LAS VEGAS — Diamond Resorts International, Inc. is set to acquire Intrawest Resort Club Group from Intrawest Resorts Holdings, Inc. (IRCG) for $85 million, subject to certain closing date adjustments. The sale includes six Intrawest properties in B.C., Ontario and Quebec.
“We are excited to enter into this agreement and believe this is a strategic move for both the vacation club business and Intrawest,” says Tom Marano, CEO of Intrawest Resorts. “With the additional cash from this transaction, we are well positioned to continue driving organic growth at our mountain resorts and adventure businesses while also actively pursuing strategic acquisitions and evaluating opportunities to unlock the value of our real estate holdings over time.”
“We are acquiring a business with a very strong member base and a set of high quality resorts that will complement our portfolio, and we look forward to building a mutually beneficial relationship with Intrawest beyond this transaction,” said David Palmer, president and CEO, Diamond Resorts International. “The purchase of Intrawest Resort Club Group follows our recent acquisition of Gold Key Resorts, both providing us with significant value creation opportunities through synergies, sales innovation and cost savings. We are confident that acquisitions such as these will enhance our financial profile and create long-term shareholder value.”
Club Intrawest has nine resorts across North America and more than 22,000 members. The transaction is expected to be completed by the first quarter of 2016.