[kidwoo]

Now's your chance!

Intrawest assets seized by lenders, including Olympic ski resort in Whistler

http://www.google.com/hostednews/canadianpress/article/ALeqM5hCQ6Mua1IrTHdOAFfPxayaiOPYqw



That also means bits of snowshoe, northstar and mammoth may be up for grabs.

Leave it to interwest to fvck up this badly right before the biggest sporting event in the world is about to occur with them as hosts.

 

[thom9719]

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[stiksandstones]

I heard rumblings of them owing money, but was not aware of the magnitude. wow

 

[FlipFantasia]

meh, same old same old....my boss who's seen it all in this town chuckled and shrugged, the games will still happen, the mountain will still operate....nothing to see here, move along

 

[4xBoy]

meh, same old same old....my boss who's seen it all in this town chuckled and shrugged, the games will still happen, the mountain will still operate....nothing to see here, move along

That's the part that will be the most impressive, it will continue on like nothing happened part.

 

[stiksandstones]

meh, same old same old....my boss who's seen it all in this town chuckled and shrugged, the games will still happen, the mountain will still operate....nothing to see here, move along

Thats what they said when I worked at schwinn...then everyone lost their jobs.

 

[kidwoo]

meh, same old same old....my boss who's seen it all in this town chuckled and shrugged, the games will still happen, the mountain will still operate....nothing to see here, move along

Man, you so hard. How do you do it.


The fact that the largest mountain bike park in the western hemisphere, and parts of other lift served areas may be up for auction soon doesn't interest you?

The business will sell to someone in or wanting to get into the ski/real estate biz. Regardless of how much your boss thinks he knows this could bring about some big changes.....good or bad.

So I'll continue to be interested in what happens. Because I like riding my mountain bike at whistler, northstar and mammoth.

 

[FlipFantasia]

Thats what they said when I worked at schwinn...then everyone lost their jobs.

touche! at least I've got 44 days on my ski pass already, if that does happen....and a roommate with a snowmobile and access to the mountain right outside our door....and skins for my skis if I get really desperate....

 

[FlipFantasia]

Man, you so hard. How do you do it.


The fact that the largest mountain bike park in the western hemisphere, and parts of other lift served areas may be up for auction soon doesn't interest you?

The business will sell to someone in or wanting to get into the ski/real estate biz. Regardless of how much your boss thinks he knows this could bring about some big changes.....good or bad.

So I'll continue to be interested in what happens. Because I like riding my mountain bike at whistler, northstar and mammoth.

I'm not trying to be "hard", and I am interested in what happens....I just honestly don't know how much different anything will really be in the end, s'all....

 

[kidwoo]

I'm not trying to be "hard", and I am interested in what happens....I just honestly don't know how much different anything will really be in the end, s'all....

Me either. But if someone with an aspen mindset who doesn't give two shlts about mountain biking decides this is their big opportunity in the winter sports business, there might be a priority shift in some of the summer activities. That especially concerns me about mammoth since I doubt they even break even on the mtb park.

Or somebody could take over, who just LOVES mountain biking.

Either way, I'm not writing it off just because ski areas changing hands is a common thing. Intrawest is unique in that they've stuck their necks out for mountain bikes before.

 

[TheTruth]

Does this mean diablo......

 

[dropmachine]

Me either. But if someone with an aspen mindset who doesn't give two shlts about mountain biking decides this is their big opportunity in the winter sports business, there might be a priority shift in some of the summer activities. That especially concerns me about mammoth since I doubt they even break even on the mtb park.

Its not fair to compare Whistler to Mammoth. People from all over the world fly to Whistler to ride it. Its likely the #1 mountain biking destination in the world, I would suspect.

Mammoth...not so much.

 

[kidwoo]

Does this mean diablo......

What does intrawest actually own/do at diablo? I've heard they have something to do with mountain creek..... Isn't the bike park kind of a separate entity that sort of leases mountain creek for the summer?

 

[FlipFantasia]

Me either. But if someone with an aspen mindset who doesn't give two shlts about mountain biking decides this is their big opportunity in the winter sports business, there might be a priority shift in some of the summer activities. That especially concerns me about mammoth since I doubt they even break even on the mtb park.

