Intrawest, which is scrambling to help its parent company raise cash to avoid default on $1.7 billion in debt, said it reached an agreement to sell another of its resorts.
The Canadian-based company said it reached a definitive agreement to sell its interests in the 2,400-acre Sandestin Golf and Beach Resort in Destin, FL to the Becnel family, also of Destin. Terms of the deal were not disclosed.
Specific terms of the agreement were not disclosed and the transaction is anticipated to close in the first quarter of 2010.
The purchase agreement also includes the management contracts for Cottage Rental Agency, a community of beach homes located in Seaside, Florida and two hotel properties, The Marriott Residence Inn and The Marriott Courtyard, both located at Sandestin.
Once the transaction is finalized Intrawest and the Becnel family are committed to work together to ensure a smooth transition of ownership.
Intrawest is owned by Fortress Investment Group, a private equity group that has been negotiating with lenders to avoid default on $1.7 billion in debt it borrowed to finance its 2006 acquisition of Intrawest, which operates major ski and beach resorts from British Columbia to Florida. Intrawest’s crowned jewel is Whistler-Blackcomb, a ski resort in British Columbia that will be hosting several events during the 2010 Winter Olympics that kick off Friday.
