Intrawest ULC will spin off its stake in the Whistler Blackcomb ski resort in British Columbia in an initial public offering. A securities filing by Whistler Blackcomb Holdings Inc. does not indicate either the number of shares to be sold or their offering price. Intrawest created Whistler Blackcomb in 1997 by merging the two adjacent resorts into North America’s largest ski resort.
Intrawest was nearly forced by creditors to liquidate its stake in the resort a year ago even as it was preparing to host the alpine and Nordic events for the 2010 Olympic Winter Games.
In its filing, Whistler Blackcomb listed total revenues of CN$218.7 million for the fiscal year ended Sept. 30, 2009, including CN$104.3 million for lift operations, CN$20.6 million for ski school operations and CN$40.1 million for retail and rental operations.