| VANCOUVER, British Columbia, March 30, 1999 - Intrawest
(NYSE: IDR; TSE: ITW) announced today that its four-diamond hotel, Westin
Resort Tremblant, sold out in only 12 hours for a total of Cdn$31.7 million.
Westin Resort Tremblant mountain homes were sold at an average price of
Cdn$460 per square foot, the highest price achieved in this region and
similar to prices obtained at world-class resorts such as Whistler/Blackcomb.
The four-diamond Westin Resort Tremblant will be developed and managed
by Intrawest, with Westin providing sales and marketing support through
a franchise agreement. Construction of the project is expected to complete
in June 2000.
"A hotel of this size and calibre can accommodate approximately 90,000
annual visits to the resort and further enhance Tremblant's position as
the number one resort in the east," said Daniel Jarvis, executive vice
president and chief financial officer.
This project follows Intrawest's successful sale of 51 mountain homes
at its Panorama resort on March 2. The 51 homes were sold for over Cdn$10
million in five hours. On February 20, the fourth building in the heart
of the new village at Copper sold out in less than two hours. This was
on the heels of the sale of 140 mountain homes at Copper in three buildings
two weeks earlier which sold out in just seven hours. The sell-out of the
four buildings at Copper, which will comprise the core of the village,
generated more than Cdn$117 million in sales.
"The success of these launches will have a major impact on the growth
of our resort operations in the coming years," said Jarvis. "This operations
impact is at the heart of our entire strategy. We don't just build real
estate, we create villages, which totally changes the way a resort works.
This expertise is recognized by our guests and is evident in the success
of our real estate launches."
|
The Westin Resort Tremblant
-
a Hotel-Strata Title Ownership
(HSO) Project
VANCOUVER, British Columbia, March 25, 1999 - The
development of the Westin Resort Tremblant at Tremblant, Quebec, a 126-suite
luxury condominium hotel, was jointly announced today by Juergen Bartels,
Chief Executive Officer-Hotel Group for Starwood Hotels Resorts Worldwide,
Inc. (NYSE: HOT) and Michael Coyle, Senior Vice President for Intrawest
Corporation (NYSE: IDR; Toronto, Montreal: ITW) at a press event in Vancouver,
B.C. A simultaneous press conference was held in Montreal, Que. with Robert
Jerome, Vice President Resort Development for Tremblant and Bernard Agache,
Area Managing Director for Starwood Hotels Resorts Worldwide, Inc. making
the announcement.
Scheduled to open in June of 2000, the $32-million hotel
will be located at Intrawest's Tremblant resort, the number one rated resort
in eastern North America, located 100 miles north of Montreal.
"The Westin Resort Tremblant will be a wonderful addition
to Westin's unparalleled collection of resort properties worldwide," remarked
Bartels. "The power of the Westin brand combined with the established reputation
of Tremblant as a premier resort destination and Intrawest's commitment
to developing superior projects will position this hotel as one of the
best in North America."
Intrawest, the leading developer and operator of mountain
resorts across North America, will develop the property, with Westin providing
sales and marketing support through a franchise agreement. The hotel will
have a dedicated staff assigned exclusively to the property to combine
the French-Canadian charm of Tremblant with the high standards and expertise
synonymous with the Westin name.
"With the addition of the Westin Resort Tremblant to the
resort, we will be able to provide our most discriminating guests with
a lodging experience on par with that of Westin resorts around the world,"
said Coyle. "Tremblant's growth has been spectacular over the past eight
years and the resort has now matured to a level where a hotel of this caliber
is necessary."
Hotel to Offer Unparalleled Service
and Amenities in the Heart of Tremblant
Known for its transformation from a sleepy regional ski-hill
to the number one mountain resort in eastern North America by the readers
of SKI magazine, Tremblant offers something for everyone. Year-round recreational
opportunities include world-class skiing (downhill and cross-country),
two USGA-rated championship golf courses, 14 km-long Lac Tremblant for
fishing and watersports, a tennis center, snowmobiling, more than 20 km
of hiking trails and 50 km of biking trails. Restaurants, boutiques and
bistros line the cobblestone streets of the pedestrian ski village at the
base of the mountain, which also includes a 1,200-seat conference center
and numerous condominium homes. The Quebecois-inspired Westin, with its
charming window gables, steep roofs and wrought iron detailing, will also
be located in the village.
