Panorama joins Copper Mountain on the "Former Intrawest Resort" list.

Debt-ridden ski resort giant Intrawest has announced that it has agreed to sell its interests in two more ski resort properties, Panorama in British Columbia and The Village at Squaw Valley in California.

Intrawest has made an agreement with Panorama Mountain Village Inc. (Panorama Inc.) that will enable Panorama Inc. to acquire Intrawest’s interests in Panorama Mountain Village.

Panorama Inc. is a consortium of area homeowners and local business people, and it will soon own the resort’s ski operations, a 50% ownership position in the Greywolf Golf Course, all of Intrawest’s commercial operations and lodging units in the village and the land available for real estate development. The transaction should take place once it gets regulatory approval.

The other Intrawest asset, The Village at Squaw Valley, is a four-season mountain resort village at the base of the California ski resort that was developed in 2002.

Last week’s transaction includes all of Intrawest’s real estate holdings and operational assets including lodging operations at two condo-hotels and commercial assets whose tenants include six restaurants, 20 retail shops and a full service spa. With the transaction completed, Squaw Valley Ski Corp will oversee all of the day-to-day operations of The Village at Squaw Valley in addition to their current ownership of the on-mountain operations at the ski resort, Squaw Valley USA.

“We at Squaw Valley USA are very pleased to integrate the Village at Squaw Valley with our own operations, to provide a seamless resort experience for our guests. It is a reversal of philosophy as Squaw Valley Ski Corp has not operated a lodging property for 30 years,” said Squaw Valley USA Chairman & CEO Nancy Cushing.

This sale comes on the heels of Intrawest selling Copper to Powdr Corp., as Intrawest tries to pay down its debts.

FEB 9 UPDATE: Intrawest has also announced it will sell its interests in Sandestin Golf and Beach Resort to the Becnel family of Destin, Florida.

• Intrawest: Find more Intrawest news here
• Panorama: Click here for news about the Canadian ski resort
• Squaw Valley: Follow news about the California ski area here
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