Intrawest selling vacation club division for $85 million
November 25, 2015
Intrawest, the parent company of the Steamboat Ski Area, announced Wednesday it is planning to sell its timeshare business to a much larger, Las Vegas-based timeshare developer for $85 million.
Diamond Resorts International will take control of Intrawest’s timeshare operation — Club Intrawest — which includes nine properties in Canada, Florida, Mexico and California and has more than 22,000 memberships.
A one-year trial membership in the vacation club costs $1,899 and allows members to stay at all nine properties.
The Las Vegas Review Journal reported that, in the vacation club business, Intrawest was a small rival of Diamond Resorts.
Diamond Resorts has rooms in more than 330 locations worldwide.
"We are excited to enter into this agreement and believe this transaction creates meaningful value for our shareholders, as it better positions Intrawest for greater long-term growth," Intrawest CEO Tom Marano said in a news release.
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Marano said the sale will allow Intrawest to focus more on its core mountain and adventure businesses and generate more funding for future acquisitions and real estate development.
The sale of Club Intrawest is expected to close by March.
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