Intrawest has sold Panorama Mountain Village

INVERMERE (NEWS1130) - A group of 18 investors based in Invermere, led by Cranbrook developer Rick Jensen, has bought Panorama Mountain Village off of troubled resort operator Intrawest.  Jensen says they have no plans to mess with a good thing.  "One of the strengths of the sale is the existing management team and all of the employees. Our focus will be on the development side the existing team will be running the operation side."

Jensen, who has been a developer in the area for the past decade, says the deal is fair to both sides, but the resort won't be a cash cow for the new owners.  "We have a group of investors that love Panorama and they are looking at the long term." The investors are focusing on mountain expansion and do not expect a return on their investment for a long time. He adds the operation has the potential to double in size, and the new owners hope to turn it into Canada's best all season family resort. As for the rest of the winter, Jensen says it will be business as usual at Panorama.