Intrawest continues to sell off its assets, this time a destination resort just outside Pensacola, Florida.
The company announced in a Feb. 9 news release that it has sold Sandestin Golf and Beach Resort to the Becnel family of Destin, Florida, a group that operates resorts, luxury condos, town homes and villas throughout the city.
Tom and Damon Becnel, who have also developed Silver Shells Resort, the Palms of Destin and One Beach Club Drive in Sandestin, Florida, lead the group purchasing the resort.
The sale includes management contracts for Cottage Rental Agency, a community of beach homes in Seaside, Florida and Sandestin's Marriott Residence Inn and Marriott Courtyard hotels. Terms of the sale are expected to be finalized in the first quarter of 2010, according to a news release.
Sandestin marks the third property that Intrawest has sold in recent weeks, since it emerged that the company is struggling to repay a $1.5 billion loan to various creditors. The company reportedly has missed a $524 million payment and creditors have scheduled an auction in New York on Feb. 19.
Other resorts sold this year include Panorama in Invermere, B.C. and the Village at Squaw Valley in California. Last fall Intrawest sold Copper Mountain Resort in Colorado and its interest in a French ski area.