Canadian Company Acquires Ski Resorts

Canada’s Intrawest Corp. said Wednesday it will acquire ski resort operators Copper Mountain Inc. and Whistler Mountain Holdings Ltd. in a deal valued at $192 million.

In addition to the purchase price, Intrawest will spend $26 million to upgrade Copper Mountain, a resort 70 miles west of Denver, and $340 million over the next decade to complete the Copper Mountain Village.

The company also will pour about $25 million into upgrades at the Whistler Mountain resort in British Columbia, and its own Blackcomb Mountain resort in the same province.

Copper Mountain is currently owned by SMAT Inc., a Delaware-based investment group.

Intrawest has been on a recent spending spree, purchasing a one-third interest in California’s Mammoth Mountain and securing the real estate development rights at Squaw Valley at Lake Tahoe.