Vail Resorts, Inc. announced it has reached an amicable agreement with Intrawest Corporation to divide the remaining developable assets, to jointly liquidate remaining partnership inventory, and ultimately to dissolve the Keystone development partnership known formally as Keystone/Intrawest, L.L.C.
Under the agreement, Vail Resorts and Intrawest will each receive parcels of developable land in the resort while Vail Resorts will also assume control of the existing commercial properties currently in the partnership. Unsold standing inventory will remain in the partnership and proceeds of the sales of these condominium units will be distributed to the partners as sales occur. The partnership will be dissolved once existing inventory has been sold. As a part of this agreement, Vail Resorts has dropped the lawsuit that it filed in October 2002 against Intrawest over developing real estate at the Winter Park Ski Resort.
The partnership was originally formed between Intrawest and then Keystone owner, Ralston Purina, in 1993.