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Intrawest sells some of its assets in French Alps

VANCOUVER, B.C.—What will Intrawest dispose of? That's been the lingering question in the ski industry since April, when Intrawest chief executive Bill Jensen told the Summit Daily News that the company was examining "all options" to reduce its debt.

Part of that answer has been delivered, reports Whistler's Pique Newsmagazine. Intrawest has sold lodging and commercial operations at two resorts in France in a deal scheduled to close Oct. 1. This will be in advance of the scheduled refinancing of Intrawest's debt.

Pierre et Vacance, a French company, is to get 655 apartments at Arc 1950 Resort, plus two restaurants, a bar and two commercial spaces. The French company will also get 138 apartments and opera operations at Flaine Montsoleil Resort.

Intrawest was purchased by Fortress in 2006 for $2.8 billion. Fortress assumed $1.7 billion in debt at the time, and had to scramble in October 2008 to refinance.