Denver’s Intrawest Resorts Holdings Inc. will pay $52.5 million for the half of Blue Mountain Ski Resort, is the largest ski resort in Ontario, that it doesn’t already own. With full ownership, Intrawest will gain between $6 million and $8 million a year in additional cash. The company said it has received minimum cash distributions from Blue Mountain in the past because it was a non-controlling owner of the property. The company said Friday it has a definitive agreement in place and expects the purchase to close by the end of this month.
In addition to the Blue Mountain acquisition, Intrawest last Friday announced financial results for its fiscal year, which ended June 30. Consolidated revenue rose to $527.1 million from $524.4 million a year ago. The company’s net loss shrank to $188.6 million from $296 million over the same period.
Intrawest also operates the Winter Park and Steamboat ski resorts in Colorado, and has been a partner in Blue Mountain since 1999.