Intrawest completed its acquisition of Sandestin Resorts Inc. in Florida this week, at a price tag of approximately $130 million US. Intrawest announced the planned acquisition of the 2,400-acre resort on the Gulf of Mexico in May. The purchase includes management of approximately 700 rental units (100 owned by the company), 63 holes of golf, a tennis centre, two restaurants, an sports bar, a full service marina, a health club, a 37,000 square foot retail market and a soon-to-be-completed members only beach club. Future developments include 2,300 residential units and approximately 200,000 square feet of commercial space, which may include a resort village on the Choctawhatchee Bay intracoastal waterway. Intrawest also intends to use its Raven Golf Group to build a new high-end championship course at Sandestin and reposition the existing Sandestin courses. Sandestin is Intrawest’s first acquisition in the company’s efforts to diversify from mountain resorts and develop warm-weather destination resorts.
