PANORAMA Going private a positive move No big changes expected for Intrawest by TANYA LAING MOORE
A NEW VIEW: The Lookout is the latest development at Panorama Mountain Village, a division of Intrawest ULC. —Photo by Panorama Village
It's business as usual at Intrawest ULC since the corporation became a private company in 2006.
Harold Shand, Director of Sales for Playground Real Estate Inc. at Panorama Mountain Village, a division of Intrawest, believes that the shift in company ownership has been a positive move.
"It hasn't changed things as far as business goes," said Shand. "Just the ownership has changed."
Canadian connection
According to Shand, Intrawest has been a real Canadian success story. Founded in 1976 by Joe Houssain, a Vancouver business man, Intrawest expanded its Lower Mainland real estate holdings in 1986 to include the famous world-class ski resort, Whistler Blackcomb. In 1990, Intrawest became a publicly traded company on the Toronto Stock Exchange. Since then the company has continued to grow. Today, Intrawest develops and operates resort and recreational property on five continents, employing over 24,800 people worldwide.
"It's the largest and most successful destination and resort company in the world," said Shand.
Ian Galbraith, Director of Corporate Communications and Media Relations
for Intrawest, explained the shift from public to private ownership.
“The acquisition of Intrawest by private equity funds managed by Fortress Investment Group LLC came to a successful conclusion on October 26, 2006,” said Galbraith. “Intrawest is now a wholly-owned subsidiary of funds managed by Fortress, a leading global investment and asset management firm with approximately US$26 billion in assets under management. As a result of the acquisition, Intrawest shares have been de-listed from the New York Stock Exchange and the Toronto Stock Exchange.”
Shand explained that the reason for the shift, from public to private ownership, was due to the retirement of Houssain. Rather than risk a takeover bid, should more than 51 per cent of Intrawest shares be sold, the board of directors elected instead to seek a financial partner. When Fortress stepped in as a potential backer, support for the proposition met with overwhelming support from Intrawest shareholders.
Shand believes that the move benefits the company.
“Shifting to private ownership allows us to focus on core business,” said Shand. “There are also more resources for global expansion.”
Shand also stated that while some changes have taken place at the senior management level of Intrawest, for the vast majority of worldwide employees, business has continued as usual.
The hidden jewel
Shand has been with Panorama Mountain Village for two years, and is enthusiastic about the resort and its latest real estate development, The Lookout.
“It’s the hidden jewel of Intrawest properties,” said Shand.
Panorama has been in operation as a ski resort since the mid-1960s, and was purchased by Intrawest in 1993. Since then, the company has been gradually improving the resort with upgrades to infrastructure and ski terrain, adding heli-skiing facilities, creating a “smaller by design” mountain village and building the world-class Greywolf Golf Course—rated the best course in B.C., the second best course in Canada and among the top 100 courses outside the United States by Golf Digest magazine.
According to Shand, Panorama’s prospects continue to improve with the vision that Intrawest has for the resort. Because of its presence on the global market, Intrawest is able to attract investors and holiday seekers to Panorama from around the world.
“Around 60 per cent of our buyers come from Alberta,” said Shand. “But we also get a lot of people coming from New York, Georgia and Florida, as well as Europe, Asia and Australia. The price points are very reasonable; Panorama is very attractive to buyers right now.”
With the prospects of its parent company looking bright, Shand is certain that Panorama Mountain Village Resort will also continue to thrive.
More information about the change in ownership can be found at the Intrawest website: www.intrawest.com.
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