We are the Mountains – Intrawest Acquisition Press Release

Affiliates of KSL Capital Partners and Henry Crown and Company Complete Transactions to Combine Three Major Resort Companies

Bryan Traficanti named Interim Chief Executive Officer
David Perry named President and Chief Operating Officer

Denver, Colorado, July 31, 2017 –The new joint venture formed by affiliates of KSL Capital Partners, LLC (“KSL”) and Henry Crown and Company (“HCC”) today announced the completion of their previously announced acquisition of Intrawest Resorts Holdings, Inc. (NYSE: SNOW) (“Intrawest”) and Mammoth Resorts.

Through these transactions, Squaw Valley Ski Holdings (“SVSH”), previously owned by affiliates of KSL, Intrawest and Mammoth Resorts are now combined as one company. This new entity boasts 12 four-season mountain resorts with approximately six million skier visits, 20,000 skiable acres and significant land available for real estate development, as well as Canadian Mountain Holidays, the world’s leading heli-ski operator, plus comprehensive aviation and real estate businesses. Its mountain resorts are geographically diversified across most of North America’s major ski regions: Squaw Valley, Alpine Meadows, Mammoth Mountain Ski Area, Snow Summit, Bear Mountain and June Mountain in California; Steamboat Ski & Resort and Winter Park Resort in Colorado; Blue Mountain Ski Resort in Ontario; Mont Tremblant Resort in Quebec; Stratton Mountain Resort in Vermont; and Snowshoe Mountain Resort in West Virginia.

The companies also announced leadership changes effective upon the close of the transaction. KSL’s Bryan Traficanti became interim Chief Executive Officer, while a comprehensive search for a new chief executive officer is completed. Executive search firm Spencer Stuart has been retained to assist with the selection of a new Chief Executive Officer. Effective as of closing, Thomas Marano, Intrawest’s Chief Executive Officer, resigned his position; Rusty Gregory, Mammoth Resort’s Chairman and Chief Executive Officer, is an investor in the new company and will serve on the Board, and become Senior Strategic Advisor to the new company; and Andy Wirth, President and Chief Executive Officer of SVSH, will become President and Chief Operating Officer of SVSH.

“This transaction marks a significant milestone for our company, our guests, and our communities, and we are excited about the opportunities that lie ahead as a result of combining Intrawest, Squaw Valley Ski Holdings, and Mammoth Resorts,” said Mr. Traficanti. “We believe that each resort brings something different to the company, and our goal is to preserve the unique character and culture of each while also building something greater. Supported by affiliates of KSL and HCC, this new organization is well positioned not only for continued growth, but also to bring more value to our guests, more opportunities for our employees, and more investment into our local communities.”

Additionally, David Perry, previously Vice President and Chief Operating Officer of Aspen Skiing Company, L.L.C, also an affiliate of HCC, was named the newly integrated company’s President and Chief Operating Officer. Mr. Perry has spent more than four decades in the ski industry, including previous roles with Intrawest, Whistler/Blackcomb, and Canadian Mountain Holidays prior to being Chief Executive Officer of Colorado Ski Country USA and then Vice President and Chief Operating Officer at Aspen Skiing Company. Intrawest’s Sky Foulkes, previously holding the joint position of President of Winter Park Resort and Chief Operating Officer of Intrawest, transitioned to focusing full time on Winter Park Resort as its President and Chief Operating Officer.

Additional Leadership Announcements

The company is pleased to announce the following slate of resort leaders:
– Andy Wirth, President and Chief Operating Officer, Squaw Valley Ski Holdings
– Mark Brownlie, President and Chief Operating Officer, Mammoth Resorts (newly appointed)
– Wade Reeser, General Manager, Big Bear Resort (reporting to Mark Brownlie)
– Rob Perlman, President and Chief Operating Officer, Steamboat Ski & Resort
– Sky Foulkes, President and Chief Operating Officer, Winter Park Resort
– Patrice Malo, President and Chief Operating Officer, Mont Tremblant Resort
– Dan Skelton, President and Chief Operating Officer, Blue Mountain Ski Resort
– Bill Nupp, President and Chief Operating Officer, Stratton Mountain Resort
– Frank DeBerry, President and Chief Operating Officer, Snowshoe Mountain Resort
– Jeremy Levitt, President and Chief Operating Officer, Canadian Mountain Holidays
– Jeff Denomme, President, Alpine Aerotech

Season Passes

For the full 2017-18 winter season, the new company will continue to honor the existing pass products that are currently on sale, including the Rocky Mountain Super Pass +, the M.A.X. Pass, and the Mountain Collective. The new company expects to launch a new name and brand prior to the 2017/2018 ski season.

