Free Republic

MAMMOTH LAKES – The Mammoth Mountain Ski Area, a longtime winter playground for Southern California residents, says it will sell a controlling interest to a private investment firm. The $365 million acquisition will be made by Starwood Capital Groups, led by luxury hotel mogul Barry S. Sternlicht. The move is expected to give the resort an upscale character, unlike the raw, unpolished style developed by founder and co-owner Dave McCoy. The deal will give Starwood 70 percent control and the right to operate 4,000 acres of ski terrain at Mammoth and June mountains and allow for some development. The land...

VANCOUVER - ski resort giant Intrawest ULC may default on a US $1.4 billion loan and is in talks with lenders about debt repayment options. Intrawest may be pushed closer to default if it fails to make a US$524 million payment due Wednesday. The Vancouver-based company which operates some 2010 Winter Olympics venues in British Columbia, is owned by private equity firm Fortress Investment Group LLC of New York. Fortress scrambled to refinance the loan after Intrawest, which holds the debt, was pushed to the brink of creditor protection. In November Intrawest said it agreed to sell one of its...