SANDESTIN GOLF AND BEACH RESORT SELLS OVER 90% OF FIRST-PHASE OF NEW PEDESTRIAN VILLAGE REAL ESTATE DEVELOPMENT IN 7 HOURS

Successful Launch Represents a Milestone for Intrawest Corporation and its First Warm-Weather Resort Village --

DESTIN, FL -- (July 5, 2000) - After selling nearly all of its existing real estate inventory in the past four months, Sandestin Golf and Beach Resort celebrated July 4th with the weekend pre-construction sale of 202 units representing over $71 million in new real estate. The units represent the initial phase of residential real estate development that will be located within Sandestin's planned Village of Baytowne Wharf. Construction of the first phase of the village is planned to begin in late summer, and is planned to be completed by early 2002.

Intrawest Corporation, the leading developer and operator of village-centered resorts across North America, announced its $400 million development plan for Sandestin Golf and Beach Resort earlier this year.

Since Intrawest Corporation purchased the resort in 1998, Sandestin has undergone many upgrades and expansions, including the March opening of a fourth world-class golf course - the Raven Golf Club at Sandestin. Other completed plans include the development of the new Burnt Pine Clubhouse; a redesigned and enhanced Baytowne Clubhouse; upgrades to existing golf courses; the addition of the Dunes Putting Course - the first completed phase of the 7-acre aquatic recreation facility called The Lagoons; the addition of new tennis courts; refurbishment of the 175-unit Bayside Inn to better serve meetings and convention groups; and the development of the property's multimedia information office known as The Discovery Center.

For Intrawest Corporation, this weekend's $71 million in sales revenue represents the company's success in its first warm-weather resort development project. The company is so encouraged by the success of the Sandestin project, that they recently announced a second warm-weather development at Lake Las Vegas, Nevada. The deal calls for an eclectic and animated Mediterranean village and resort on the largest privately owned lake in Nevada.

"The real estate sold at Sandestin during this first phase will all be situated within the family-oriented, pedestrian-only Village of Baytowne Wharf, which further represents the dynamic renaissance at Sandestin," said Todd Patrick, vice president, sales and marketing, golf development for Intrawest. "We are truly excited by how well Intrawest's resort village concept has been received in Sandestin. It confirms that whether we are in the mountains or on the beach, our village-centered strategy successfully improves the homeowner and guest experience - and people are wanting to be a part of it."

The launch event attracted hundreds of homeowners and resort loyalists. Crowds gathered early, with buyers hoping to secure a home within the village, which is expected to provide residents, as well as guests, a lively center for social activity and entertainment. Intrawest's track record of success in developing award-winning resorts relies on the concept of creating a vibrant, colorful, environmentally sensitive village community where guests and residents of all ages have the opportunity to rejuvenate, reflect, play and learn. The success story at Sandestin is similar to that experienced during Intrawest's sales launch of such well-known village-centered mountain resort properties as Whistler/Blackcomb, British Columbia; Copper Mountain, Colorado; and Stratton Mountain, Vermont.

"We've been vacationing in Canada at Intrawest's Mont Tremblant for many years. We absolutely love Intrawest and were very impressed with their resort there. When we learned that they had purchased Sandestin, we wanted in," said Terri Fedonczak, homeowner.

Intrawest's Village of Baytowne Wharf at Sandestin is the $172 million jewel of the $400 million development plan at Sandestin. Adjoining the property's 98-slip Baytowne Marina, the pedestrian village spans 28 acres along Florida's intracoastal waterway and will include 650 planned residential units and 76,000 square feet of commercial space, making it a dynamic year-round community. Once complete, the village will offer residents and visitors boutique-style shopping, unique eateries, galleries and entertainment venues. The personality of the village will be made to appear as if it had evolved naturally over the past 150 years, reflecting in its design and views- the distinctive historic influences inspired by the French, Spanish, colonial, antebellum, and "Low Country."

Sandestin Golf and Beach Resort is located on the Panhandle of Northwest Florida between Pensacola and Panama City, eight miles east of Destin. The award-winning property currently features 730 rental accommodations on 7.5 miles of beach and bayfront property. It offers unlimited amenities including 73 holes of championship golf; the Golf Learning and Performance Center; 14 world-class tennis courts; 98-slip marina; Jolee, Island Nature Park; a health club and salon/day spa; KidZone children's programs and KidSail Sailing Academy; two waterfront restaurants; 33,000 square feet of function space and 30 specialty market shops. Resort guests receive a Park Pass at check-in that entitles them to unlimited use of the health club, bicycles, boogie boards, canoes, kayaks, tram, children's on-property fishing license and an hour of tennis court time daily at no extra charge.

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 in Colorado, Stratton in Vermont, Snowshoe Mountain 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, Squaw Valley near Lake Tahoe, California and Lake Las Vegas Resort, Nevada 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. The company also owns and operates 19 golf courses and several premier golf clubs, including two Raven Golf Clubs in Arizona, one in Sandestin Golf and Beach Resort and one to open in August 2000 at Three Peaks, Colorado.

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 online at www.intrawest.com .