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Whistler Blackcomb Put Up for Auction 30-01-10
With the Winter Olympics looming, uncertainty has been cast over the future of host resort Whistler Blackcomb. The resort may have to be sold as the owners struggle to repay debts.
Fortress Investment Group bought resort company Intrawest in 2006 – at the peak of the property market, paying $2.8 billion. The investment group borrowed $1.7 billion to finance the deal, and the consortium who lent the money now wants the final instalment worth hundreds of millions of dollars to be repaid.
Notices of foreclosure have been posted in several North American newspapers, announcing a public auction of Intrawest’s assets. The auction is scheduled for February 19th – during the height of the Winter Olympics.
The Canadian organising committee for the Winter Olympics has dismissed concerns that the sale could affect the event.
Fortress Investment Group bought resort company Intrawest in 2006 – at the peak of the property market, paying $2.8 billion. The investment group borrowed $1.7 billion to finance the deal, and the consortium who lent the money now wants the final instalment worth hundreds of millions of dollars to be repaid.
Notices of foreclosure have been posted in several North American newspapers, announcing a public auction of Intrawest’s assets. The auction is scheduled for February 19th – during the height of the Winter Olympics.
The Canadian organising committee for the Winter Olympics has dismissed concerns that the sale could affect the event.
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