Question 1

Who is KSL?

Accepted Answer

KSL is a private equity firm specializing in travel and leisure enterprises in five primary sectors: hospitality, recreation, clubs, real estate and travel services. KSL has offices in Denver, Colorado; Stamford, Connecticut; and London, England. Intrawest will continue to honor its multi-resort and season pass products currently on sale.

Question 2

Who is Aspen Skiing Company?

Accepted Answer

Aspen Skiing Company owns and operates the four mountains of Aspen Snowmass – Snowmass, Aspen Mountain, Aspen Highlands and Buttermilk.  In addition, it owns and operates hospitality properties The Little Nell, Residences at The Little Nell, Limelight Aspen and Limelight Ketchum in Ketchum, Idaho, as well as numerous retail and rental locations through the resort and the Roaring Fork Valley.

Question 3

Who is Intrawest?

Accepted Answer

Owner of Steamboat and Winter Park ski areas in Colorado, Quebec's Tremblant, Ontario's Blue Mountain, West Virginia's Snowshoe and Vermont's Stratton. "Intrawest is a collection of remarkable properties in exceptional locations. Each has its own unique story and its own unique sense of place," said Eric Resnick, chief executive officer of KSL. "We are committed to honoring the deep traditions of each resort, while working with Intrawest's talented management team and employees to continue to serve both their guests and local communities."

Question 4

What exactly happened?

Accepted Answer

Intrawest Resorts Holdings entered into a definitive agreement to be acquired by a newly-formed entity controlled by affiliates of the Aspen Skiing Company and KSL Capital Partners. "We are excited to be part of the investment group that is going to work hard to help realize the collective potential of Intrawest's portfolio of resorts," said Mike Kaplan, chief executive officer of Aspen.

Question 5

What are the terms of the agreement?

Accepted Answer

Intrawest stockholders will receive $23.75 in cash for each share of Intrawest common stock, representing a total valuation of approximately $1.5 billion including debt obligations.

Question 6

How is Squaw Valley involved?

Accepted Answer

While not a condition to the merger, Squaw Valley Ski Holdings, the parent company of Squaw Valley/Alpine Meadows resort and an affiliate of KSL, will also become part of the entity at closing, but continue to operate under its current management.

Question 7

What will happen to Intrawest's passes?

Accepted Answer

While there are still great conditions for this year, next year's season passes are already on sale. For the full 2017-18 winter season, Intrawest will continue to honor its multi-resort and season pass products currently on sale. This includes individual resort passes as well as the RMSP+ and the M.A.X. Pass. "Both Aspen and KSL are committed to helping Intrawest accelerate our plans to bring more value to our guests, more opportunities for our employees and more investment into our local communities," said Thomas Marano, Intrawest's chief executive officer.

Question 8

Will Aspen Snowmass or Squaw Valley/Alpine Meadows be added to Intrawest's passes?

Accepted Answer

As passes for next year are already being sold, no immediate changes to pass products are planned.

Question 9

Will Intrawest and the resorts continue with business as usual?

Accepted Answer

Operations at Intrawest and its resorts will continue in ordinary course. For the full 2017-18 winter season, Intrawest will continue to honor its multi-resort and season pass products currently on sale.

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