# Intrawest Corp. Defaults on Loans!?



## Chrisky (Jan 16, 2010)

Someone mentioned this to me in passing and I haven't really checked into it further.  Has CI defaulted on loans, and if so what impact does it have on people who have purchased their points?


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## smbrannan (Jan 17, 2010)

CI has not defaulted, and in fact has no loans on which it could default.  

The problem is with Intrawest Corp., which is the company that develops the resorts where CI buys its properties.

A default by Intrawest Corp. has no impact on CI point holders.


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## Chrisky (Jan 18, 2010)

smbrannan said:


> CI has not defaulted, and in fact has no loans on which it could default.
> 
> The problem is with Intrawest Corp., which is the company that develops the resorts where CI buys its properties.
> 
> A default by Intrawest Corp. has no impact on CI point holders.



Thanks for the clarification.


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## Bill4728 (Jan 21, 2010)

The intrawest corp has a company which does the development for Club Intrawest. So this may effect further development of any new Club Intrawest locations/resorts. BUT Club Intrawest itself is fully owned by the members debit free.

BUT on the news last night in Seattle, the picture they choose to show was the outside of the Club Intrawest resort in whistler.


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## ROCKJenkins (Jan 21, 2010)

*Is 2010 Club Intrawest's Waterloo?*

Seem everything is happening to Whistler all at once. 

1.  The economy

2.  No  snow.

3.  Billion dollar Defaults

4.  2010 Winter Olympics

Club Intrawest number one resort is located at Whistler.  It seems to me that Whistler's Hill Maintenance and grooming budget being siphoned off to help pay Intrawest's debts will decrease the VALUE of owning a Club Intrawest membership.  

RockJenkins


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## ROCKJenkins (Jan 21, 2010)

*New Developer*

Since CLUB INTRAWEST  has not had any growth  (new resorts) for five years I was wondering if members might just welcome a new Developer....?

RockJenkins


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## EducatedConsumer (Jan 21, 2010)

ROCKJenkins said:


> Seem everything is happening to Whistler all at once.
> 
> 1.  The economy
> 
> ...



No snow???

112 inch base at present and 56 inches of new snow in the last 7 days.

We have friends there now who say the skiing is great.


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## ROCKJenkins (Jan 22, 2010)

*Some body must not like the 2010 WINTER OLYPICS*

Somebody must not like the 2010 Winter Olympic.

The way the News Media is telling it here in Seattle makes it look like there hauling in hay to ski on, and storeing snow at the higher elevations for future use.  Videos of the Canadian Mountains show mostly barren ...snowless....brown earth.                         

Also the Seattle media sez the United States cables and satalite outlets will not carry the Canadian television station that has won the rights to broadcast the Olympic Games..  NBC will be telecasting three hour delayed events to it PRIMETIME audience.

Glad to hear it has snowed in WHISTLER..and .....I am hopeing to read on TUGS that ALL IS WELL WITH CLUB INTRAWEST NOW....
.....................................and into the future.

RockJenkins


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## Bill4728 (Jan 22, 2010)

ROCKJenkins said:


> Since CLUB INTRAWEST  has not had any growth  (new resorts) for five years I was wondering if members might just welcome a new Developer....?
> 
> RockJenkins



Yes, 

I was thinking the same thing.

Maybe instead of a loose affiliation with HGVC,  HGVC may wish to buy CI.  They would be a good match since there is no overlap of resorts.


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## Chrisky (Jan 22, 2010)

ROCKJenkins said:


> Somebody must not like the 2010 Winter Olympic.
> 
> The way the News Media is telling it here in Seattle makes it look like there hauling in hay to ski on, and storeing snow at the higher elevations for future use.  Videos of the Canadian Mountains show mostly barren ...snowless....brown earth.
> 
> RockJenkins



There may be a deep base, but they are hauling in bales of hay to help build up the sides of downhill trails and they have been storing snow just in case.  Saw the same thing here on TV.


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## Bill4728 (Jan 22, 2010)

All the alpine ski events end at creekside (which is a pretty low elevation). The upper 2/3 of the mountain has tons of snow but at the village it looks spotty. 

The real problem isn't Whistler, it is the ski area right outside Vancouver. They don't have snow and will have to truck it in after building a base with hay.


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## herindoors911 (Jan 23, 2010)

Bill4728 said:


> All the alpine ski events end at creekside (which is a pretty low elevation). The upper 2/3 of the mountain has tons of snow but at the village it looks spotty.
> 
> The real problem isn't Whistler, it is the ski area right outside Vancouver. They don't have snow and will have to truck it in after building a base with hay.



