Intrawest continues to sell off properties
Last Updated: Tuesday, February 09, 2010 | 04:03 PM EST
Financial Post
Imperiled resort company Intrawest ULC continued to sell off its properties Tuesday, this time agreeing to move a Florida golf and beach resort to a local real estate developer.
Terms of the deal for the Sandestin Golf and Beach Resort with the Becnel family, a private luxury property developer and operator, were not disclosed.
The sale also includes the management contracts for Cottage Rental Agency, a community of beach homes, as well as The Marriott Residence Inn and The Marriott Courtyard hotels, both in Sandestin.
The sale is expected to close in the first quarter of 2010.
The Becnel family, run by Tom and Damon Becnel, have previously developed other resorts in the Florida area.
Sandestin resort is on the gulf coast of the state, spread across 2,400 acres with 1,500 condominiums and 65,000 square feet of meeting space.
This is the second major property sale for Intrawest in the past three weeks.
In late January, the company agreed to sell its Panorama Mountain Village ski resort and golf course in British Columbia to a group of local business owners led by a local real estate developer.
The company's many resorts are at risk as Intrawest negotiates with creditors over a missed loan payment.
The creditors, led by a group of U.S. hedge funds, have threatened to auction off Intrawest's assets in February. This includes the famous Whistler ski resort in British Columbia, which is a site for the Vancouver Winter Olympics.
Intrawest owner Fortress Investment Group has said it is looking to refinance.
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