Wednesday, March 9, 2016 / by Megan Luther
Hank Shell email@example.com
March 8, 2016
Intrawest eyes real estate opportunities at Winter Park
Intrawest Resorts Holdings Inc. is focusing on real estate opportunities at Winter Park Resort and Steamboat Ski Area, according to a presentation made available last month.
The presentation highlights profitable land sales in fiscal years 2014 and 2015 and Colorado’s improving real estate market as signs that the time may be right to restart real estate development at the two resorts.
Year over year condo sales are up while inventory is down more than 30 percent, according to the presentation.
Intrawest, which named Craig Cohn its new president of real estate effective Feb. 1, hopes to capitalize on Steamboat and Winter Park’s proximity to Denver by developing new master plans for both resorts.
Intrawest, which owns $21.4 million in real estate holdings at Winter Park Resort, plans to invest between $43 million and $48 million in its resorts in 2016.
The presentation also acknowledges an increased demand for food and beverage services at Winter Park and touts the “substantial impact” that the opening of the new Lunch Rock had on revenue in 2015.
Intrawest plants to renovate the bar at Doc’s Roadhouse and renovate and expand the Mary Jane Day Center in 2016 to accommodate high volume and demand for food and beverage service.
The move is part of a broader focus on improving food and beverage offerings at Intrawest resorts, the presentation states.
Hank Shell can be reached at 970-557-6010.