November 24, 2009

Fortress to Sell Copper Mountain to Powdr

$100 million deal help Fortress unload the luxury ski resort

Fotress Investment Group LLC has owned a number of ski resorts in North America since it bought Intrawest Corp. in 2006. However, with the economic downturn, Fortress has been striving to restructure some of its assets. In a step toward doing so, it has agreed to sell Copper Mountain ski resort to the Powdr Corp. The Wall Street Journal reports on the move:

Copper Mountain, a resort with 22 chairlifts about 75 miles from Denver, is being purchased by Powdr Corp., a closely held Park City, Utah, company that owns seven other ski resorts, including Park City Mountain Resort in Utah and Killington Resort in Vermont. Representatives of Fortress and Powdr declined to comment on the sale. But a person familiar with the property said Powdr paid more than $100 million. The deal is expected to close before year's end.

If the economy picks up, especially in terms of ski resort markets, it is quite likely that Powdr will find that it has made quite a bargain. This is one of the biggest ski resort sales since the financial crisis.

Topic Tags: Copper Mountain ski resort, Fortress Investment Group, Powdr Corp, ski resort markets, ski resorts

by Ski Resort Markets

↑top

link to this

Share |

Post a Comment

Title:

Summary:

Comment:

Links:

Your info:

Name:		Required; will be displayed with comment.
E-mail:		Required (in case we need to contact you); will NOT be displayed with comment.
Web:		Optional; will use to hyperlink your name in the comment.
Twitter:		Optional; allows visitors to follow you on Twitter.
Save this in my browser

Verification:

Type the characters you see in the picture above.

Letters are case sensitive.

Notice: Your thoughtful opinions are valued and encouraged, but all comments are moderated so there will be a delay between the time you post your comment and when it appears in this site. Please don't be offended if your comment is edited for clarity or to avoid questionable matters. Offensive or off-topic comments will be deleted.