Blog Coverage Colorado Observes Major Real Estate Shift; Intrawest Acquired by Asken Skiing and KSL
Upcoming AWS Coverage on Six Flags Entertainment Post-Earnings Results
LONDON, UK / ACCESSWIRE / April 11, 2017 / Active Wall St. blog coverage looks at the headline from Intrawest Resorts Holdings, Inc. (NYSE: SNOW) as the Company announced on April 10, 2017, that it has entered into a definitive agreement with a newly-formed entity controlled by affiliates of the Aspen Skiing Company, LLC, and KSL Capital Partners, LLC, under which Intrawest will be acquired by the new entity. Subject to terms of the agreement, Intrawest's stockholders are entitled to receive $23.75 in cash for each share of Intrawest's common stock, representing a total value of about $1.5 billion, including debt obligations to be assumed or refinanced net of cash at closing of the deal. Register with us now for your free membership and blog access at:
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One of Intrawest Resorts Holdings' competitors within the General Entertainment space, Six Flags Entertainment Corp. (NYSE: SIX), announced on April 03, 2017, that it will release its Q1 2017 financial results before the stock market opens on Wednesday, April 26, 2017, followed by an investor conference call beginning at 8:00 a.m. CT. AWS will be initiating a research report on Six Flags Entertainment in the coming days.
Today, AWS is promoting its blog coverage on SNOW; touching on SIX. Get all of our free blog coverage and more by clicking on the link below:
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Breaking down the Agreement
Post the execution of the agreement, Aspen Skiing and KSL will hold control of the Steamboat and Winter Park skiing areas. Intrawest holds Canadian Mountain Holidays, the world's largest heli-skiing outfit under its portfolio and pursuant to the new agreement, Aspen and KSL will resume control of the ski area. Additionally, the new investment group is set to receive Quebec's Tremblant, Ontario' Blue Mountain, West Virginia's Snowshow, and Vermont's Stratton ski areas.
Aspen Skiing views its expansion from the four hills in the Roaring Fork Valley through this agreement, while KSL, formed in 2005, and currently with $7.5 billion in hotel and resort properties, will expand its Squaw Valley assets, by adding Alpine Meadows ski resort from Intrawest, in California.
Denver-based Intrawest
Intrawest has been the world's leading ski area operator back in 2002, where it ruled the resort world, but has been on a constant decline since the event when its owner, Fortress Investment Group (NYSE:FIG), viewed opportunities of a potential sale of Intrawest on January 17, 2017. Intrawest holds a long-term contract to operate and develop the Denver city-owned Winter Park ski area. When Denver reached the end of its 76-year operating agreement with Intrawest in 2002, the contract included a promise to invest $50 million in the resort and yearly payments of $2 million plus incentive payments, subject to the case when Company changed hands, where Intrawest pumped about $60 million into resort development, and an additional $3.5 million in potential payments to the city.
The Debt Scenario
Intrawest observed in the late 1990s that its total revenues migrated from skiing towards slope-side condo sales, eventually triggering fears that skiing would turn out to be an amenity for real estate sales. Intrawest owns more than 1,100 acres of land, available for real estate development, across the six resorts it owns and controls.
When the recession hit the real estate market hard, Intrawest was left in a holding pattern for the past several years. When Fortress took Intrawest private for $2.8 billion in 2006, the Company was straddled with a monster debt, and hence, it viewed sales of jettisoned resorts, including Copper Mountain and its flagship Whistler Blackcomb in an attempt to make debt payments through the economic decline.
Intrawest Growth Portfolio
Intrawest has been executing a definitive strategy to pay off its long-accumulated debt post the public to private transition in 2006, and the recession following it closely. Fortress took the Company public again in 2014 when Intrawest had sold some of its highest profile resorts such as Copper Mountain, Les Arcs in France, Sandestin in Florida, and its flagship Whistler Blackcomb.
Stock Performance
On Monday, April 10, 2017, the stock closed the trading session at $23.60, dropping 6.72% from its previous closing price of $25.30. A total volume of 2.37 million shares have exchanged hands, which was higher than the 3-month average volume of 142.75 thousand shares. Intrawest Resorts' stock price soared 39.07% in the last three months, 45.32% in the past six months, and 177.32% in the previous twelve months. The company's shares surged 32.21% since the beginning of the year. The Company's shares are trading at a PE ratio of 23.48. At Monday's closing price, the stock's net capitalization stands at $949.19 million.
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