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Intrawest selling Copper Mountain to POWDR Corp.

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SkierX
Posts: 16253 - Karma: 538
http://www.prnewswire.com/news-releases/intrawest-and-powdr-corp-announce-a-definitive-purchase-agreement-for-copper-mountain-in-colorado-70290417.html

Hot off the presses.
Nov 17 2009 3:07PM
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Yung_Gnarley
Posts: 9092 - Karma: 3,022
i wonder if that means copper will stop sucking azz
Nov 17 2009 3:08PM
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brennanmidwest
Posts: 925 - Karma: 13
Winter park wont be included in that will they?
Nov 17 2009 3:41PM
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EvanA02
Posts: 421 - Karma: 47
I bet copper will be on there own pass next year which will fucking suck.

I love copper but if its on its own pass for say 300, its going to be hard to compete summit pass

it will be interesting to see where this goes
Nov 17 2009 4:06PM
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Bagels
Posts: 1022 - Karma: 1,306
Hmmmm. the only reason i purchased the Copper Pass was cuz it included WP... not sure if i would fork over the money just for Copper.  It's going to be tough competing with the 5 mountain pass.
Nov 17 2009 4:45PM
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Brenone
Posts: 4944 - Karma: 296

im curious to see what the purchase price was.

is Intrawest in trouble that its selling some assets or is Copper mountain not doing well and they figured better to get rid of it then chase bad money with good? i dont really know much about Copper.

Nov 17 2009 5:04PM
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SkierX
Posts: 16253 - Karma: 538
I know Intrawest is hurting badly as most of their company revenues were tied in with real estate sales and developments.
Nov 17 2009 5:08PM
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skiingpimp
Posts: 1176 - Karma: 31
Good by Rocky mountain super pass.

Powdr Corp has a history of taking over mtns and jacking prices up. Doesn't matter 4 me and copper is a flat mtn anyways
Nov 17 2009 5:09PM
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Brenone
Posts: 4944 - Karma: 296
As are many resort related (not just winter resort) companies these days.
Nov 17 2009 5:23PM
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Mr.Huck
Posts: 6096 - Karma: 14,901
Very interesting. 
Nov 17 2009 5:29PM
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Afeld
Posts: 3516 - Karma: 85
Hopefully this won't change anything about Woodward@Copper
Nov 17 2009 5:32PM
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PeterNorth
Posts: 1352 - Karma: 1,260
i hope this doesn't affect winter park.
Nov 17 2009 5:43PM
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SkierX
Posts: 16253 - Karma: 538
"This winter season it is business as usual at Copper Mountain. Once the transaction is finalized Intrawest and Powdr Corp have committed to work together to ensure that all of the multi-mountain season pass products, vacation reservations and joint marketing initiatives will be honored for the 2009-2010 winter season. This includes the Rocky Mountain Super Pass suite of products that provide skiers and riders with access to Copper Mountain, Steamboat Resort and Winter Park Resort. In addition, vacation packages, season passes and lift tickets for all three mountains will continue to be available online at www.skicolorado.com."

Basically, this season everything will continue as same old business.

Next year though there will likely be changes as Winter Park is still a Intrawest owned resort.
Nov 17 2009 5:52PM
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snowboardersrule
Posts: 1077 - Karma: 15
intrawest has been talking about selling something for a while. clearly they settled on copper. i bet powdr corp is getting a deal. i bet copper was actually one of their smaller properties. with the olympics in whislter though, i'm sure they'll be alright in the long term.
Nov 17 2009 6:02PM
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Forkstealer
Posts: 508 - Karma: 16
Fuck no, its gonna be so much worse lol. Powder Corp bought bachelor like 2 years ago and they refuse to maintain anything.
Nov 17 2009 7:35PM
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cool.
Posts: 3457 - Karma: 1,724
seems like a good thing. copper reminds me so much of stratton its ridiculous. even though intrawest does a good job keeping their mountains open they have no heart and it bums me out to see mountains so similar.
Nov 17 2009 7:40PM
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dmc12380
Posts: 3545 - Karma: 792
booyaa, i got dependent killy pass, but now live in co, hopefully i can ski there for free
Nov 17 2009 8:07PM
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El_Barto.
Posts: 11661 - Karma: 24,346
maintenance at bachy has always been kinda shady, but yea powder sucks a fat cock. horrible customer relations among other things, at least here in central oregon
Nov 17 2009 11:43PM
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dmc12380
Posts: 3545 - Karma: 792
I think that was just for last year, but i could be totally wrong also
Nov 18 2009 12:08AM
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SkierX
Posts: 16253 - Karma: 538
Killington has been iffy under Powdr. They seemed to really screw with some things the first year, but have been reversing their decisions more nad more the past 1.5 years.

