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Report: Equity Firms May Make Offer for Intrawest

April 14, 2006 By: Travel Agent Central Contributor

The Denver Post reported last week that private-equity firms Starwood Capital Group Global and Kohlberg Kravis Roberts & Co. could team up to buy Intrawest Corp. Intrawest owns a number of North American ski resorts, including Whistler (B.C.), Stratton (Vermont), and Copper Mountain and Winter Park (Colorado). It also owns heli-skiing and -hiking operator Canadian Mountain Holidays, Sandestin Golf and Beach Resort in Florida, and an interest in Abercrombie & Kent. The company hired Goldman Sachs to investigate a possible sale or merger in February. Since then, the newspaper reported, more than 60 inquiries from potential buyers had been received. Separately, Vail Resorts CEO Rob Katz told the newspaper that while "certain Intrawest properties" were attractive to Vail, the Colorado resorts would not be of interest due to antitrust concerns. Starwood Capital bought a majority stake in Mammoth Mountain ski resort in California from Intrawest last fall for $365 million. (FF)

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