VANCOUVER, BC, CANADA Intrawest Corporation, the premier developer
of village-centered resorts in North America, and Four Seasons Hotels and
Resorts, the world's leading operator of luxury hotels and resorts, today
unveiled a $150-million plan for a full-service luxury hotel in Whistler,
B.C. that will be sold as freehold, strata-titled condominiums to individual
owners. Intrawest is now accepting priority reservations for the
invitation-only sales launch on February 25 and 26, 2002 at the Four Seasons
Hotel in Vancouver.
The 242-suite Four Seasons Resort Whistler is the first development
involving Four Seasons in which hotel suites will be fully owned by private
purchasers and managed on their behalf by the hotel group.
Intrawest Chairman, President and Chief Executive Officer, Joe Houssian,
said Four Seasons Resort Whistler is a unique opportunity for purchasers to
partner in what will be Whistler's most luxurious resort property.
"The last time we offered anything like this was at the Pan Pacific Lodge in
Whistler five years ago. It was a much smaller development and it sold out
within 90 minutes." Houssian said four other recent Intrawest projects in
the region sold out on the first day of sales.
"Owners who bought into the Pan Pacific Lodge and other Intrawest projects
at the pre-sales stage have seen the value of their properties increase
substantially in the medium to longer term. For example, a two-bedroom suite
purchased at the Pan Pacific Lodge for $359,900 in 1996 sold for $679,000 in
2001 3Ž4 an increase in value of 89 per cent.
"We expect many of those past purchasers to be keenly interested in Four
Seasons Resort Whistler. Prospective buyers should register as early as
possible to avoid disappointment." Isadore Sharp, Chairman and Chief
Executive Officer of Four Seasons Hotels and Resorts, said Four Seasons
Resort Whistler will offer a tremendous opportunity to enjoy Four Seasons
signature service in a beautiful mountain setting.
"Four Seasons is pleased to partner with Intrawest to develop a luxury hotel
in Whistler, the continent's number one resort destination," Sharp said.
"Four Seasons Resort Whistler is one of our first mountain resort hotels and
our first new hotel property in Canada in 20 years. We are looking forward
to managing this property on behalf of our individual owners, and providing
our Whistler guests with the unparalleled Four Seasons experience."
Suites will range in size from 590-sq. ft. king suites to 2,900-sq. ft.
three-bedroom presidential suites at prices ranging from the mid $300,000s
to approximately $2.3 million. Owners will have access to their suites for
28 days in summer and 28 days in winter. For the rest of the year, the
suites will be rented out as guest rooms by the hotel for which owners will
receive the rental income less expenses. Owners will also have use of all
the resort's amenities even when not in residence.
Construction of Four Seasons Resort Whistler is scheduled to begin in April
2002 and will be completed by summer 2004. Houssian said the development
could be the last significant opportunity for multiple private ownership of
vacation accommodation in Whistler.
"With available development land in the Resort Municipality of Whistler
rapidly reaching build-out, increasing consumer interest in leisure
pursuits, and heightened consumer interest in real estate as a safe
investment, there is a strong demand for upscale resort properties," said
Houssian. "Obviously, the Vancouver-Whistler 2010 Olympic bid is also
focusing new attention on the region and attracting inquiries from around
the world."
Additional information on Four Seasons Resort Whistler is available on the
Web at www.fourseasonswhistler.com.
About Intrawest
Intrawest Corporation (IDR:NYSE; ITW:TSE) is the leading developer and
operator of village-centered resorts across North America. The company owns
10 mountain resorts, including Whistler Blackcomb, North America's most
popular mountain resort. Intrawest also owns Sandestin Golf and Beach Resort
in Florida and has a premier vacation ownership business, Club Intrawest.
The company has a significant investment in Compagnie des Alpes, the largest
ski company in the world in terms of skier visits and a 45 per cent interest
in Alpine Helicopters Ltd., owner of Canadian Mountain Holidays, the largest
heli-skiing operation in the world. The company is headquartered in
Vancouver, British Columbia and is located on the World Wide Web at
www.intrawest.com.
About Four Seasons Hotels and Resorts
With a history spanning four decades and a portfolio that now extends around
the globe, Four Seasons Hotels and Resorts (FS:NYSE, FSH:TSE) is the world's
leading operator of luxury hotels, currently managing 53 properties in 24
countries. In 2001, the company opened hotels in San Francisco, Dublin,
Prague, Caracas, Buenos Aires and Carmelo, Uruguay and continues to expand
with over 20 projects in development stages in choice locations around the
world.
Four Seasons has claimed first position on many prestigious lists; recent
honours include top ranking in the J.D. Powers Guest Satisfaction Survey;
AAA Five Diamond awards (receiving more than other any hotel company for the
21st consecutive year), and the Zagat Survey 2001 (ranked as "Top Hotel
Chain in the U.S." and "Top Hotel Chain" internationally). Information on
the company and its 40 years of achievement in the hospitality industry can
be accessed through the Four Seasons web site at www.fourseasons.com.
About Whistler Blackcomb
Whistler Blackcomb has been rated the number one ski resort in North America
for the last four years in major publications such as SKIING Magazine, The
Daily Telegraph and Mountain & Sports Living Magazine. The region was also
recently voted one of the top 50 golf destinations in the world by
Condeacute; Nast Traveler and the number one golf destination in Canada by
Golf Course Ranking Magazine. Visit www.whistlerblackcomb.com for more
information.
Statements contained in this release that are not historical facts are
forward-looking statements that involve risks and uncertainties. Intrawest's
actual results could differ materially from those expressed or implied by
such forward-looking statements. Factors that could cause or contribute to
such differences include, but are not limited to, seasonality, weather
conditions, competition, general economic conditions, currency fluctuations
and other risks detailed in the company's filings with the Canadian
securities regulatory authorities and the U.S. Securities and Exchange
Commission.
Posted by Ari Cheren, MountainZone.com Staff