Keep in mind that Powdrs main resort is Park City, which is one of newschoolers wet dreams as far as park goes.
Nov 18 2009 12:11AM
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dmc12380
Posts: 3545 - Karma: 792
^ didnt they do a lot of budget cutting, like drastic stuff like take out water fountains so people would bye drinks
Nov 18 2009 12:15AM
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SkierX
Posts: 16253 - Karma: 538
Water fountains are most definitely still present. Where'd you hear that rumor from?

They did do a bunch of cuts in staffing and laid off a lot of people who had been with the company for some time.

They also drastically raised the pricing of seasons passes, however that occurred at every former ASC resort when they were sold off after the collapse of ASC.
Nov 18 2009 12:27AM
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BootySpunk.
Posts: 8148 - Karma: 84
There are not sucking me....
Nov 18 2009 1:49AM
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hucksplat
Posts: 966 - Karma: 1,124
Intrawest was purchased by Fortress, a private equity investment company. This acquisition was basically a leveraged buy out near the peak of the real estate and M&A bubble and most of the assets have been significantly written down. This is largely Fortress making a divestment to improve its liquidity.

In terms of how operations will change, I have no idea.

Here is a much better article describing the situation:
Nov 18 2009 3:19AM
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SkierX
Posts: 16253 - Karma: 538
If you look at Intrawest's 2006 financial reports which were the last ones before the Fortress buyout, it is clear that they were heavily reliant on real estate sales.

Fortress bought them out at the height of real estate prices and then the market went to complete shit. Real estate sales have TANKED and Fortress and Intrawest are scrambling to stay afloat.

They are clearly liquidating assets because they are in the shitter.
Nov 18 2009 11:03AM
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Brenone
Posts: 4944 - Karma: 296
Fortress is in financial trouble just in general. they became really involved in real estate and commercial real estate debt a few years too late. a lot of the assets and debt that they purchased they thought would be long term assets but that is proving not to be the case. the commercial real estate market still has yet to hit rock bottom and im sure this is not the last asset to be sold. sucks for Intrawest. although they operate as a seperate entity they are still under the fortress umbrella.
Nov 18 2009 1:14PM
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I_liketobutter
Posts: 2664 - Karma: 997
good, copper was going to be toast soon anyway. hopefully they bring some changes that will make it more of a destination. copper does everything 3/4 of the way they should be done, i.e. park, tucker cat ops, ski school, events. they have the resources to make all of those things so much better, they just sorta puss out on everything.

plus if you were a family wanting to go somewhere around summit for vacation, its hard to justify going to copper and only ski copper, when you could go to breck/key/vail/beavercreek.

the new owner has a lot of work to do
Nov 18 2009 1:23PM
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Triple_Strum
Posts: 6384 - Karma: 953
I actually really like Copper.  Most days it still has a smaller mountain feel rather than the tourist haven that is Breckenridge and some others.  But, with new ownership comes changes, always.  Let's hope it is for the better.
Nov 18 2009 3:29PM
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WikiWiki
Posts: 5584 - Karma: 426
sick- both are huge corporations in the ski industry so a little moving never hurt anybody
Nov 18 2009 4:19PM
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taylor-seaton
Posts: 369 - Karma: 843
STOKED!
Nov 18 2009 7:51PM
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