There is a big difference between the mountains in Whistler and Cypress Mountain, where a lot of other events will take place.  Yes -- they are hauling in hay for Cypress, and will put snow on top of that.   Quite a few expert athletes have been asked if this is OK for the events planned, and they say "YES"! Snow on top of hay is quite good.   There are reports that snow will be helicoptered in too....  the Olympics are a "GO GO GO".


Have to mention here that anyone planning to drive to Whistler during the Olympics will need a VANOC pass from their accom. to verify they have a parking spot.  This pass will be checked twice enroute to Whistler.    No pass -- you get turned back.   The name on the reservation must match the name on the pass.     If you need a VANOC pass, best call your accom. location.


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## Corman (Jan 23, 2010)

no snow?  I was up there january 9-14th. There is alot of snow, we could ski out with no issues. I think people are getting confused on where the lack of snow is. Its on the local mountains not whistler. I will heading up for 4 days again january 27th, I'll let you all know what I find.


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## CLH (Jan 24, 2010)

*Intrawest Financial Issues*

Has anyone heard how the current financial issues facing Intrawest impacts Club Intrawest assests? I have an offer, through a re-seller of Club Intrawest points, on the table, but concerned with their viability going forward. Would appreciate any thoughts.....Thanks  CLH


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## ricoba (Jan 24, 2010)

Bill4728 said:


> Yes,
> 
> I was thinking the same thing.
> 
> Maybe instead of a loose affiliation with HGVC,  HGVC may wish to buy CI.  They would be a good match since there is no overlap of resorts.



Bill, I agree, as I have stated on the HGVC board, I think a HGVC & CI would be a great combo....


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## Bill4728 (Jan 25, 2010)

CLH said:


> Has anyone heard how the current financial issues facing Intrawest impacts Club Intrawest assests?


Intrawest Corp is seperate from CI and they money problem will not effect the current CI owners/resorts.



> I have an offer, through a re-seller of Club Intrawest points, on the table, but concerned with their viability going forward. Would appreciate any thoughts.....Thanks  CLH


IMHO, As far as going forward, Intrawest will not be developing any new resorts for the club with their money troubles.


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## CLH (Jan 25, 2010)

Thanks Bill. 

I also just got a response from CI which says .....Club Intrawest and all its assets are wholly owned by Members. Intrawest is hired by Members of Club Intrawest to manage the Club on their behalf and therefore there would be no impact on your Membership. It is also important to note that Club Intrawest does not carry any debt since all of the Club's operating expenses are paid for by Resort Dues......


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## lotus5 (Jan 26, 2010)

*Vancouver - Whistler - 2010 Olympics*

Just to clarify.   Pics of bare mountains you see on the evening news are the mountains and ski resorts that are on the north shore of Vancouver (city)
There are 3 resorts here that are real skinny for snow.  These are the areas that they are stockpiling and trucking in snow to.    NOT Whistler.   Whistler is about 90 minutes driving north of Vancouver and has lots of snow.   More of the Olympic events are happening in Whistler but many venues are spread out throughout Vancouver area.   Putting on an Olympic event is a crazy money affair.  Just the security budget is around $1B (thats 1,000 x $1million)
The people of BC complain like crazy when the media runs stories about the nutso money that is being spent and of course they all think the money is going on their VISA cards.


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## JonathanIT (Jan 26, 2010)

Bill4728 said:


> Maybe instead of a loose affiliation with HGVC,  HGVC may wish to buy CI.  They would be a good match since there is no overlap of resorts.


OmG, this would be a dream merger!  Intrawest has great properties (all that I have been to).  Whistler is amazing.  What a perfect match for them to become HGVC!  Please!


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## tashamen (Jan 27, 2010)

JonathanIT said:


> OmG, this would be a dream merger!  Intrawest has great properties (all that I have been to).  Whistler is amazing.  What a perfect match for them to become HGVC!  Please!



No, no, no!  I don't want to go to any of the HGVC properties (except South Beach where I've already been but can get to through other options). 

This has been discussed in the past on TUG, and I always have to throw that in that not all CI members would welcome a merger with HGVC.


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## Bill4728 (Jan 27, 2010)

tashamen said:


> No, no, no!  I don't want to go to any of the HGVC properties (except South Beach where I've already been but can get to through other options).
> 
> This has been discussed in the past on TUG, and I always have to throw that in that not all CI members would welcome a merger with HGVC.


