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.
“We do believe that the combination of Copper, Winter Park and Steamboat is a great one,” he said.
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.
On top of 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.
Steamboat was put on the market last July by Park City, Utah- based American Skiing Co. The financially troubled American Skiing, which owned Steamboat for 10 years, also recently announced plans to sell four other ski resorts, including Killington in Vermont.
The sale of another major group of Steamboat base-village properties – including the 351- room Sheraton Steamboat Resort & Conference Center – is expected soon, according to Denver’s HVS Capital Corp.
Vancouver, British Columbia-based Intrawest declined to comment on its interest in the privately owned properties. The company was purchased by New York-based Fortress Investment Group in October for $2.8 billion.
Fortress, which has $29.9 billion worth of assets under management, went public last month on the New York Stock Exchange. Its stock closed at $29.07 Thursday, down $1.10.
Steamboat saw 1.05 million skier visits last winter, making it the sixth-most-visited resort in the state, according to Colorado Ski Country USA.
Staff writer Julie Dunn can be reached at 303-954-1592 or jdunn@denverpost.com.
