Vail buys Whistler

If you can quantitatively measure Dunning-Kruger, general overall hubris and also have the ability to see in the future, it's obvious.

No.
Nope.
Aaaaaaaaand, no.

Guess it ain't so obvious LOL (nice Dunning-Kruger inclusion btw!!)

Bingo. The invisible ceiling of a 100% tourist based town whose metrics and fundamentals have gone incalculable.

$120M personally, along with stock benefits.

Here's the rub I'm surprised no one is wondering:
2006 Fortress tables a take-over bid of $2.8B with the exchange at that time $0.895 (roughly)
Fast forward to today, Vail pens "friendly purchase" at $1.4B with exchange at $0.77

Where's the $1.2B differential and why?

Le Sanch

PS: This is my line of work, so I'm kinda keen to understand the books and the mechanics of this purchase.

I think most of it chalked up to an originally stupid overvaluation by Fortress. At the IPO, the company was valued at C$453MM. So $1.4BB is looking pretty darn good to investors today.

I think most of it chalked up to an originally stupid overvaluation by Fortress. At the IPO, the company was valued at C$453MM. So $1.4BB is looking pretty darn good to investors today.

As much as I like to slam hedge funds and other umbrella corporate entities, they usually don't chalk things up and make such grand errors in calculation or over-valuation. I believe there to be some grease in this deal, or there was grease in the original deal to certain unnamed parties involved. Just saying. I mean, if memory serves me correct, there was even a $60M slush fund that was skirted as "break up fee" at the time of Intrawest/Fortress. Ultimately, my take on it is there's always more than meets the public's eye.

I just think back to when I lived in Whistler 12 years ago and what it has become.
Who would ever have thought it would turn into such a beast.

Permanent for 17 years man, and almost 6 months per year for 8 years prior to that. I'm a '92er!! I've seen this place change a lot. But honestly?? The most dramatic and sadly, most negative change I've ever seen, witnessed and realize as actual/factual, has occurred in the last 2-3 years. It's become the excess-consumeristic-yuppy-see-me-scene-boutique-BitchMoanWhine beast of epic proportions with all the things "not 'core" celebrated and revelled in. So sad. I much prefer the dirtbag days. I don't mind this Vail notion, hopefully something will shakedown and give pulse again.

Whatever, one thing that never changes is everything changes. Now I gotta go and tell these punkass kids to get off my lawn.

Le Sanch

Any of you guys read GD maxwells' piece in the pique this week ?

Any of you guys read GD maxwells' piece in the pique this week ?

Link?

http://www.piquenewsmagazine.com/whistler/maxed-out/Category?oid=2125908

I started skiing Whistler in 1984. It sure was a much different place then. It didnt take many years for the change to start and it has always seemed pretty clear what the intended path was. It isnt a place concerned with local dollars/visitors.

Any of you guys read GD maxwells' piece in the pique this week ?

Yep.

But it's gotta at least be better in a different-kinda-maybe-sorta-at-least-they're-a-ski-resort-corporation kinda way?? Maybe?? Better than Fortress??

Yep.

But it's gotta at least be better in a different-kinda-maybe-sorta-at-least-they're-a-ski-resort-corporation kinda way?? Maybe?? Better than Fortress??

I don't think this deal will make the high times more busy, they're pretty much already at capacity. It would make the lower times more busy, which would be good for the resort.

I look forward to a cheaper pass… hopefully that will happen. Only time will tell.

I think the Renaissance project will have more of an impact. The road can't accommodate the increased traffic and despite them putting in more alternate modes of transportation people will still drive.

As for staff accommodations. W/B pays taxes and fees to the Muni, the Muni should be focusing on housing staff to accommodate this RESORT Municipality.

RESORT Municipality.

yep

As for staff accommodations. W/B pays taxes and fees to the Muni, the Muni should be focusing on housing staff to accommodate this RESORT Municipality.

I don't like the term "staff" but get yer drift… Many of us here are our own bosses owning our own businesses and the like. When people think "staff housing" they think of sub par high-density boxes that house thankful Aussies for the winter months who schlep tables at night and put people on chairlifts during the day. It goes WAY beyond that - many people - myself included - have families, young kids, etc. and we've been part of this town in whole or individually for a couple decades. I'm not asking for subsidy or handouts, I'm doing alright. But I'm also not keen on competing with overseas investment when it comes to upgrading to my next family home. I'm not a tourist - I'm one of the many who are here creating the town responsible for tourism.

It's an interesting juxtaposed perspective. I'll leave it at that. But my take at this point is cautionary with this Vail purchase. I like what I read, and usually when it comes to corporatocracy, that's when you need to be careful. But it seems dear Nancy and Mr. Sturdy are more than willing to drop their drawers and do whatever's asked of them in the "Name of Vail". Which is - basically - remove the cap from this town's BU limits, expand it to the nines, etc. The romance of this little mountain town (sic) will get lost as it's already well on its way to whoredom anyway. But when you're in it, living it, being an integral part of it, things tend to hit closer to the heart and home than simply reading it off a newsfeed or the like.

I just think back to when I lived in Whistler 12 years ago and what it has become.
Who would ever have thought it would turn into such a beast.

in 2004 i think whistler was well on it's way to what it is today. Maybe I could see if you lived there in 1984 that you'd be shocked

Max nailed it.

Unless we get our catapult technology up to snuff, we're maxed out in Whistler. Getting in and out of here with cars on the weekends is just fucking awful… I don't know how weekenders do it.

I hear ya 'Mat . . . The problems will be when the weekenders start to wonder "why" they do it , and I suspect that day might be not far off .

I hear ya 'Mat . . . The problems will be when the weekenders start to wonder "why" they do it , and I suspect that day might be not far off .

I'm already there. And I was a "weekday" hero. Or at least I told myself such.