Financial Crisis Hurts 2 Western Canadian Mountain Resorts

It appears that the international financial crisis is "slowing the work at Revelstoke Mountain Resort, the major new ski area that was opened last year," according to the Idaho Mountain Express and Guide.

According to another source, the Revelstoke Times Review, "What is clear is that significant management and ownership changes are underway, and the credit crunch, as well as other factors, will cause a delay in the scheduled opening for many of the physical components of the resort and on-mountain infrastructure such as chairlifts.

This report quoted a resort official as saying "control of the project had been assumed by the Northland Properties group... which is operated by the Gaglardi family out of Vancouver." The Times Review said "previous control of the project had been held by Don Simpson, a Denver-based developer of housing." Apparently the new Nelson Lodge will be finished but not on its original schedule.

"At Canmore, meanwhile, the $135 million Solar Resort & Spa has gone into receivership and construction has been halted," reported the Idaho publication. Both Revelstoke and Canmore are in British Columbia. Canmore is right near Banff, while Revelstoke is a much-ballyhooed new, big ski/snowboard area in the Selkirk Mountain Range.

"Big White" Buyers Are Brits, Aussies

Brokers know that with the dollar so weak, overseas visitors to the US are buying second homes and vacation homes in Florida and pieds-a-terre in New York like they are, well, tee shirts. Same thing up North. At Big White, a wonderful ski area above Kelowna, British Columbia in Canada, Gary Turner of Royal LePage told me Tuesday that his biggest new market for buyers is Britain. With Australia not far behind. Why not? It's almost as easy to fly to Big White from London or Sydney as it is to go the Alps, except the Canadian snow is soooo much better. And their kids love the idea of ski/snowboard instruction in English. Handsome two-BR strata (condo) at Sundance can be had for under $465,000. Budget 2-BRs? Under $200,000. No wonder the slogan is "Tired of Tee Shirts? Come home with the ultimate souvenir!"

New Quarter Shares at Whistler

Fans of the Olympics will be able to cheer alpine and other events in 2010 from their own homes if they own one at Whistler-Blackcomb in BC -- or perhaps rent out their units for big bucks. At the huge Canadian resort last week, I saw first hand the lovely village and fantastic twin mountains where much of the action takes place. Whistler has many hotels and condos but owner Intrawest is putting a new set of quarter-share fractionals -- called Evolution -- on stream at prices beginning at $129,000 for a one bedroom.

Winter Olympics Lodging? Try Cruise Timeshares

Don't want a timeshare on land? How about one on sea? How about tossing the 2010 Winter Olympics into the mix? CruiseShip'Shares may be coming to a port near you. The ship Pacific Aurora, under a Canadian Flag, is scheduled to begin sailing in the Vancouver, BC area within the next few months. The ship's initial winter itinerary will offer a Sea-to-Ski program featuring Whistler Mountain, the site of the 2010 Winter Olympics. A spokesman said "to the best of our knowledge this is a unique vacation ownership opportunity and will be among the first for a commercial style cruise ship." First purchasers will have the opportunity to secure occupancy rights during the Olympiad. Vacation ownership unit sales are expected to start as early as mid July but the idea must first be approved by state regulators in Florida.

Intrawest Sale: Good or Bad for Second Homes?

Do you own any property at an Intrawest resort? Should you be concerned that a private equity firm, Fortress Investment, is in the process of acquiring the currently-public company? I think it's too early to judge. IDR was up for sale for months. But JMP Security's respected analyst Will Marks has downgraded his firm's rating of the stock from "strong buy" to "market perform." The resort giant has a piece of 10 mountain resorts including Whistler in British Columbia (an upcoming Olympic venue), Tremblant in Quebec, Copper Mountain and Winter Park in Colorado and Stratton in Vermont. It's building the new Snowmass Village near Aspen and has real estate projects in Las Vegas and Orlando.

The announced sale is a victory for a leading activist shareholder, Pirate Capital, which got its wish for a spike in the stock price. Fortress has valued its offer at $35 a share, a 32 percent premium over the recent stock price.