About the Transactions

Under the terms of the previously announced Intrawest merger agreement, Intrawest stockholders will receive $23.75 in cash for each share of Intrawest common stock, representing a total valuation of approximately $1.5 billion. As a result of the closing of this acquisition, Intrawest will cease trading on the New York Stock Exchange. Under a separate previously announced purchase agreement, Mammoth Resorts is also being purchased by the new KSL and HCC joint venture effective today. Additionally, SVSH is being rolled into the new venture. The terms of both Mammoth Resorts and SVSH transactions have not been disclosed.

About Squaw Valley Ski Holdings

Squaw Valley Ski Holdings (“SVSH”), an affiliate of KSL, is the parent company of Squaw Valley and Alpine Meadows. Squaw Valley and Alpine Meadows are internationally renowned mountain resorts in North Lake Tahoe that spans over 6,000 skiable acres and receive an annual average of 450 inches of snowfall and 300 sunny days. The resorts feature slopeside lodging at The Village at Squaw Valley®, which bustles year round with nonstop events and over 50 bars, restaurants and boutiques. For more information visit www.squawalpine.com.

About Mammoth Resorts

Mammoth Resorts, the leading four-season mountain resort operator in California, is now part of the new organization. At closing, Mammoth Resorts owns and operates a variety of recreation, hospitality, real estate development, food and beverage and retail enterprises. This includes Mammoth Mountain Ski Area, Snow Summit, Bear Mountain, and June Mountain. Mammoth Resorts is also the owner-operator of Tamarack Lodge and Resort, Mammoth Mountain Inn, Juniper Springs Resort, the Village Lodge, Mammoth Mountain Bike Park, Snow Summit Bike Park, Mammoth Snowmobile Adventures, Sierra Star Golf Course, and Bear Mountain Golf Course. For more information visit www.mammothresorts.com.

About Intrawest Resorts Holdings, Inc.

Intrawest is a North American mountain resort and adventure company, delivering distinctive vacation and travel experiences to its customers for over three decades. At closing, Intrawest owns and/or operates 6 four-season mountain resorts – Steamboat Ski & Resort, Winter Park Resort, Mont Tremblant Resort, Blue Mountain Ski Resort, Stratton Mountain Resort, and Snowshoe Mountain Resort – with approximately 8,000 skiable acres and over 1,100 acres of land available for real estate development. Intrawest’s mountain resorts are geographically diversified across most of North America’s major ski regions, including the Eastern United States, the Rocky Mountains, and Canada. The Company also operates an adventure travel business, the cornerstone of which is Canadian Mountain Holidays, a leading heli-skiing adventure company in North America. Additionally, the Company operates a comprehensive real estate business through which it manages condominium hotel properties and sells and markets residential real estate. Prior to closing, Intrawest Resorts Holdings, Inc. common stock was traded on the New York Stock Exchange (NYSE: SNOW). For more information, visit www.intrawest.com.

About KSL Capital Partners, LLC

KSL Capital Partners, LLC is a private equity firm specializing in travel and leisure enterprises in five primary sectors: hospitality, recreation, clubs, real estate, and travel services. KSL has offices in Denver, Colorado; Stamford, Connecticut; and London. Since 2005, KSL has raised approximately $7.5 billion in equity capital commitments. KSL’s current portfolio includes some of the premier properties in travel and leisure. For more information, please visit www.kslcapital.com.

About Henry Crown and Company

Henry Crown and Company, through a newly formed affiliate, is a minority investor in the new joint venture. Henry Crown and Company dates back to the early 1900’s when Henry Crown and his brothers started Material Service Corporation, which was later merged into General Dynamics. Today, the Crown’s family assets fall into four broadly defined categories, including publicly traded securities, real estate, investment funds, and privately held operating companies, including Aspen Skiing Company, L.L.C. Aspen Skiing Company owns and operates the four mountains of Aspen Snowmass – Snowmass, Aspen Mountain, Aspen Highlands, and Buttermilk – as well hospitality properties The Little Nell, Residences at The Little Nell, Limelight Aspen, and Limelight Ketchum in Ketchum, Idaho. In addition, Aspen Skiing Company owns and operates numerous retail and rental locations through the resort and the Roaring Fork Valley. For more information, visit www.aspensnowmass.com. Aspen Skiing Company’s resorts and hospitality properties will remain separate from the new entity.

