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INTRAWEST DEVELOPMENT CORPORATION ANNOUNCES PRIVATE PLACEMENT

 INTRAWEST DEVELOPMENT CORPORATION ANNOUNCES PRIVATE PLACEMENT
 VANCOUVER, Jan. 28 /PRNewswire/ -- Intrawest Development Corporation announced today that its board of directors has approved the private placement of 2,707,692 common shares at an issue price of $9.75 per share (resulting in aggregate gross proceeds to the company of $26.4 million).
 HAL Investments N.V. is acquiring 2,000,000 of the shares with the balance to be acquired by the Caisse de dpt et placement du Qubec. Before this private placement there were 17,288,932 common shares outstanding. The private placement is subject to regulatory approval and is expected to close on or about Jan. 31, 1992. The company is also pleased to announce the appointment of Paul M. Manheim to its board of directors. Manheim is vice president corporate development of an affiliated company of HAL Investments N.V. Manheim is in HAL's office in Seattle.
 HAL Investments N.V. is a wholly owned subsidiary of HAL Holding N.V. which is an international holding company with interests in Western Europe and North America. The HAL group of companies are the former owners of Holland America Line, a well-known cruise and tour company. The Caisse de dpt et placement du Qubec is one of Canada's largest financial institutions and is headquartered in Montral.
 "We are very pleased to have these two significant entities join our shareholder group," said Joe Houssian, president of Intrawest. "We look forward to the strategic advantages which the HAL group will be able to provide given their expertise in the hospitality industry and their presence in the United States." A portion of the proceeds from this new equity will be used to continue the expansion of the Mont Tremblant resort in Qubec which Intrawest acquired on Aug. 31, 1991.
 In Seattle, Intrawest has developed The Newmark, a 23-story residential tower and three-level rental complex located next to Pike Place Market. The company will begin construction soon on Belltown Court, a large mixed-use project in the Denny Regrade neighborhood, and Park Highlands at Wilburton located in Bellevue. Belltown Court's two seven-story buildings will contain 245 apartments, an atrium-enclosed swimming pool and 14,000-square-feet of street front retail space. Park Highlands at Wilburton is a mixed income residential development of 250 units on an 11.5 acre site conceived as a village with a plaza, community facilities, day care and a senior citizens building. Intrawest was selected by the city of Bellevue after a nationwide competition.
 Intrawest also has an 87 percent interest in the operations of Blackcomb Mountain, a destination ski resort located about 75 miles northeast of Vancouver. Under Intrawest's ownership, skier visits have increased from 278,000 in 1986 to over 800,000 in 1991.
 -0- 1/28/92
 /CONTACT: Daniel Jarvis of Intrawest Development, 604-669-9777/
 (ITW.) CO: Intrawest Development Corporation ST: Washington IN: SU:


PS -- NY104 -- 4509 01/28/92 20:30 EST
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Publication:PR Newswire
Date:Jan 28, 1992
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