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DEMAND FOR MAMMOTH REAL ESTATE HITS ALL TIME HIGH AS INTRAWEST SELLS OUT PHASE III OF THE VILLAGE AT MAMMOTH
November 17, 2003
Final 52 Residences Sold in Four Hours at November 15th Event
Mammoth Lakes, Calif. (November 17, 2003) – Demand for Mammoth resort real estate reached new heights this past weekend when Intrawest Corporation (IDR:NYSE; ITW:TSE), the world’s leading developer and operator of village-centered resorts, sold out the final release of homes in Grand Sierra Lodge, the third phase of The Village at Mammoth. Fifty-two one-, two-, and three-bedroom resort condominiums were sold at the four-hour sales event, priced from approximately $380,000 to more than $1.3 million. The results of the sellout of Grand Sierra Lodge builds on the recent sales success of two Intrawest townhome developments in Mammoth: The Cabins at Crooked Pines and Juniper Crest, making this the third real estate sellout in Mammoth this year. The transformation of Mammoth from Southern California’s most popular ski area into the next great North American resort is well on its way. The Village at Mammoth is the center of the region’s renaissance. Located in the Eastern Sierra Mountains approximately five hours northeast of Los Angeles, The Village is modeled after European alpine towns featuring pedestrian streets lined with shops and eateries on the ground level, and accommodation on the floors above. Grand Sierra Lodge is located in the heart of The Village and features Intrawest’s signature “resort condominiums,” the company’s popular concept in resort real estate. The resort condominium is a fully furnished property that also features the services and amenities of a high-end resort. Further, it also provides the opportunity for owners to participate in an established rental arrangement. Owners at Grand Sierra Lodge will enjoy being in the heart of it all, with shops, amenities, events and entertainment at their doorstep, plus ski-in/ski-out access to Mammoth Mountain via the new Village Gondola. The Village has come to life for the 2003-04 winter season with a lively mix of new shops and restaurants open for business. Visitors can head to the lifts with an Early Riser Bagel from Old New York Deli & Bagel, watch the game of the week at Dublin’s Irish Whiskey Pub, or explore the unique mix of boutiques and galleries such as First Street Leather, Gallerie Barjur, and Color Me Mine, a paint-it-yourself ceramics studio. The list of businesses open in The Village at Mammoth continues to grow each month. On Thanksgiving weekend, Mammoth Mountain will celebrate its 50th Anniversary and will kick off the season with the opening of the new 15-passenger express gondola that links The Village to Canyon Lodge on Mammoth Mountain. For additional real estate information, contact Jeff Skinner, director of sales, at 1-800-421-7005 or jskinner@playground.com or visit www.intrawestmammoth.com.
About Intrawest
Contact: Douglas Ogilvy, Regional Vice President, Southwest Region 775-332-1200 or dogilvy@intrawest.com
Chris Lyman, Lyman Public Relations 530-546-3872 or chris@lymanpr.com
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The statements which are not historical facts contained in this release are forward-looking statements that involve risks and uncertainties. Intrawest's actual results could differ materially from those expressed or implied by such forward-looking statements. Factors that could cause or contribute to such differences include, but are not limited to, seasonality, weather conditions, competition, general economic conditions, currency fluctuations and other risks detailed in the company's filings with the U.S. Securities and Exchange Commission. |