The Trail Trybe camp and sports culture

Trail Trybe - Felix Burke

The purpose of sport is to encourage a healthy lifestyle and positive competitive values like goal setting, sportsmanship, determination and perseverance. The personal lessons you learn through sport are invaluable. When competitive sport crosses the threshold from personal challenge and well-being to professional and high performance, sport takes on a different purpose. Although professional and high performance sport can be mightily impressive and entertaining, it can also start to diverge from the initial values of sport and feed attitudes like selfishness, win at all costs, and a fixed mindset. These may be part of what makes professional sport dramatic and entertaining, but are they necessary? I believe that as athletes cross this threshold, they must start to take responsibility for the positive impact they have through their sport and must make a greater effort to stay true to the basic values of sport. This is part of the reason why I started Trail Trybe, a bike camp for kids in my area. The other is that I have a total blast riding with young riders and am constantly inspired by the grit and innocent joy of kids riding bikes!

Trail Trybe - Felix Burke

I started the camp in 2014 to give local kids a portal of entry to the sport of mountain biking and to inspire kids to embrace the lifestyle outdoor sport has to offer. I dedicate time and effort to the growth of the camp with the goal of creating a better experience for more kids, to help grow the sport, and to promote the beautiful area of Mont-Tremblant. I believe this camp will play part in creating a passionate new generation of athletes and promote the positive values of sport. I also hope that the young riders that go through the camp will go on to have a positive impact of their own in all disciplines of life. To ensure that the camp offers an experience that will authentically promote the benefits of sport, help kids fall in love with mountain biking, and give kids the tools to discover the area, my fellow Trail Trybe coaches and I focus on providing a personalized experience for each Trail Trybe participant. This means that whatever the background, interests or level of riding, each kid should feel like the camp is designed for him or her. This is not an easy task and it involves asking a lot of questions, empathy, and organization. Through this personalized experience, kids have a greater connection to the camp and hopefully will be inspired to share the positive values they learn in their lives outside of the camp.

Although the positive values of sport are at the core of the camp, Trail Trybe also focuses on helping the young riders master new skills that will allow them to progress in the sport. The talented coaches of Trail Trybe and I will walk the kids through the techniques needed for specific skills and the steps required to conquer certain features or trails. Each kid has their own challenge, but at Trail Trybe, each challenge is as important as the other, whether it is a big drop, climbing a big hill, or learning how to keep your feet on the pedals when going downhill!

Trail Trybe - Felix Burke

This year at the first Trail Trybe camp of 2017, 25 young riders and 4 coaches including myself had a blast on the trails surrounding Mont-Tremblant. For 3 days, we explored what the region has to offer and shared many laughs. We rode trails like ‘’La Gorge’’, ‘’La Geai Bleu’’, and the classic ‘’Envoye en bas!!’’. Each day, the groups joined each other for lunch as a big team to talk about their morning ride. To refresh themselves after some good riding, the kids would jump into the warm water of la Rivière du Diable. Trail Trybe knows some great swimming spots that the kids like to keep secret! On the final day, Tremblant kindly gave the kids the opportunity to experience the resort and enjoy the beautiful beaches of Lac Tremblant. To celebrate the end of the camp, the kids locked their bikes up at the bike shop at the base of the mountain and had lunch at the Chalet de Voyageurs. After a tasty lunch and some candy, the kids had the chance to play some mini-putt at the resort. It was funny to see one of the smallest riders of the camp take home the win! Once the mini-putt tournament was wrapped up, the kids went swimming in Lac Tremblant and Trail Trybe celebrated the end of the camp on the beach by giving away some amazing prizes donated by Bicycles Quilicot and Cybercycle. Although it can be sad to see everyone go their own way at the end of the camp, the first edition of summer 2017 was a great success! The next camp will take place on the July 24, 25 and 26. For more information, you can visit www.trailtrybe.com

I hope that Trail Trybe will one day grow into a culture that encourages riders of all ages and abilities, from kids to adults and beginners to experts, to enjoy the beautiful area of Mont-Tremblant by bike. I envision doing this by continuously improving the experience for young riders and by growing Trail Trybe from just a camp for kids to offering adult camps, single day lessons and guided rides. I would like to see the young riders at the camps graduate to take on leadership roles within Trail Trybe and share the passion they cultivated there with others. I also hope that, through the reach of the internet and social media, the Trail Trybe culture will inspire people everywhere to get out and enjoy nature while keeping the principal values of sport to heart. My resources are limited as I am trying to balance full time studies and professional sport, but I am dedicated to making Trail Trybe an inclusive community of passionate people that will have as far reaching a positive impact as it can. It will be exciting to see what the future holds for Trail Trybe and its members.

