LAS VEGAS — Diamond Resorts International, Inc., has entered into a definitive agreement to purchase Intrawest Resort Club Group (IRCG) from Intrawest Resorts Holdings, Inc. for $85 million, subject to certain closing date adjustments. The transaction is expected to be completed by the first quarter of 2016.
IRCG develops, sells interests in, and manages a points-based timeshare vacation club called Club Intrawest. The transaction includes the management contracts with Club Intrawest, the current balance of notes receivable, approximately four acres of undeveloped land, and the current balance of points available for sale. Club Intrawest consists of nine resorts across North America and more than 22,000 members.
Club Intrawest has resorts in Vancouver, Ucluelet, Whistler and Panorama, B.C.; Blue Mountain in Ontario; Mont Tremblant in Quebec, and Palm Desert, California, Sandestin, Florida, and Zijuatanejo, Mexico.
“We are acquiring a business with a very strong member base and a set of high quality resorts that will complement our portfolio, and we look forward to building a mutually beneficial relationship with Intrawest beyond this transaction,” said David Palmer, President and Chief Executive Officer, Diamond Resorts International.
“We are excited to enter into this agreement and believe this is a strategic move for both the vacation club business and Intrawest,” stated Tom Marano, Chief Executive Officer of Intrawest Resorts.
“With the additional cash from this transaction, we are well positioned to continue driving organic growth at our mountain resorts and adventure businesses while also actively pursuing strategic acquisitions and evaluating opportunities to unlock the value of our real estate holdings over time. We are committed to working closely with Diamond Resorts to execute a seamless transaction and look forward to a long-term relationship with Diamond Resorts that we believe will benefit club owners and our resorts alike.”
Diamond Resorts International has a network of more than 350 vacation destinations located in 34 countries throughout the continental United States, Hawaii, Canada, Mexico, the Caribbean, South America, Central America, Europe, Asia, Australasia and Africa. It manages vacation ownership resorts and sells vacation ownership points that provide members and owners with Vacations for Life® at over 350 managed and affiliated properties and cruise itineraries.
Intrawest is a North American mountain resort and adventure company, delivering distinctive vacation and travel experiences to its customers for over three decades. The company wholly owns six four-season mountain resorts with approximately 8,000 skiable acres and over 1,130 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, manages, markets and sells vacation club properties; manages condominium hotel properties; and sells and markets residential real estate.