DENVER — Intrawest Resorts Holdings, Inc., a Denver-based resort developer and operator, has announced it purchased the remaining 50-per-cent interest in Blue Mountain Ski Resort in Blue Mountains, Ont., for $58 million.
The company acquired 50-per-cent of the ski resort in 1999 and has been operating it as a joint venture with Blue Mountain Resorts Holdings Inc.
The deal will help share best practices between Blue Mountain and the seven other four-season resorts Intrawest owns interest in. “With this accretive acquisition we move into the next phase of growth for Intrawest as this transaction consolidates our ownership of the premier mountain resort in Ontario and provides us with greater opportunities to expand our multi-mountain pass offerings and cross-resort strategies to add value to our guests,” said Bill Jensen, CEO, Intrawest.
The company does not plan to make significant changes to its operations or resort personnel.
The transaction is expected to close by the end of September.