Intrawest Commits to Sell Vacation Club Business for $85 Million

– Company Significantly Enhances Financial Capacity to Support Future Growth –

DENVER–(BUSINESS WIRE)– Intrawest Resorts Holdings, Inc. (NYSE:SNOW), a leading North American mountain resort and adventure company, today announced that it has entered into a definitive agreement to sell Intrawest Resort Club Group (“IRCG”), its vacation club business, to Diamond Resorts International, Inc. (NYSE: DRII) for $85 million, subject to certain closing adjustments. The transaction is expected to be completed by the end of the first quarter of calendar year 2016 and is subject to certain closing conditions.

“We are excited to enter into this agreement and believe this transaction creates meaningful value for our shareholders as it better positions Intrawest for greater long-term growth,” stated Tom Marano, Chief Executive Officer of Intrawest Resorts. “With the additional cash from this transaction, we are well positioned to continue driving organic growth at our mountain resort and adventure businesses while also actively pursuing strategic acquisitions and evaluating opportunities to unlock the value of our real estate holdings over time.”