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MAMMOTH LAKES, CA-Intrawest Corp. has sold an 85% interest in the Mammoth Mountain Ski Area here for $310 million. The Vancouver, BC-based resort developer retains a 15% interest in the property as well as the management assignment. The new majority owner is an entity controlled by Greenwich, CT-based Starwood Capital Group Global LLC.

The deal was based on an enterprise value of $365 million. Intrawest says the transaction has resulted in a pre-tax profit to Intrawest of approximately $101 million that initially will be used to pay down debt. In a related transaction, Intrawest and Starwood have entered into a preliminary agreement for a joint venture on the development of the majority of Intrawest’s separately owned real estate in the Town of Mammoth Lakes. The agreement is expected to be finalized by the end of January.

Mammoth Mountain Ski Area is a four-season mountain resort company that owns not only Mammoth Mountain but also June Mountain, Tamarack Lodge, Mammoth Mountain Inn and Resort, Mammoth Snowmobile Adventures and Mammoth Mountain Bike Park. The company also operates Sierra Star Golf Club in Mammoth Lakes. Mammoth Hospitality Management, a 50/50 joint venture between Mammoth Mountain and Intrawest, currently manages over 380 units in the Village at Mammoth and will manage future units developed by Intrawest at Mammoth.

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