X

Thank you for sharing!

Your article was successfully shared with the contacts you provided.

DENVER-The Denver City Council has unanimously approved a pact with Canadian-based Intrawest Corp. to operate and develop the city’s Winter Park ski resort in Grand County. Intrawest could end up operating Winter Park until 2078 under the agreement. It must also invest up to $9 million at the park during the next 10 years.

Intrawest is guaranteeing the City $3 million up front and $2 million each year for the next 10 years. Subsequent payments will be based on the resort’s revenues.

The City was not deterred by last week’s lawsuit against Intrawest from rival Vail Resorts Inc., which was filed in Delaware. Vail and Intrawest are partners at the development of Keystone, which Vail owns. Eight years ago the two companies signed a non-compete contract for four counties in Colorado. The agreement requires either company to have a controlling interest before it can develop land in any of those counties, which includes Grand County.

Vail contends controlling interest typically means at least 51% ownership, but in this case, the City of Denver remains the owner. Intrawest says the lawsuit is without merit, while Denver City Council members say the issue is not their concern.

Intrawest, based in Vancouver, B.C., and owns about a dozen ski areas. Its flagship resort is the 7,000-acre Whistler Blackcomb in British Columbia, which attracts more skiers than any other resort in North America, about two million a year.

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?

Dig Deeper

GlobeSt. NET LEASE Spring 2021Event

This conference brings together the industry's most influential & knowledgeable real estate executives from the net lease sector.

Get More Information
 

GlobeSt

Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2021 ALM Media Properties, LLC. All Rights Reserved.