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Intrawest to sell Panorama Resort
Intrawest ULC agreed on Thursday January 28th to sell the Panorama Mountain Village resort to a group of local business owners, with a 50% stake in the award winning Greywolf Golf Course.
Panorama Mountain Village Inc. is taking over control of the resort's ski operations, and a 50% stake in the Greywolf Golf Course.
This new company is comprised of 18 area homeowners and local businesspeople included doctors and accountants from as far as Ireland and Bermuda.
The leader is a real estate developer Rick Jensen, who happened to serve as mayor of Cranbrook, B.C. In the 1980's.
Each sides commented that "The selling price was fair to both sides. We started negotiating in October, and had concluded values in December."
Mr. Jensen, will be the chief executive of the new company. Roughly 1/2 of the purchase price was financed and the balance in cash. The transaction is expected to close in February 2010.
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