Spanning two village neighborhoods, the hotel will consist
of 126 suites on six floors. Each suite will include a fireplace, balcony,
over-sized bathroom and nightly turn-down service. One and two bedroom
suites also include kitchen facilities. Additional amenities and services
include a signature fine dining restaurant, a lobby cafe with seasonal
terrace service, European beauty spa, fitness facilities, expansive meeting
space including six conference rooms and Le Royal Grand Ballroom, outdoor
swimming pool with therapeutic salt water, outdoor whirlpool, concierge,
valet parking and ski valet.
Guests Receive Added Benefits
Unique to Westin
Guests who stay at the Westin Resort Tremblant are able
to earn their way toward free travel in Starwood's new frequent guest program,
Starwood Preferred Guest. With more than 600 participating hotels
and resorts in more than 70 countries, including 100 resorts around the
world, the new program is the industry's most global and offers a structure
focused on simplicity, flexibility in redemption options and inclusion
of all of Starwood's brands.
Guests of the Westin Resort Tremblant will enjoy added
Westin benefits including Service Express(R), a "one call does it all"
concept exclusive to Westin allowing guests to dial one number on their
telephone to order room service, call for a room attendant or have any
other request filled. Additionally, Westin keeps in mind the special needs
of families traveling with children with its Westin Kids Club(R) program.
The club includes provisions for children's safety and security as well
as conveniences designed to make overnight and dining experiences more
enjoyable for both parents and children.
The Westin Resort Tremblant represents Westin's third
hotel-strata title ownership (HSO) project. The HSO concept enables investors
to purchase individual hotel suites, and to rent them out when they are
not using them. Other developments include The Westin Grand in downtown
Vancouver, B.C. (slated to open in April 1999) and The Westin Resort, Whistler
(scheduled to open Jan. 2000).
This announcement brings the total investment by Intrawest
at the Upper-Laurentian resort to $650 million since 1992. "The interest
shown toward resort mountain homes has reached a new summit because of
the baby boomer's demand for a 'total vacation experience' and their desire
to own vacation property," stated Robert Jerome, Tremblant's vice president,
resort development. "Westin Resort Tremblant represents the ultimate opportunity
for investors to purchase a four-diamond property at Tremblant, a resort
already recognized worldwide for the quality of its amenities, its extraordinary
service and its four-season activities." |
 Westin
Resort Tremblant will consist of 126 suites on six levels. Each suite will
include a fireplace, balcony, over-sized bathroom and nightly turn-down
service. One- and two-bedroom suites also include kitchen facilities. Additional
amenities and services include a signature fine dining restaurant, a lobby
cafe with seasonal terrace service, European beauty spa, fitness facilities,
expansive meeting space including six conference rooms and Le Royal Grand
Ballroom, outdoor swimming pool with therapeutic salt water, outdoor whirlpool,
concierge, valet parking and ski valet.
"We are very pleased with the outcome of our Westin Resort Tremblant
launch," said Robert Jerome, vice president, real estate development, Tremblant.
"The success of the launch confirms the demand we saw for this type of
product at this time in the resort's maturity."
Intrawest is the leading developer and operator of mountain resorts
across North America. The company owns Whistler/Blackcomb, rated North
America's No.1 resort. It also owns Panorama in British Columbia, Blue
Mountain in Ontario, Tremblant and Mont Ste. Marie in Quebec, Copper in
Colorado, Stratton in Vermont, Snowshoe in West Virginia, Mountain Creek
in New Jersey, Mammoth in California and Sandestin, a golf and beach resort
in Florida. The company is creating world-class, four-season resort villages
at Keystone, Colorado, Solitude, Utah and Squaw Valley near Lake Tahoe,
California and has a premier timeshare business. Intrawest has a significant
investment in Compagnie des Alpes, the largest ski company in the world
in terms of skier visits, and recently acquired 45% of Alpine Helicopters,
Ltd., owner of Canadian Mountain Holidays, the largest heli-skiing operation
in the world.
Intrawest Corporation's shares are listed on the New York Stock Exchange
(IDR) and the Toronto and Montreal exchanges (ITW). The company is headquartered
in Vancouver, British Columbia.
The statements which are not historical facts contained
in this release 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
U.S. Securities and Exchange Commission. |
