Following a string of selloffs, Intrawest, the owner of a dozen ski resorts throughout North America and Europe has announced the sale of Mountain Creek in New Jersey for an undisclosed amount of money.
The Vancouver-based company, owned Mountain Creek since 1998, stated the resort did not fit into the long term corporate strategy.
This latest transaction follows a string of selloffs throughout the U.S. and Europe that have taken place since Fortress Investment Group LLC injected new capital in the company in April.
Mountain Creek has been purchased by Eugene Mulvihill, a local leisure property owner operator, and his partners who plan to further develop real estate holdings and develop the indoor recreational aspects of the resort located within an hours drive of New York City.
Intrawest still fully or partially owns or operates seven major ski areas. Besides Whistler and Mont Tremblant these include Stratton in Vermont, Snowshoe in West Virginia, Squaw Valley in California, Steamboat and Copper Mountain in Colorado, and Blue Mountain in Ontario.
Intrawest’s ski resorts were put on the auction block back in February, when its flagship resort in Whistler, B.C., was hosting athletes for the 2010 Olympic Games.
Fortress, a U.S. private-equity fund, took on the debt to buy Intrawest in 2006 in a $2.8-billion leveraged buyout during the height of the real estate bubble.