Second Phase to be Released in The Fall

Lake Las Vegas, Nev. (July 22, 2004) – Las Vegas’ hot summer temperatures haven’t cooled buyers’ demand for Intrawest Corporation (IDR:NYSE; ITW:TSE) real estate -- on July 20, 2004, buyers  purchased all 85 resort condominiums offered at a selection event for Luna di Lusso at MonteLago Village, Lake Las Vegas. 

Prices ranged from just under $300,000 to over $1 million for these prestigious studio, one-bedroom and two-bedroom lakeside properties.  Construction will begin immediately, with completion anticipated in late 2005.  The release of the second phase of Luna di Lusso is planned for this fall.

Recent statistics by Home Builders Research show that Las Vegas continues to be the most active real estate market in the country.   Since MonteLago Village opened in late 2003, interest in Lake Las Vegas has been at an all-time high.  Yesterday’s sell out is the highlight of a record-setting year of real estate sales throughout the resort.

“The Las Vegas real estate market is red hot,” said Douglas Ogilvy, Intrawest Regional Vice President.  “Demand for resort property remains very strong, particularly for an area as unique as Lake Las Vegas.  We’re anticipating even stronger interest when we release the second phase of Luna di Lusso this fall.   The long-term vision for Lake Las Vegas is a very special resort community.  At Intrawest, we are very excited to continue to play a key role in the fulfillment of this vision.”

Luna di Lusso, Italian for “Moon of Luxury,” is situated on Lake Las Vegas in MonteLago Village, just over the resort’s signature Pontevecchio Bridge. Each resort condominium is fully furnished and turnkey, ready for occupancy upon completion.  As one of the many optional services available to owners, ownership may include the opportunity to place the homes in a rental arrangement. 

Inspired by Italy’s famed Lake Como, Lake Las Vegas is built around a 320-acre lake and surrounded by desert mountains.  The 2,600-acre resort is located just 17 miles from the Las Vegas Strip and features a Mediterranean theme throughout.

It is master planned to offer residential housing, world-class resort hotels, casinos, shopping, spas and up to six signature golf courses by noted designers such as Jack Nicklaus and Tom Weiskopf.

At the epicenter of Lake Las Vegas is MonteLago Village, a location unto itself with a town square, Pontevecchio-inspired bridge, winding cobblestone walkways and waterfront promenades.  Here, the Village’s open-air cafes, intimate gourmet restaurants, elegant upscale boutiques and a European-inspired casino are differentiating characteristics not found with many other real estate opportunities.

For more information about Luna Di Lusso or to inquire about future real estate opportunities, visit www.LunadiLusso.com, or contact Jason Koverchuk, at 866-752-9558 or jkoverchuk@playground.com. Additional information on MonteLago Village can be found at www.MontelagoVillage.com.

About Intrawest

Intrawest Corporation (IDR:NYSE; ITW:TSE) is the world’s leading developer and operator of village-centered resorts. The company owns or controls 10 mountain resorts, including Whistler Blackcomb, North America’s most popular mountain resort. Intrawest also owns Sandestin Golf and Beach Resort in Florida and has a premier vacation ownership business, Club Intrawest. The company has a 45 per cent interest in Alpine Helicopters Ltd., owner of Canadian Mountain Holidays, the largest heli-skiing operation in the world. The company is headquartered in Vancouver, British Columbia and is located on the World Wide Web at www.intrawest.com.

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