Whistler Blackcomb ski resort up for sale
The big news in Canada (and perhaps around the skiing world) is that Blackcomb Whistler Ski Resort is on the market for sale. It is to be auctioned during the Winter Olympic Games as Whistler Blackcomb hosts some of the Olympic events.
It seems the trouble came to a head in December when Fortress Investment Group defaulted on repayments to its lenders reported to be in the hundreds of thousands of dollars. Fortress had bought Intrawest in 2006 just before the global economic crisis hit. The crisis saw a dramatic fall in the property market and weaker consumer spending which has had an impact on many ski resorts in North America.
Foreclosure notices in many North American newspapers state that all Intrawest properties, including Steamboat in the US, will be up for sale in a public auction on 17 February 2010 – right in the middle of the Winter Olympics.
It is understood that the Canadian organising committee for the Vancouver Winter Olympics has announced it’s ‘games on as usual’.
Find out more about the Whistler Blackcomb Ski Resort.
Read more about the Vancouver Winter Olympics at www.ski-biz.info.
