More on Intrawest
Was the Intrawest deal a verification CNL's strategy of investing in "baby boomer" leisure lifestyle investments? Maybe, and I imagine that is how CNL will spin the transaction. The company that bought Intrawest, Fortress Investment Group, paid a 29% premium over Thursday's (8/10/2006) closing stock price. The Wall Street Journal's article on the transaction said that Intrawest's largest stockholder, a hedge fund, had been pushing the company to create value with its real estate assets. I hope CNL Income Properties is talking to Fortress, too.