I agree that I would like CI not to be bought by HGVC. BUT if Intrawest corp, due to money problems, stops developing new resorts for CI, I like to see HGVC buy it instead of wyndham, Diamond or westgage.


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## JonathanIT (Jan 27, 2010)

tashamen said:


> No, no, no!  I don't want to go to any of the HGVC properties (except South Beach where I've already been but can get to through other options).
> 
> This has been discussed in the past on TUG, and I always have to throw that in that not all CI members would welcome a merger with HGVC.


Ok I don't understand this thinking... why would you not want to expand where you can stay?  With the addition of the Zihuatanejo property this year, HGVC members can already book some of the best Intrawest properties already, just as if they are our own.  In fact, as an Elite member I can access any Intrawest property a full year in advance for reservations. I can't even do that at any HGVC properties except my own and one other.

How does it work currently for Intrawest members, can you access the whole network of HGVC properties already?  If so, then I can see your point... there would be no advantage for you compared to the current situation.


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## WBP (Jan 27, 2010)

There is a letter from the new President of Club Intrawest on the CI Member website (you have to be logged in as a member to read the letter). It is a well written explanation of Club Intrawest's favorable financial position and an explanation of the relationship between Club Intrawest and Intrawest/Fortress. I appreciate the letter. I also like the fact that inquiries are directed to a particular person (a very competent Club Intrawest leader); a nice change from the previous transparency.

Personally, I believe Club Intrawest would be an excellent compliment to Marriott Vacation Club or Disney Vacation Club.


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## pianodinosaur (Jan 28, 2010)

We had the pleasure of staying at Club Intrawest Whistler for our 20th wedding anniversary.  We plan on visiting Mt. Tremblant and Zihautanejo in the future.  I would love to see CI become part of HGVC.


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## tashamen (Jan 29, 2010)

JonathanIT said:


> Ok I don't understand this thinking... why would you not want to expand where you can stay?  With the addition of the Zihuatanejo property this year, HGVC members can already book some of the best Intrawest properties already, just as if they are our own.  In fact, as an Elite member I can access any Intrawest property a full year in advance for reservations. I can't even do that at any HGVC properties except my own and one other.
> 
> How does it work currently for Intrawest members, can you access the whole network of HGVC properties already?  If so, then I can see your point... there would be no advantage for you compared to the current situation.



I'll try to explain from my point of view.  First, as I mentioned, we basically have no interest in most of the HGVC locations that are currently available through CI - those being Las Vegas, Orlando, and Waikoloa.  We have stayed at South Beach as guests of someone on an RCI exchange once, and while we might consider going again, it's not on a very high priority list.  Other HGVC locations, including New York and the affiliates are not available directly, but are available through RCI exchanges (I believe).

However, to be able to exchange into HGVC directly or through RCI is not free for CI members - you have to pay what I consider a rather hefty fee to be part of their Extraordinary Escapes program.  Through EE you can then exchange for any number of days into the HGVC locations mentioned above without an additional fee, but RCI exchanges require an additional exchange fee.

I choose not to pay the fee to be a member of EE, because I use Interval International as my exchange company, and have an individual account that I control rather than the CI corporate account that's available for RCI exchanges.  If we ever wanted to go to Hawaii (doubtful), Las Vegas (possible but not high on the list), or back to South Beach, I can exchange into several other resorts in those locations already through II, including for less than weekly stays now through their Short Stay option.  Granted, they're not HGVC resorts, but to be honest there are lots of other nice ones.

I actually have a free year's membership in EE right now courtesy of CI to try to lure me back into that program, but it will likely expire unused in September.

So for me, what I would see from a possible merger with HGVC is just a lot more people who have access to CI inventory.  So far, I have been able to exchange into the CI locations where we want to go when we want to go, but if that changes because of additional folks having priority access over me or equal access (whether through HGVC or RCI or whatever else comes down the road), I would then likely just get rid of my CI points.  I don't really think that's going to happen anytime soon, even if there was a merger, but you never know.

That's a rather long-winded way of saying that I love several of the CI resorts where we return to fairly often, and when we do exchange I'm very satisfied with what I can get through II, or with direct exchanges with other TUG members.  I recently bought another timeshare strictly to trade through II, and we will likely just use our CI points at the CI locations that we love for the foreseeable future.


