Intrawest is guaranteeing the City $3 million up front and $2 million each year for the next 10 years. Subsequent payments will be based on the resort's revenues.
The City was not deterred by last week's lawsuit against Intrawest from rival Vail Resorts Inc., which was filed in Delaware. Vail and Intrawest are partners at the development of Keystone, which Vail owns. Eight years ago the two companies signed a non-compete contract for four counties in Colorado. The agreement requires either company to have a controlling interest before it can develop land in any of those counties, which includes Grand County.
Vail contends controlling interest typically means at least 51% ownership, but in this case, the City of Denver remains the owner. Intrawest says the lawsuit is without merit, while Denver City Council members say the issue is not their concern.
Intrawest, based in Vancouver, B.C., and owns about a dozen ski areas. Its flagship resort is the 7,000-acre Whistler Blackcomb in British Columbia, which attracts more skiers than any other resort in North America, about two million a year.
Want to continue reading?
Become a Free ALM Digital Reader.
Once you are an ALM Digital Member, you’ll receive:
- Breaking commercial real estate news and analysis, on-site and via our newsletters and custom alerts
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical coverage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
Already have an account? Sign In Now
*May exclude premium content© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
