Squaw Valley announces acquisition of The Village at Squaw Valley from Intrawest

By Inga Aksamit, Inga’s Adventures

In the latest of a series of announcements regarding Fortress’ Intrawest, holder of many north American ski resorts, Squaw Valley USA announced today that it has completed the acquisition of The Village at Squaw Valley, a mountain resort village at the base of the Squaw Valley.

“We at Squaw Valley USA are very pleased to integrate the Village at Squaw Valley with our own operations, to provide a seamless resort experience for our guests. It is a reversal of philosophy as Squaw Valley Ski Corp has not operated a lodging property for 30 years. When we opened in 1949 we ran a small 50-room lodge that was occupied during the Olympics in 1960; it grew in size but our operation of this property ceased in 1979. And so, the acquisition of the Village represents an exciting and greatly anticipated opportunity,” explains Squaw Valley USA Chairman & CEO Nancy Cushing.

Built in 2002, the pedestrian village at Squaw Valley was heralded as a new chapter in the history of the Olympic Valley. The Village at Squaw Valley was developed by Intrawest and brought commercial tenants and residential properties to the Squaw experience. The resort includes lodging operations at two condo-hotels and commercial assets whose tenants include six restaurants, 20 retail shops and a full service spa. Squaw Valley Ski Corp will oversee all of the day-to-day operations of The Village at Squaw Valley in addition to their current ownership of the on-mountain operations at the ski resort.

This winter season, it will be business as usual for resort guests. All 2009-2010 winter vacation reservations will be honored, and vacation packages and homeowner information will continue to be available at http://www.thevillageatsquaw.com.

“Squaw Valley USA and Intrawest are working closely together to ensure a smooth transition for stakeholders, team members and visitors to our unique mountain resort and to expand its environmental stewardship to these new facilities,” says Cushing.

In related news Intrawest’s parent, Fortress, announced the sale of Panorama Mountain Village in British Columbia on January 28 to a newly formed investor group led by Rick Jensen. Intrawest agreed in November to sell its interest in Copper Mountain for an undisclosed amount to Powdr Corp. of Park City, Utah. Olympic watchers were startled by recent reports that Whistler-Blackcomb, site of the upcoming Olympic Games may be auctioned by lenders on February 19, one week after the Games begin, though officials have been quick to offer reassurances that it would be business as usual at the resort.

Getting there:
To reach Squaw Valley in North Lake Tahoe from San Francisco by car (approximately 4 hours, depending on traffic and weather):

• Take Interstate 80 east (stay on 80 through Sacramento)
• Exit at Truckee onto Highway 89 south following signs to Lake Tahoe/Tahoe City/Squaw Valley
• Follow Highway 89 south 8 miles to the Squaw Valley Road Exit. Turn right at the 7-11 store and follow Squaw Valley Rd. to the base of the mountain.

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