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Mammoth Mountain Sale To Starwood Capital Group Completed

Mammoth Mountain, CA. December 21, 2005 – Dave McCoy, Founder and controlling shareholder of Mammoth Mountain Ski Area (“Mammoth Mountain”) announced today that an affiliate of Starwood Capital Group Global, L.L.C. (Starwood Capital) has completed the purchase of the majority interest in Mammoth Mountain Ski Area for $365 million. Rusty Gregory, who has worked for McCoy for 29 years, will continue as chairman and chief executive officer and will hold a 12.5 per cent interest in the company. Intrawest Corporation (NYSE: IDR; TSX: ITW) (“Intrawest”) will retain a 15 per cent interest in Mammoth Mountain.

With the sale of his company, Dave McCoy, the visionary 90-year-old founder of Mammoth Mountain and his wife Roma sought to establish a legacy for their life’s work. “It was always my intent to build a company for the ages, not just my lifetime and I’m confident that Barry Sternlicht and Starwood are the right partners to continue our work on Mammoth Mountain and in our community.”

“Combining the ski resort that Dave built with Barry’s true gift for developing larger-than-life brands, Mammoth Mountain’s future as a world class destination has never been brighter,” Rusty Gregory said.

“Mammoth Mountain is situated in one of the most beautiful settings in this country and we are excited about working with Rusty, Intrawest and all the company’s employees to make Mammoth one of the best resort experiences in North America,” said Barry Sternlicht, Chairman and CEO of Starwood Capital.

Houlihan Lokey Howard & Zukin, an international investment bank, served as exclusive financial advisor to Mammoth Mountain and structured and negotiated the transaction on its behalf. Houlihan Lokey has maintained over a 15-year relationship with Mammoth and its shareholders.

Mammoth Mountain Ski Area is the leading four-season mountain resort in California. With over 1.5 million skier visits, Mammoth Mountain currently is the second most frequented resort in the United States. The company owns and operates a variety of resort businesses including recreation, hospitality, food and beverage and retail. Specific businesses owned and operated by Mammoth Mountain include Mammoth Mountain Ski Area, June Mountain, Tamarack Lodge & Resort, Mammoth Snowmobile Adventures, Mammoth Mountain Bike Park and the Mammoth Mountain Inn. Mammoth Mountain also operates Juniper Springs Resort, the Village at Mammoth, and Sierra Star Golf Course in Mammoth Lakes, California. For more information on Mammoth Mountain, visit www.mammothmountain.com or call 800.MAMMOTH.

Starwood Capital Group Global, L.L.C., which is headquartered in Greenwich, Connecticut with offices (or affiliate offices) in San Francisco, Washington, D.C., Atlanta, London, Luxembourg and Tokyo, has been an innovative leader in real estate investments since its inception in 1991. Its investors include some of the largest state and corporate pension funds, endowments and high-net worth families from around the world. Currently, Starwood Capital manages a real estate portfolio valued at over $10 billion. In the past fifteen years, Starwood Capital has closed or advised on real estate transactions totaling in excess of $30 billion and has acquired equity interests in hotels, golf and leisure-related properties, residential land, multifamily and condominium units, senior housing, office, retail and industrial space. Starwood Capital and its affiliates have successfully executed an investment strategy that includes building business enterprises around core real estate portfolios, including; the recapitalization, reorganization and expansion in 1995 of a real estate investment trust to become the company that is today known as Starwood Hotels; the acquisition in 2003, in partnership with affiliates of Goldman Sachs & Co., of National Golf Properties/American Golf Corporation, the largest owner/operators of golf courses and related facilities in the U.S.; and contributing assets to create the company which is today known as iStar Financial (NYSE: SFI), one of the leading publicly traded finance companies specializing in commercial real estate mortgage, mezzanine and net lease financing with a current market capitalization in excess of $4.5 billion. For more information regarding Starwood Capital, see www.starwoodcapital.com.

Intrawest Corporation (IDR:NYSE; ITW:TSX) is a world leader in destination resorts and adventure travel. The company has interests in 10 resorts at North America’s most popular mountain destinations, including Whistler Blackcomb, a host venue for the 2010 Winter Olympic and Paralympic Games. Intrawest owns Canadian Mountain Holidays, the largest heli-skiing operation in the world, and an interest in Abercrombie & Kent, the world leader in luxury adventure travel. The Intrawest network also includes Sandestin Golf and Beach Resort in Florida and Club Intrawest – a private resort club with nine locations throughout North America. Intrawest develops real estate at its resorts and at other locations across North America and in Europe. Intrawest is headquartered in Vancouver, British Columbia. For more information, visit www.intrawest.com.