Or somebody could take over, who just LOVES mountain biking.

Either way, I'm not writing it off just because ski areas changing hands is a common thing. Intrawest in unique in that they've stuck their necks out for mountain bikes before.

fair enough, I'll admit that I'm being self centric and only thinking of whistler, but our park has become big enough that I'm sure it has a fairly significant place in the summer tourist numbers and no one would cut it just cause they don't know about biking.....I guess for some smaller bikeparks it could be disconcerting.

 

[kidwoo]

Its not fair to compare Whistler to Mammoth. People from all over the world fly to Whistler to ride it. Its likely the #1 mountain biking destination in the world, I would suspect.

Mammoth...not so much.

No shlt, really? I'm just getting into this bike thing, so be patient.


What I said was I personally am concerned about what this might change at mammoth because I like riding there. And since they DON'T make whistler's kind of returns, they'd be the most volatile.

 

[ZHendo]

after experiencing crankworx and seeing the kind of traffic that whistler gets throughout the mtb season, i wouldn't worry about it. the resort still manages to generate significant revenues through its mountain bike park, and i don't think that any new potential owner will just toss that bit of whistler's appeal out the window.

 

[NY_Star]

Mountain Creek is owned by Intrawest for sure. I believe that they also own Winter Park (Sol-vista).

 

[davec113]

Winter Park too, I guess...

 

[kidwoo]

fair enough, I'll admit that I'm being self centric and only thinking of whistler, but our park has become big enough that I'm sure it has a fairly significant place in the summer tourist numbers and no one would cut it just cause they don't know about biking.....I guess for some smaller bikeparks it could be disconcerting.

I would kind of think so too, but we've actually seen the place and know what crankworks does, not everyone has.....especially not someone wholly enraptured with the ski business only. You probably know the answer to this though: what does intrawest have to do with the bike park and ski area (or the mountain itself outside of the village)? I was under the impression that intrawest pretty much ran everything up there. Is there a whistler/blackcomb mountain LLC or something?

 

[davec113]

Mountain Creek is owned by Intrawest for sure. I believe that they also own Winter Park (Sol-vista).

Beat me by 1 minute

Sol Vista is further down the road past Winter Park, and is not owned by IntraWest.

 

[DirtMcGirk]

Sounds like Intrawest was picking up the tab for Nancy Cushings credit card bills.

 

[stiksandstones]

I would imagine not much change ahead...except prices for everything going up.

 

[DirtMcGirk]

I have a feeling you'll see Squaw break the $100 per day ski ticket threshold next year.

 

[kidwoo]

I have a feeling you'll see Squaw break the $100 per day ski ticket threshold next year.

Intrawest has nothing to do with squaw's mountain operations. I don't even think they own the village anymore.

 

[dropmachine]

No shlt, really? I'm just getting into this bike thing, so be patient.


What I said was I personally am concerned about what this might change at mammoth because I like riding there. And since they DON'T make whistler's kind of returns, they'd be the most volatile.

Sorry, misunderstood. I thought you were saying that Mammoth and Whistler had the same numbers...which blew my mind.

 

[kidwoo]

Sorry, misunderstood. I thought you were saying that Mammoth and Whistler had the same numbers...which blew my mind.

I'd punch myself in the face for such stupidity if I said that.


I've been to both places enough times to realize the two different solar systems I've visited.

 

[big-ted]

So, who wants to go halfsies?

 

[kidwoo]

So, who wants to go halfsies?

I'm in for 0.000000000000000000000000000000000000000000000000000000001 %



And even that's probably stretching it.

 

[boogenman]

Whistler is not going to be auctioned off by intrwest. It is probably one of the more profitable and well know resorts that they own.

Copper, Diablow and snowshoe would probably be the first ones to get sold off if they need the cash.

The other major issue that needs to be addressed by Intrawest and Fortress is who will purchase any ski resort right now? Didn't American Ski Company have the same issues a few years ago?

 

[iandude94]

Since diablow has the lease from Mountain creek until 2012, if it is sold would this effect the lease?

