Intrawest sells Mammoth Lakes Holdings to Starwood Capital

$60 mil Pre-tax Profit

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. October 14, 2008

VANCOUVER, Canada, March 13, 2006. Intrawest Corporation, a world leader in destination resorts and adventure travel, announced today the completion of a previously announced joint venture with an entity controlled by Starwood Capital Group Global, L.L.C. (Starwood Capital) in which the joint venture has agreed to acquire the majority of Intrawest's real estate in the Town of Mammoth Lakes, California. The real estate comprises the future development of over 1,100 residential units and 40,000 square feet of commercial space. The transaction will result in a pre-tax profit to Intrawest of approximately $60 million. Pre-tax net proceeds to Intrawest amount to approximately $108 million, which will initially be used to pay down debt. The closing of the transaction will take place in two phases: the first is expected to close prior to March 31, 2006, and the second by April 30, 2006.

Intrawest will have a 15 per cent interest in the joint venture partnership and will act as development manager and provide marketing and sales management expertise thereby earning management fees from the future development of real estate in the Town of Mammoth Lakes.

"The joint venture with Starwood meets our strategic objective of maximizing our return on invested capital and continuing our move to an expertise-driven business model," said Joe Houssian, chairman, president and chief executive officer of Intrawest Corporation. "Today we have realized significant value from our real estate at Mammoth Mountain and in future, as we continue the build-out of the master-planned resort, we will act as development manager and sales manager earning management fees in the process. Starwood understands the importance of having both the resort and real estate operations controlled by the same entity and we are delighted to maintain an interest in the real estate at Mammoth Mountain."

"We are very excited to add this partnership with Intrawest in the real estate development at Mammoth Lakes to our previously announced partnership in the mountain operations," said Barry Sternlicht, Starwood Capital's chairman and chief executive officer. "We look forward to working with Intrawest, Mammoth Mountain Ski Area, town officials, the local business community and the citizens of Mammoth to broaden the resort's appeal to all segments of the consumer market and create the 'Mammoth' experience, a distinctly Californian year-round ski and summer mountain resort."

The joint venture does not include Intrawest's real estate at June Mountain representing the future development of approximately 500 residential units.

Statements contained in this release that are not historical facts are forward-looking statements that involve risks and uncertainties. Intrawest's actual results could differ materially from those expressed or implied by such forward-looking statements. Factors that could cause or contribute to such differences include, but are not limited to, Intrawest's ability to implement its business strategies, seasonality, weather conditions, competition, general economic conditions, currency fluctuations and other risks detailed in the company's filings with the Canadian securities regulatory authorities and the U.S. Securities and Exchange Commission.