Whistler Blackcomb goes public
Whistler Blackcomb's owner Fortress Investment Group recently announced that it was taking the ski resort public. This decision comes after an unsuccessful bid to sell the resort outright in order to repay $296 million in debt. In response to lukewarm reception from investors, Whistler Blackcomb holdings reduced the initial offering share price from CDN $14-15 to $12.
Despite the still lingering lure of the Olympics, Whistler is seen as a high-risk investment due to its dependence on volatile weather patterns, according to Dow Jones Newswires. In today's uncertain market, investors prefer to stick to low risk ventures and safer markets.
Whistler declined to comment on the ongoing process.
But Whistler's not the only ski resort waving the For Sale flag these days. The publicly held Vail Resorts announced last week that it closed on its acquisition of Northstar-at-Tahoe. The sale means that Vail's Epic passholders now will have unrestricted access to Vail's Colorado resorts and California's Northstar and Sierra-at-Tahoe, in addition to Heavenly Resort, which Vail has owned since 2002.
Idaho's Tamarack Resort has been searching without success for a buyer since its collapse in 2008 and owes the state $250,000 by November 5 for the lease on its land. The state says it's unlikely the ski resort will open if the money isn't paid.