December 19, 1996 in Nation/World

Canadian Company Acquires Ski Resorts

From Staff And Wire Reports

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.

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