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## ROCKJenkins (Jan 29, 2010)

*A New Developer....?*

Club Intrawest Members,

I can understand why you would want less competition in obtaining a Peak Holiday like News Year at Whistler which has a Disneyland Feel to it with all the Bands Parades,Fireworks and exciteing fun in the Village. 

Perhaps an experience Developer like Disney can buy-up  Intrawest Debts (1.5 Billion) and keep it's Disney inventory separate from Club Intrawest's inventory of  timeshares.  I could see that for CI members the opportunity to be associated with a successful timeshare club such as Disney could be exciteing. 



RockJenkins


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## tashamen (Jan 29, 2010)

ROCKJenkins said:


> Perhaps an experience Developer like Disney can buy-up  Intrawest Debts (1.5 Billion) and keep it separate from their inventory of  timeshares.  I could see that for most CI members they would love the opportunity to be equal to Disney Club members.



I'm not sure I understand your point here.  As noted in previous threads, CI is separate from Intrawest.  So if Disney bought Intrawest debts that would not have any impact on CI.

And why would I want to "be equal to Disney Club members?"  Again, this is the same kind of blanket statement that was made previously about HGVC.  I've stayed in 3 DVC properties through II exchanges while they were affiliated with II, but I have no desire to be part of a merger with DVC, if that's what you're suggesting.  But it's Friday afternoon, and maybe I'm misunderstanding...


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## ROCKJenkins (Jan 29, 2010)

*Time will Tell*

I'm not sure I understand your point here. As noted in previous threads, CI is separate from Intrawest. So if Disney bought Intrawest debts that would not have any impact on CI.

And why would I want to "be equal to Disney Club members?" Again, this is the same kind of blanket statement that was made previously about HGVC. I've stayed in 3 DVC properties through II exchanges while they were affiliated with II, but I have no desire to be part of a merger with DVC, if that's what you're suggesting. But it's Friday afternoon, and maybe I'm misunderstanding...

_____________________________________________________

When Worldmark's founding Developer was bought off by Wynham many of its members could only hold it breath and hope for the same thing you just wrote above.....  "NO IMPACT"  Many Worldmark members stop holding their breath long ago and joined together to stop Wynham from changeing their beloved Worldmark.

 I was only using the DISNEYS name because it is one of the most SUCCESSFUL TIMESHARE CLUB to belong to.

I guess the best thing to be said here is......Their would be some CI members who would LOVE to be a part of DISNEY......some members who would LOVE to be associated with Hilton.....and some CI members who are going to hold their breath and hope things just stay the same.  

Like the Worldmark Members used to say......TIME WILL TELL.

ROCKJENKINS


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## smbrannan (Jan 30, 2010)

I agree completely with Tashamen here.  Merging with HGVC does nothing for me as a CI owner.  

I have been a CI owner since 2002 and generally think it is a first class operation.  However, I have become increasingly disappointed that it failed to add new properties (I don't count the properties available through exchange), and in particular the lack of new ski destinations.

Outside of skiing I like to travel internationally, and I need more flexibility than timesharing would provide.  So merging with HGVC would likely just add to the competion for CI ski locations, without adding anything that I would want to use.

One of the key features of CI was that it was linked to Intrawest, which was primarily a developer of ski locations.  When Intrawest acquired Copper, they should have added a CI location there.  But they didn't.  Now Copper has been sold  to pay down the idiotic debt that Fortress took on, and I see the prospects for new ski locations becoming more remote.


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## Bill4728 (Feb 8, 2010)

Here is an official response



> With so much news coverage about Intrawest in the past weeks, it’s important to remember that Members share ownership of the Club. Intrawest acts as the manager of the Club on behalf of Members but all of the Club's assets, including the Vacation Homes are wholly owned by the Members.
> 
> Club Intrawest consists of a number of Vacation Homes held in trust on your behalf. The number of Resort Points each Club Intrawest Member owns determines their proportionate ownership in this Trust.
> 
> ...


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## montyh (Feb 21, 2010)

*Intrawest/Fortress BKR .....Only time will tell*

In regards to Intrawest/Fortress BKR impact will have on Club Intrawest members I can only believe it remains to be seen. I have been trying to see what others have been saying. It appears to me no person really knows. In December Copper was liquidated (discounted) for a fraction of what Intrawest paid and spent on its improvements over past 13 years. This week may see any and all Intrawest assets liquidated by their BKR creditors. My question is how can these facts NOT some how affect Club Intrawest membership? Every asset will be affected by the liquidation (discounted) and new ownership including Whistler. Perhaps for the better but still a big question mark for myself.


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