Financially troubled Intrawest has agreed to sell one of its smaller ski areas, Panorama, to a group of home and business owners in the area.

The Panorama ski area is in the British Columbia Rockies. Intrawest's bigger holdings include the Whistler Blackcomb ski area north of Vancouver and Steamboat Springs in Colorado.

The transaction will include the resort's on-mountain and Nordic ski operations; a 50% ownership position in the Greywolf Golf Course; all of Intrawest's commercial operations and lodging units in the village; and the land available for real estate development.

The transaction is anticipated to close in February 2010, pending regulatory approvals.

All vacation reservations, season pass and card products will be honored for the 2009-2010 winter season. In addition, vacation packages and passes will continue to be available at www.skipanorama.com.

Earlier this month, public notices of foreclosure proceedings against Intrawest appeared in the New York Times and the Globe and Mail.