2 replies to this topic

[Peter]

CRYSTAL SPRINGS PURCHASES MOUNTAIN CREEK

SAM Magazine—Hardyston, N.J., May 27, 2010—Crystal Springs Resort, an upscale resort company based here, has purchased Mountain Creek resort from Intrawest. The acquisition creates a comprehensive four-season resort destination: Spanning five miles through four townships (Vernon, Hardyston, Hamburg, Franklin), the combined resorts encompass 15,000 acres of year-round amenities including award-winning golf courses, spas, and hotels. Purchase price was not disclosed.

Mountain Creek has been owned by Intrawest for the past 12 years, during which time the resort installed five new lifts and ongoing snowmaking upgrades including, at the time, the largest single installation in North America. The resort is home to the Mountain Creek Waterpark (built by the principal owners of Crystal Springs) and Diablo Freeride Mountain Bike Park.

Crystal Springs Resort combines luxury accommodations and a wide array amenities in a mountain setting. Facilities include seven golf courses; four-star Restaurant Latour; 80,000-bottle wine cellar; two full-service spas; state-of-the-art Minerals Sports Club; multiple indoor and outdoor pools, including the Biosphere Pool Complex with underground aquarium, tropical foliage and free-form nature pools; and multiple venues for meetings, weddings and catered events.

“This newly formed mega-resort is unparalleled given the breadth, uniqueness and quality of its combined offerings to residents, day visitors and overnight guests,” Crystal Springs president Andrew Mulvihill said. “From this platform, we have major expansion plans to create a first-class tourist destination on par with New England and the Carolinas, but with convenient proximity to the New York Metro area.

“This transaction represents the acquisition of a financially healthy and vibrant resort entity, which together, vaults us to the lead position of Northeast travel destinations. Understand that there has been a joint half billion-dollar investment undertaken by both resorts in the past few years. While other resorts are seeing declining revenues, we have enjoyed strong increases in attendance and occupancy.”

The resort anticipates continued increases, too. Mulvihill added, “Crystal Springs Builders is currently constructing a 300 home neighborhood. The beginning of the month saw a 1,000 guest grand opening of its new single family model home.”

While still preliminary, Crystal Springs’ plans include a rainforest-themed indoor water park hotel, a base village with entertainment, dining and retail, as well as a “main street” with venues such as artisan food makers, a winery, brew pub, cheese maker, ice creamery, bakery, chocolatier, and more. Also contemplated are several internationally branded resort hotels. On the mountain recreational menu are mountain luge, ziplines, and lift-accessed water slides.

[thairston96]

Is the economy really this bad for Intrawest?

[Lift Dinosaur]

Tim,
Have you read any of the trade publications? Intrawest is owned by Fortress - a Hedge Fund Company.
Try www.saminfo.com and look at their articles regarding the troubles that Intrawest has been having...or just do a search on this site.
Not to pick on Intrawest - you can also look at Tamarack, ID; Yellowstone Club, WY; American Skiing Co.; etc.

Dino