News in Brief
October 17, 2006
Colorado Gov. Bill Owens announced Tuesday that Aspen-Pitkin County Airport will receive a $250,000 aviation grant to improve its facilities.The Colorado Aeronautical Board awarded a total of $3.85 million in grants to more than 40 Colorado airports. The money comes from taxes on aviation fuel. The $250,000 grant adds to the $11.8 million in federal and local funding for planned airport upgrades, including a new runway.
The sale of Intrawest Corp. to the New York-based Fortress Investment Group LLC was finalized on Tuesday morning at the Fairmont Waterfront Hotel in Vancouver, British Columbia.The sale of the publicly traded resort operator and real estate developer to the privately held Fortress is anticipated to give Intrawest access to a new source of capital. Fortress Investment Group is a global alternative investment and asset management firm founded in 1998 with more than $24 billion in equity capital under management. Fortress is headquartered in New York, and its affiliates have offices in Dallas, Frankfurt, Geneva, Hong Kong, London, Rome, San Diego, Sydney and Toronto.Fortress manages capital for a diverse group of investors including leading pension funds, endowments and foundations, financial institutions, funds of funds and high-net-worth individuals.Over the last year, Intrawest had been under pressure to sell the company from its largest shareholder, Pirate Capital LLC because they felt the publicly traded shares were undervalued.