Vancouver, Canada-based Intrawest Holdings, owner of Whistler-Blackcomb resort, which is hosting ski events for the Vancouver Winter Olympics this month, said it has agreed to sell its Sandestin Golf and Beach Resort, Destin, Fla. as it looks for ways to get out from under a heavy debt load.
Intrawest did not disclose the purchase price but said the sale, which was made to the Becnel family, will close in the first quarter of this year, reports Reuters.
The private equity firm, Fortress Investment Group, owns Intrawest and has been negotiating with lenders over the $1.7 billion debt Fortress took on when it bought the resort operator and real estate firm in 2006.
This is the third asset sale announced by Intrawest in the past three months. In January it agreed to sell its Panorama Mountain ski resort in eastern British Columbia, and in November it announced the sale of its Copper Mountain ski resort in Colorado.
The Sandestin agreement includes management contracts for a community of beach homes in Seaside, Florida, and two Marriott hotel properties.
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