Intrawest sold Copper Mountain in December, after the Vancouver-based company, known for lavishly developing ski area bases, suffered from the nationwide real estate sales decline. The company that owns Intrawest, Fortress Investment Group LLC, had to pay off debt related to ski areas it owned, including Squaw Valley in California, which it also sold.
Intrawest sold Copper Mountain
Intrawest purchased Copper in 1996 and redeveloped its base area by adding high-end condos and shops. It spent a few hundred million dollars building up Copper’s main village, a move that did revitalize the village, both in real estate dollars and entertainment and food spending.
Now Powdr Corp., which hails from Utah, owns Copper Mountain, as well as the luxurious Park City Mountain Resort, Vermont’s Killington and Pico, Boreal and Soda Springs in California, Mt. Bachelor in Oregon and La Vegas Ski and Snowboard Resort.
Powdr Corp. spent $107 million for Copper Mountain, which is it also soa good sign for Summit County real estate and the ski industry in general, because it affirms that a savvy company is willing to back its belief in the growth of the ski industry and related real estate.
The Copper Mountain real estate transaction included 27 parcels of improved commercial real estate, 27 parcels of vacant commercial land, five vacant development parcels and some employee units, fee-simple condos and vacant residential real estate.
Copper Mountain’s president, Gary Rodgers, wrote a letter to Copper Mountain real estate owners, saying the move is positive – one that will benefit not only Copper, but also Summit County Co real estate as a whole.
Powdr Corp.’s corporate vision involves “preserving and enhancing (the) mountain experience for generations to come.” In doing so, it is committed to protecting the environment and has reduced its carbon footprint by 50.64%, by using energy efficient measures and buying renewable energy credits, according to its website.