Intrawest Announces The Successful Completion of The Acquisition of Steamboat Ski & Resort Corporation

    Intrawest Welcomes Steamboat Ski Resort to its Network of Experiential
    Destination Resorts

    VANCOUVER, March 1 /CNW/ - Intrawest Holdings S.à r.l. today announced
that Steamboat Acquisition Corporation, an affiliated company, has
successfully completed the acquisition of Steamboat Ski & Resort Corporation
in Steamboat Springs, Colorado. With the successful completion of the
acquisition, Intrawest, a world leader in experiential destination resorts,
adds Steamboat's iconic brand and legendary ski and snowboard terrain to its
network of resorts. With the addition of Steamboat, Intrawest provides
customers from around the world with access to three of Colorado's premier
mountain resort destinations-Copper Mountain, Winter Park and now Steamboat.
    The acquisition of Steamboat also provides Intrawest with access to
fee-owned real estate including certain development rights, 13 dining venues
and management of the Steamboat Grand Resort Hotel, Steamboat's only AAA Four
Diamond Resort.
    "Steamboat's heritage and legendary terrain complement our existing
portfolio of world-class mountain resorts. This acquisition increases our
capacity to reach new customers and represents a significant step for
Intrawest in our strategy to become the undisputed world leader in the
development and management of experiential destination resorts," said Alex
Wasilov, president and chief operating officer of Intrawest.
    "Steamboat's success is a direct result of the combination of the
experience and dedication of the management team led by Chris Diamond, a loyal
employee base, a supportive community and access to some of North America's
most legendary terrain," said David Barry, chief operating officer of
Intrawest Mountain Resorts, United States. "To ensure a successful
integration, we will work closely with the entire Steamboat team to build
strong ties with resort customers as well as the local community to support
and protect the Yampa Valley's unique culture, traditions and the Steamboat
    Steamboat began operating in 1963, and has grown into one of North
America's largest mountain resorts. Today Steamboat, with its famed Champagne
Powder(R), provides more than one million visitors each winter with access to
six peaks, 165 trails for all ability levels, 3,668 vertical feet serviced by
20 lifts and nearly 3,000 skiable acres of terrain. In 2006, the readers of
SKI Magazine named Steamboat as the No.1 Family Resort in the West for the
fourth consecutive year.
    "Steamboat is experiencing one of the best winter seasons in our 44 year
history," said Chris Diamond, Steamboat's president. "As the resort makes the
transition to new ownership with Intrawest, the Steamboat team will remain
focused on providing the high level of service that supports its position as
the No.1 family resort in the West."
    Steamboat is well-known around the world as Ski Town, U.S.A. (R),
producing more winter Olympians than any other town in North America, now a
record 69 and counting. Steamboat is accessible via non-stop air service from
nine U.S. cities, in addition to connecting service from more than 150
additional domestic and international cities. Upgraded service and
improvements to the Steamboat/Hayden Airport, combined with increased air
service through the resort's direct flight program continue to advance the
strategy to make Steamboat the most accessible resort in Colorado.
    Bear Stearns and Main Street Advisors acted as financial advisors to
American Skiing Company in connection with the transaction. Goodwin Procter
LLP acted as legal advisor to American Skiing Company and Skadden, Arps,
Slate, Meagher & Flom LLP and Jacobs Chase Frick Kleinkopf & Kelley LLC acted
as legal advisors to Intrawest.

    About Intrawest:
    Intrawest is a world leader in experiential destination resorts. The
company has interests in eleven resorts at North America's most popular
mountain destinations including Whistler Blackcomb, a host venue for the 2010
Winter Olympic and Paralympic Games. The Intrawest network also includes
Canadian Mountain Holidays, the largest heli-skiing operation in the world,
Sandestin Golf and Beach Resort in Florida and Club Intrawest-a private resort
club with nine locations throughout North America. In addition, Intrawest
develops real estate at its resorts and at other locations across North
America and in Europe. Intrawest is headquartered in Vancouver, British
Columbia. For more information, visit

For further information:

For further information: Ian Galbraith, director, corporate
communications and media relations, at (604) 643-1586 or at

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