Intrawest sells Florida resort ahead of Olympic Games

Intrawest ULC, operator of Olympic downhill venue Whistler Blackcomb, announced the sale of its Sandestin Golf and Beach Resort in Florida to the Becnel family on Tuesday.

Intrawest’s owner, private-equity firm Fortress Investment Group LLC, has planned to put other Intrawest assets on the auction block as of Feb. 19 -- right in the middle of the Games -- in an effort to meet its loan payments.

Both the Vancouver Olympic Organizing Committee and Intrawest have gone on the record as saying Olympic competition would not be affected if the auction does occur. VANOC is expected to pay the Vancouver-based company millions for use of the venue after the Games.

Tuesday’s purchase agreement with the Destin, Florida-based family also includes the management contracts for Cottage Rental Agency, a community of beach homes located in Seaside, Florida and two hotel properties, The Marriott Residence Inn and The Marriott Courtyard, both located at Sandestin.

The value of the transaction wasn’t disclosed. The deal is anticipated to close in the first quarter of 2010.

“Intrawest and the Becnel family are committed to work together to ensure a smooth transition of ownership,” the company said in a statement.

The properties will continue to operate "business as usual,” it said. Sandestin Golf and Beach Resort is a 2,400-acre destination complex.

Intrawest also owns the Mont Tremblant ski resort in Quebec.