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.

Herb garden on the Promenade Deslauriers for restaurants

In order to demonstrate its commitment to sustainable development, Station Mont Tremblant has just finalized an eco-responsible guide that includes several actions related to the following issues:

  • The reduction of greenhouse gases (GHG)
  • Management of raw and residual materials
  • The quality of products and services
  • Impact on regional economic development

Mont Tremblant Resort is the first Quebec ski resort certified as an eco-responsible company by the Sustainable Industries Council.

One of the actions suggested by the 5-year eco-responsible plan is to make available to its trading partners a herb garden. The Tremblant Resort Association, a partner of Station Mont Tremblant, supported this project by planting herbs in an area that was originally meant to feature only decorative non-edible flowers.

This concrete action, however small, is the first in a series of actions that will make Tremblant an eco-responsible destination, concerned about its environment, its customers, partners and employees, as well as the regional economy.

Tonga Lumina officially opens at Tremblant: A night walk in search of the giant

Last night at Tremblant was the Tonga Lumina pre-launch, a unique Moment Factory creation. Both global leaders, the pair of Québec giants joined their savoir faire to develop an immersive, interactive and illuminated night walk that begins with a ride on the Flying Mile lift and from the mid-way station, plunges spectators into a universe that showcases the mountain’s natural elements.

From left to right : Jonathan St-Onge, Producer at Moment Factory, Patrice Malo, President and Chief Operating Officer at Station Mont Tremblant and Pascal De Bellefeuille, representative for Ville de Mont-Tremblant’s Mayor

“It is with great pleasure that we see this major project come to life, one that merges the mountain’s specificities and our resort vacationing knowledge with the creativity, talent and expertise of the Moment Factory team,” said Patrice Malo, Station Mont Tremblant’s President and CEO. “In addition to being a perfect complement to the resort’s varied offer, this new first-rate evening adventure is tailored to suit visitors of all ages.”

“It was a genuine pleasure working with Station Mont Tremblant’s team, creating a new immersive multimedia experience for the region’s visitors and residents. Inspired by Mont Tremblant and its legends, Tonga Lumina is our latest night walk that invites visitors to rediscover this magnificent site at night, and enjoy a different type of adventure in nature,” explained Moment Factory producer Jonathan St-Onge.

The Legend

Legend has it that a sleeping giant calls Mont Tremblant home, and that upon each of his awakenings, his descendants would return to this sacred land to seek out his ancient wisdom. Now in our modern times, as the forest is cloaked in shades of green, the giant beckons to us as well. Donning the amulet of the forgotten people, curious, observant spirits follow a mysterious path deep into the heart of the mountain, to discover the secret he wishes to share.

About the Night Walk

  • For all ages, open daily; July 20 to October 9 2017;
  • Deploys across a 5 km forest trail;
  • Starts on Flying Mile lift;
  • Visitors receive an amulet that enhances their experience by interacting with the multimedia environment as they progress through the walk;
  • Continuous departures from sundown until closing, a maximum of 300 persons every thirty minutes;
  • Average duration one hour, or according to the pace of participants.

Tickets are on sale at tongalumina.ca for $26.99 per adult, $16.99 for teens ages 13 to 17, and $10.99 for kids ages 6 to 12. Admission is free for children 5 and under.

About Moment Factory

Moment Factory is a multimedia entertainment studio offering a full range of production expertise under one roof. Our team combines specialization in video, lighting, architecture, sound and special effects to create remarkable experiences. Since its inception in 2001, Moment Factory has created more than 400 unique shows and destinations. Productions span the globe and include clients such as the Los Angeles International Airport, Nine Inch Nails, Microsoft, the NFL, Sony, Toyota, la Sagrada Familia in Barcelona, Madonna and Royal Caribbean.

Tremblant celebrates Canada’s 150th

Tremblant is celebrating Canada’s 150th anniversary on July 1 with a free activity and event programme that is bound to please both tall and small alike, with roving entertainers and the traditional birthday cake to musical performances and fireworks, late evening.

