau issued an alert Thursday about a company with a Denver address that is allegedly misrepresenting itself as a resource for college scholarships and “free government grants.”
The company, United Fulfillment Bureau, operates online – www.usgrantstoday.com and www.mygovernment resources.com. The BBB said consumers have complained that “payments made for services and information result in either nothing – or information that is not useful – and refunds are not available.”
Officials for the company were not available for comment.
WALNUT CREEK, Calif.
Longs Drugs plans to close Colorado stores
Retail pharmacy operator Longs Drugs will close its nine Colorado stores this year. Company spokeswoman Farra Levin said the chain is pulling out of the market because it “couldn’t reach critical mass” here.
The company, which operates five stores in Colorado Springs, three in Fort Collins and one in Greeley, said the stores will likely remain open until this fall.
LITTLETON
Design District opens showrooms to public
The Denver Design District at Broadway and Interstate 25 said it has opened to the public.
Previously, the center, which includes design showrooms, was limited to designers, architects and builders. The Design District also announced that Pierre Deux, Century Furniture, Forma Funzione, Northrup House and Alno Denver have opened new showrooms there.