 

[boogenman]

Since diablow has the lease from Mountain creek until 2012, if it is sold would this effect the lease?

We can only hope sean gets screwed from this

 

[Uncle Cliffy]

This is a tough one. Without seeing the bottom line, who's to say how much revenue is generated in the summer at WBP. Whenever I've went, I seem to be in the minority of summer Whistler tourism. There's lots of people there doing things that have nothing to do with the bike park...

Whistler will still be a riding destination with or without the bike park.

 

[amishmatt]

Haven't we learned anything from cheesy 80's ski movies? Intrawest just needs to challenge its creditors to a ski off!

 

[wiscodh]

Powder 8's

 

[CBJ]

Does this mean diablo......

I have been told the mountain has already been sold back to the previous owner.

 

[demo 9]

Will they take an I.O.U.?

 

[kidwoo]

Whistler is not going to be auctioned off by intrwest. It is probably one of the more profitable and well know resorts that they own.

Copper, Diablow and snowshoe would probably be the first ones to get sold off if they need the cash.

The other major issue that needs to be addressed by Intrawest and Fortress is who will purchase any ski resort right now? Didn't American Ski Company have the same issues a few years ago?

Maybe words mean different things when I read them but this doesn't sound like intrawest has a whole lot of say in the matter. When it says "lenders move to auction off the assets of Intrawest, including the whistler ski resort", I interpret that as "lenders move to auction off the assets of Intrawest, including the whistler ski resort". Isn't this kind of someone else's decision? (honest question)

Lenders have moved to auction off the assets of Intrawest ULC, including the Whistler ski resort that will be home to the Olympic downhill races next month.

Intrawest said it will be "business as usual," despite the possibility the high-end B.C. resort could be on the auction block even as Olympic athletes grace its slopes.

edit: and little more explaino

http://www.nypost.com/p/news/business/intrawest_foreclosure_threat_to_15qRjmzgdwLCkGfNdhdwjI

 

[ReductiMat]

Leave it to interwest to fvck up this badly right before the biggest sporting event in the world is about to occur with them as hosts.

Before you go passing your world-altering judgement, you might want to do a bit of fact-finding else you look like you don't know what you're talking about.

Fortress Investment Group - Wikipedia, the free encyclopedia@@AMEPARAM@@/wiki/File:Fortress_Investment_Logo.png" class="image"><img alt="Fortress Investment Logo.png" src="http://upload.wikimedia.org/wikipedia/en/6/69/Fortress_Investment_Logo.png"@@AMEPARAM@@en/6/69/Fortress_Investment_Logo.png made a bet that real estate always goes up and paid an exorbitant (in hindsight) amount for Intrawest.

So if you're looking for a scapegoat, I'd suggest you sniff around there.

 

[LOOnatic]

Before you go passing your world-altering judgement, you might want to do a bit of fact-finding else you look like you don't know what you're talking about.

Fortress Investment Group made a bet that real estate always goes up and paid an exorbitant (in hindsight) amount for Intrawest.

So if you're looking for a scapegoat, I'd suggest you sniff around there.

Ok so they fvcked up badly in a real estate bet.

 

[kidwoo]

Before you go passing your world-altering judgement, you might want to do a bit of fact-finding else you look like you don't know what you're talking about.

Fortress Investment Group made a bet that real estate always goes up and paid an exorbitant (in hindsight) amount for Intrawest.

So if you're looking for a scapegoat, I'd suggest you sniff around there.

So I should have said 'fortress?' instead of 'intrawest?'. They still operate as intrawest and that's who the banks are going after directly......and who's assets are being investigated for sale.

I'm not sure what you're griping about. It's like I forgot to say 'pepsico' or 'yumbrands' when bltching about my burrito at taco bell n'est pas?

And for what it's worth, my opinion on INTRAWEST'S real estate f ups are from seeing the exact same thing as this happen on a smaller scale at multiple other mountains. Now it's just the big one this time. Besides if you read that second link, this sounds like lehman brothers chomping at the bit more than anything. But as a business, I'd still think that ensuring something like the olympics took place as advertised would be a priority and get my shlt sorted. Hell, do it salt lake city style