VANCOUVER, June 21 /CNW-PRN/ - Intrawest Corporation announced today its agreement to develop the Village at MonteLago located at Lake Las Vegas Resort, just 17 miles from the famed Las Vegas strip. In coordination with The Ritz-Carlton Hotel Company, L.L.C., Cook Inlet Region Inc., Transcontinental Properties, Inc. and Lake Las Vegas Joint Venture, Intrawest will develop a Mediterranean village on the largest privately owned lake in Nevada.

The Village at MonteLago will be set upon 50 acres on the west end of the 320-acre private lake and will include a 350-room luxury Ritz-Carlton hotel, approximately 900 luxury condominium units, a 40,000 square-foot casino, a 30,000 square-foot day spa, 125,000 square feet of commercial space accommodating up to approximately 40 retail boutiques, waterside specialty restaurants and cafes, and upon completion, 50,000 square feet of office space. The total value of the Ritz-Carlton property and the Intrawest Village is $500 million.

The Village at MonteLago is an opportunity for us to apply our expertise in one of the most unique and energetic environments in North America,'' said Gary Raymond, executive vice president. ``We believe that the vision for The Village will result in creating another `must visit' attraction for everyone visiting the Las Vegas and Lake Mead region.'' 

Guests of The Village will discover all of the elements of an Intrawest signature village - a pedestrian-only, animated experience where streets curve to plazas aligned with specialty shops and filled with entertainment. This Mediterranean-style lakeside resort will be terraced into the hillside with residential condominiums harmoniously woven into the village. Visitors will discover all of the advantages of lake living: boating, sailing, windsurfing, kayaking and sport fishing. Also located within the 2,245-acre Lake Las Vegas Resort are world-class golf facilities, white sandy beaches, a mile of lakeside walkways and harbourside boat docks that complete the experience of this authentic European atmosphere that will blend the best of Tuscany, Portofino and Monte Carlo.

Construction of the village is scheduled to begin before the end of 2000 with an anticipated opening date in the spring of 2002.

Intrawest is the leading developer and operator of village-centered resorts across North America. The company owns Whistler/Blackcomb, North America's most popular mountain resort. It also owns Panorama in British Columbia, Blue Mountain in Ontario (50%), Tremblant and Mont Ste. Marie in Quebec, Copper Mountain in Colorado, Stratton in Vermont, Snowshoe in West Virginia, Mountain Creek in New Jersey, Mammoth in California (59%), and Sandestin Golf and Beach Resort in Florida. The company is creating world-class, four-season resort villages at Keystone, Colorado; Solitude, Utah; and Squaw Valley near Lake Tahoe, California and has a premier vacation ownership business, Club Intrawest. Intrawest has a significant investment in Compagnie des Alpes, the largest ski company in the world in terms of skier visits, and a 45% interest in Alpine Helicopters Ltd., owner of Canadian Mountain Holidays, the largest heli-skiing operation in the world.

Intrawest Corporation's shares are listed on the New York (IDR) and Toronto (ITW) stock exchanges. The company is headquartered in Vancouver, British Columbia and is located on the world wide web at www.intrawest.com.