Intrawest

Intrawest is a developer and operator of destination resorts and a luxury adventure travel company. The company was founded in 1976 as a privately funded real estate development company. In 2006, Intrawest was purchased by Fortress Investment Group, a private equity investment company, which resulted in the company being delisted from the Toronto Stock Exchange and New York Stock Exchange. Fortress was under financial pressure related to the Intrawest debt, but a new loan with a single lender was completed in April 2010 and all prior lenders were repaid in full.

In recent years Intrawest has reduced its dependency on resort real estate development and has strengthened its core resort operating business platform generating improved and reliable cash flows. 2012 proved to be a very challenging year for the American ski industry which experienced warmer than normal temperatures and snowfall at 50% of historical averages. Despite this unprecedented weather challenge, Intrawest continues to maintain its operating momentum and commitment to the capital reinvestment across all of its businesses necessary to maintain its leadership position within the leisure travel and ski resort industry. Note that Western Canada experienced above average and record snowfall amounts in some areas.