A Lively Village

All day long on July 1, kids are sure to enjoy our mascot Toufou and balloon sculptor, Marc-Ambulle. In the afternoon, on Place des Voyageurs, visitors are invited to attend the flag-raising ceremony, and share a piece of cake decorated like the Canadian flag, with face-painting for the little ones who are welcome to choose any animal or character they wish.

Highs & Foreign Diplomats – Free Outdoor Shows

In addition to the day’s family fun, Canada Day celebrations take centre stage with Toronto alternative pop band Highs playing the opening act. Afterwards, known for its contagious energy, Laurentian band Foreign Diplomats fires up the mood with its indie pop sound. Next, the Canadian Flag Parade takes place at 10:30 pm, followed by the fireworks show at 10:45 pm. As a result, some roads will be temporarily closed to traffic, so kindly plan ahead (details below).

Action-Packed Long Weekend

Friday June 30 at 8:30 pm, Gab Padilla cleverly fuses a string of musical genres, from blues to rock and hip-hop.

Then on July 1, we’re celebratig the arrival of summer at the Beach and Tennis Club with a Beach Party! Festive atmosphere throughout the day with entertainment, DJ and games including a volleyball tournament and more! Discover the new lounge bar and the snack bar and enjoy the facilities with free activities provided by Le Centre Nautique Pierre Plouffe and Académie de Tennis André Lemaire. Join the event on Facebook for updates.

Sunday July 2, Rob Lutes climbs on the Place St-Bernard stage with his deep voice and perfect blend of blues, folk and Americana. Programme details at tremblant.ca.

Canadian Heritage support

Canadian Heritage has provided $42,000 under the Celebrate Canada program for festivities in Mont-Tremblant. “In this year, when we mark Canada 150, Canada Day is undoubtedly the high point of the celebrations taking place across the country,” said the Honourable Mélanie Joly, Minister of Canadian Heritage. “I invite residents and visitors to get out and enjoy the many activities offered in Tremblant to celebrate our history, heritage, culture and achievements with pride.”

Please note that Saturday July 1, owing to the Canada Day Fireworks Show taking place at 10:45 pm, certain roads will be temporarily closed to traffic:

  • 2:00 pm – midnight: Partial closure of Chemin du Curé-Deslauriers, from Chemin Duplessis to Chemin des Voyageurs
  • 10:15 pm – 11:30 pm: Closure of P4X parking area;
  • 10:40 pm – 11:00 pm: Partial closure of Chemin Duplessis, from Montée Ryan to Chemin des Voyageurs; as well, partial closure of Chemin des Voyageurs, from Chemin au Pied-de-la-Montagne to Chemin du Curé-Deslauriers.

 

Happy Canada Day!

 

The Grand Défi Pierre Lavoie cycling tour stops in Tremblant

We are proud to announce that next Saturday June 17th, the Grand Défi Pierre Lavoie cycling tour will make a stop in Tremblant.

Around 10AM, 215 recreational vehicles will be arriving from Ste-Agathe followed by 400 cyclists expected to arrive at around 1PM.  The convoy will stop at the mountain for a quick lunch at Chalet des Voyageurs and they’ll be on their way by 2:30PM.

It is an honour for Tremblant to be associated with this great initiative by sharing our playground with thousands of people promoting common values:  Promoting a healthy and active lifestyle to future generations.

Please join us in welcoming these amazing athletes and participants of the 9th edition of the Grand Défi Pierre Lavoie as they arrive at la Place des Voyageurs and hear the inspiring words of their spokesperson.

Key activities

  • 10 AM                       Arrival of 215 recreational vehicles
  • 10 AM-2H45 PM    Music and entertainment at la Place des Voyageurs
  • 1H30 PM                  Arrival of the 400 cyclists
  • Noon – 2PM             Lunch for all participants at le Chalet des Voyageurs
  • 2:15PM-2:30PM     Short speeches by Pierre Lavoie, Pascal De Bellefeuille and Patrice Malo
  • 2H30 PM                 Cyclists depart
  • 2 :45 M                     Recreational vehicles depart

We encourage you to join the festivities and energize the participants with your cheers and even posters. Make some noise!  Your presence will mean the world to them and will ensure the success of this annual event to raise awareness.

We thank you for your usual wonderful collaboration!