Trail Trybe - Felix Burke

Way to go Erik!

With a top five finish at Val Gardena, Italy, this past weekend, our very own Athlete Ambassador Erik Guay realised his best downhill finish of the season. Following a sixth-place finish in the downhill opener at Val d’Isère, France, this represents his 27th career top five finish in World Cup downhill. He reached the alpine podium for the first time this season only a day earlier with a bronze in men’s super-G.

We are very proud of our local hero, inspiring young Tremblant skiers to aim higher and reach for the stars. Instead of slowing down after his sixth knee surgery, Erik used this time to train hard and come back even stronger. The results he earned over the past weekend in Italy are encouraging and quite a boost for our athlete’s confidence. Erik is now back in Tremblant for some well deserved rest and family time.

Way to go Erik!

 

 

Racing the sunset with Félix Burke

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Riding the trails until the sun disappears beyond the horizon… Just one of the many ways our Athlete Ambassador Félix Burke enjoys his hometown playground of Tremblant. In the video below, follow the mountain bike champion as he plays around free-spiritedly on his bike. With his agility and ever-present smile, he makes our trails look way too easy!

Inside the mind of Félix Burke: Racing into the summer of 2016

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Article by Félix Burke for the Tremblant Blog

The setting sun gives the rushing water a golden hue as I ride the Lynx trail, one of my favourites that follows the Diable river. The amazing landscape makes it easy for me to get lost in thought and I find myself thinking about what great surprises this new season will bring and all the amazing memories that will be created over the next few months. I think about the laughs I will share with the people I care about, the hooting and yelling that I will be doing with the Trail Trybe kids and most of all, the special feeling of seeing all the hard work pay off when everything comes together at an important race. These thoughts warm my heart and give power to my lungs and legs as I start to speed up, sprinting towards these special moments that await.

Having just returned home from the West Coast where I was attending the University of Victoria, it feels great to see all the familiar sights, ride the roads and trails, and spend time with my family. Time at home is short lived though, as the racing season gets underway and I will be spending a lot of my time on the road travelling to various events. I have to learn to really appreciate these moments at home and carry them with me when I travel.

The first major event of the year will be the World Cup in Albstadt, Germany, on May 22nd, followed by the World Cup in La Bresse, France, just a week later. I will be travelling with the Cycling Canada NextGen program, a development team for the Canadian National Team that aims to get its riders to the next level. I am very proud to be part of this very exciting program, even if being involved with the program requires some sacrifices. The biggest one for me was missing the Mont-Tremblant Canada Cup, a race that I hold very close to my heart and where I made my debut on the national cycling circuit. It is a big disappointment for me to miss the chance to race on my favourite course in front of my friends and family, but I am motivated by the fact that I will instead have the chance to prove myself on the world stage at the world cups. It is an exciting challenge that I am looking forward to and I am confident the lessons I have learned from racing the Tremblant Canada Cup will help me in Europe.

® J-F Leclerc 2015

® J-F Leclerc 2015

My other big goals for this summer are the World Championships in the Czech Republic, the National Championships, and the World Cup in Mont-Saint-Anne. I also plan on running my Trail Trybe bike camp and working on creating a more solid platform to help introduce people to the sport of mountain biking. To celebrate the third year and the growth of the camp, I will be offering 3 camps this year. For more information, please visit www.trailtrybe.com. I chose the name Trail Trybe because all of us at the camp are linked by the passion of the sport, which is represented by the trail. We ride together and take care of each other, connected by the fact that we are all riding the trail for the same reason, regardless of our differences. I was inspired by the nomadic tribes of Mongolia. Riding with kids helps me recognize what the sport is all about and I really enjoy it. I hope that this camp is an important step in making Tremblant an established mountain bike destination and will encourage the growth of the sport in the region.

There are a lot of exciting events to look forward to this season, but I also hope to enjoy the little things as much as the ones that stand out as important events, such as running with my dog in the morning, watching a movie with my family, or cleaning my bike in the front yard. I am really grateful for everything in my life and I plan on enjoying every part of it.

See you on the trails,

Félix