Intrawest Corp

Canadian ski resort operator Intrawest Corp. has agreed to be acquired by private equity firm Fortress Investment Group for about $1.81 billion in cash. The acquisition of Intrawest, which has interests in resorts including Mammoth Mountain in the Eastern Sierra and Whistler Blackcomb in British Columbia, Canada, is the biggest buyout of a publicly traded resort firm. Fortress' $35-a-share offer represents a 32% premium over Intrawest's Thursday closing price.

American Skiing Co. said it had agreed to sell Steamboat Ski & Resort Corp., one of the nation's largest ski areas, for $265 million in cash to Canadian resort operator Intrawest Corp. The move, which is subject to regulatory approval, would bolster Intrawest's resort holdings in Colorado to three while helping American Skiing's bottom line.

American Skiing Co. said it had agreed to sell Steamboat Ski & Resort Corp., one of the nation's largest ski areas, for $265 million in cash to Canadian resort operator Intrawest Corp. The move, which is subject to regulatory approval, would bolster Intrawest's resort holdings in Colorado to three while helping American Skiing's bottom line.

Intrawest Corp. will continue to expand, the ski resort operator's chief executive said, and the company's takeover by Fortress Investment Group should make that process easier. Shareholders voted 99.9% in favor of the $2.8-billion offer by New York-based Fortress, which will privatize Vancouver, Canada-based Intrawest. The company has interests in resorts including Mammoth Mountain in the Eastern Sierra and Whistler Blackcomb in British Columbia, Canada.

Intrawest Corp. will continue to expand, the ski resort operator's chief executive said, and the company's takeover by Fortress Investment Group should make that process easier. Shareholders voted 99.9% in favor of the $2.8-billion offer by New York-based Fortress, which will privatize Vancouver, Canada-based Intrawest. The company has interests in resorts including Mammoth Mountain in the Eastern Sierra and Whistler Blackcomb in British Columbia, Canada.

Vancouver, Canada-based Intrawest Corp. said it will spend about $183.9 million to build a year-round resort village at the base of Squaw Peak at Lake Tahoe. The Canadian resort operator said it will, through an agreement with Squaw Valley Ski Corp., acquire and convert land currently used for parking into a pedestrian village with restaurants, shopping and nightclubs. The resort will have about 700 residential units and 110,000 square feet of commercial space, the company said.

Intrawest Corp. said Thursday that it would sell a majority interest in its commercial properties at nine resorts -- including Mammoth Mountain and Squaw Valley in California -- to a real estate investment trust in a transaction valued at $160 million. The agreement calls for CNL Properties Inc. of Orlando, Fla., to acquire an 80% interest in the resort operator's commercial properties. Intrawest will continue as property and leasing manager and retain a 20% stake.

Investors jumped at the chance to purchase hotel room condominiums in Mammoth Lakes, buying all 141 units for sale at the Westin Monache in less than four hours Saturday, the developers said. Prices ranged from $405,000 to just under $1.3 million, said Douglas Ogilvy of Intrawest Corp., a Canadian developer that has spent the last 15 years working to remake Mammoth into an international ski resort destination. Roger Vincent

High fuel prices claimed another airline victim this month, the small, Fresno-based Allegiant Air, which filed for Chapter 11 federal bankruptcy protection last week after suspending most scheduled flights, including service to Long Beach; South Lake Tahoe, Calif.; Reno; and Portland, Ore. It planned to continue scheduled flights between Fresno and Las Vegas, plus charters. Earlier, Las Vegas-based National Airlines and Texas-based Legend Airlines filed for Chapter 11. . . .

The "Beast of the East" is moving West. American Skiing Co. on Friday agreed to buy two Western ski resorts for $288 million in a deal that would make it the biggest ski resort operator in the United States. American Skiing agreed to buy Steamboat Ski Resort in Steamboat Springs, Colo., and Heavenly Ski Resort in Lake Tahoe on the California-Nevada border from Kamori International Corp., a closely held company that also owns hotels in Japan and has assets at a French ski resort.

Canadian ski resort operator Intrawest Corp. has agreed to be acquired by private equity firm Fortress Investment Group for about $1.81 billion in cash. The acquisition of Intrawest, which has interests in resorts including Mammoth Mountain in the Eastern Sierra and Whistler Blackcomb in British Columbia, Canada, is the biggest buyout of a publicly traded resort firm. Fortress' $35-a-share offer represents a 32% premium over Intrawest's Thursday closing price.

Intrawest Corp. said Thursday that it would sell a majority interest in its commercial properties at nine resorts -- including Mammoth Mountain and Squaw Valley in California -- to a real estate investment trust in a transaction valued at $160 million. The agreement calls for CNL Properties Inc. of Orlando, Fla., to acquire an 80% interest in the resort operator's commercial properties. Intrawest will continue as property and leasing manager and retain a 20% stake.

Vancouver, Canada-based Intrawest Corp. said it will spend about $183.9 million to build a year-round resort village at the base of Squaw Peak at Lake Tahoe. The Canadian resort operator said it will, through an agreement with Squaw Valley Ski Corp., acquire and convert land currently used for parking into a pedestrian village with restaurants, shopping and nightclubs. The resort will have about 700 residential units and 110,000 square feet of commercial space, the company said.

Vancouver-based Intrawest Corp., the biggest snow sports developer in North America, is busy transforming Mammoth Lakes and Squaw Valley into "destination resorts" built around instant villages that attempt to re-create the atmosphere of the European Alps. It's a pattern the Canadian company has followed at dozens of ski areas, in part because European villages are densely built (an economic plus) as well as charming, or at least faux charming. Even in Europe, it turns out, Intrawest is doing the same.

Schussers and snowboarders can come in from the cold this season at several new places in Western ski resorts. Among them: Marriott's Timber Lodge and Marriott's Grand Residence Club in South Lake Tahoe, Calif., both near the gondola that takes skiers to Heavenly Ski Resort. The Timber Lodge is a traditional time- share, and the Residence Club offers "fractional ownership," but both of the recently opened accommodations also offer single-night lodgings.