Leading Companies in the Ski Industry (III): Intrawest

Escrito el 4 marzo 2008 por Raúl Revuelta Carbajo en Ski Tourism

Headquartered in Vancouver, British Columbia, Intrawest is one of the world’s leading destination resort and adventure-travel companies. Intrawest Corporation was formed by an amalgamation on November 23, 1979. In 1990 became a public company listed on the Toronto Stock Exchange. In 1997 shares began trading on the New York Stock Exchange. In 2006 Intrawest was acquired by Fortress Investment Group LLC (the total value of the transaction was approximately $2.8 billion). Subsequent to the transaction, Intrawest shares were delisted from both the NYSE and the TSX, and with this Intrawest became a privately-held company. In Fiscal 2006, Intrawest Corporation Net Income was $115.2 million.
Intrawest is divided in three divisions: resort and travel operations, management services and real estate development.
Resort and travel operations comprise all the leisure businesses at the resorts as well as active and adventure travel tours at Abercrombie & Kent Group of Companies and Alpine Helicopters, and provided 59% of total revenue in 2006. Management services comprise fees from assets Intrawest manage on behalf of thirdparty owners and from sales, development and supervisory services Intrawest provide to other entities and generated 11% of total revenue in 2006. Intrawest Placemaking and Intrawest Resort Club carry out Intrawest’s real estate development business and generated 30% of total revenue in 2006.
Intrawest resort and travel operations are segregated into two reportable segments. The mountain segment comprises all the resort operations at Intrawest’s mountain resorts, Alpine Helicopters (including Canadian Mountain Holidays) and a number of smaller mountain-oriented businesses, including the Intrawest Retail Group. Revenue from the mountain segment was $569.8 million. The non-mountain segment mainly comprises Abercrombie & Kent, resort operations at Sandestin and golf courses.

Intrawest’s resorts are Whistler Blackcomb, a host venue for the 2010 Winter Olympic and Paralympic Games, and Panorama in British Columbia, Tremblant in Quebec, Stratton in Vermont, Snowshoe in West Virginia, Copper and Steamboat in Colorado and Mountain Creek in New Jersey. The Company’s ski resorts had 6,688,000 of skier days on the 2005/2006 season. Intrawest Corporation also has a 50% interest in Blue Mountain in Ontario, and a 15% interest in Mammoth Mountain Ski Area in California. In 2002, the City and County of Denver selected Intrawest as the lessee, manager and developer of Winter Park Resort.
Intrawest owns Alpine Helicopters Ltd., the parent company of Canadian Mountain Holiday Inc., a provider of helicopter destination skiing and helicopter-assisted mountaineering and hiking in the Columbia Mountains.
In August 2005 Intrawest entered into a lease to operate SnowZone, an indoor snowdome in Madrid (Spain).
Revenue from lift ticket sales and heli-skiing (CMH) was $299.6 million in fiscal 2006 (represents 46.2% of the Mountain segment revenue) resulting in a $21.3 million increase in mountain segment revenue. The retail and equipment rental operations contribute significantly to overall resort profitability (in 2006 revenue was $111.2). Across all of its resorts the Corporation owns 133 retail and ski rental shops. The Corporation also operates the ski school at each of its mountain resorts, except at Panorama (in 2006 revenue was $42.5).
Each of Intrawest’s mountain resorts owns and operates all of its on-mountain food and beverage facilities, including restaurants, bars and cafes, warming huts, cafeterias and fine dining options.


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