Foreclosing on the Olympics
A celebrity amongst the world’s top ski resorts and the location of the 2010 Winter Olympics may need a giant-sized ski pole to lift itself out of this financial snafu… and talk about timing. The winter Olympics set to start next month may be facing a giant obstacle, a foreclosure auction. Specifically, Vancouver’s Whistler Blackcomb resort the site of many of the events could possibly be sold to the highest bidder mid-festivities.
The owners of the resort, Intrawest, apparently missed a $524 million payment to Fortress Investment Group, a NY based hedge fund. Intrawest owns Whistler Blackcomb among other resorts in Colorado, California, Florida and Vermont- all of which will be included in the proposed February 19th foreclosure auction.
Alan Wurtzel, a researcher with NBC “expects 200 million people to watch at least parts of the Vancouver Games.” The games will be televised over a 17 day period.
Other notable Intrawest properties include:
Panorama Mountain Village, British Columbia
Sandestin Golf & Beach Resort, Florida
Snowshoe Mountain, West Virginia
Steamboat Ski Resort, Colorado
Stratton Mountain Resort, Vermont
The Village at Squaw Valley, California
