Financially troubled Intrawest has agreed to sell its interests in the Sandestin Golf and Beach Resort on Florida’s panhandle for an undisclosed amount.
Intrawest will sell the property to the Becnel family of Destin, Fla., the city where the Sandestin is located.
The Becnel family develops and operates resorts and residences in Destin. The family developed Silver Shells Resort, the Palms of Destin and One Beach Club Drive.
The Sandestin purchase agreement includes management contracts for two hotels at the Sandestin — a Residence Inn by Marriott and a Courtyard by Marriott — as well as the management contract for Cottage Rental Agency, a community of beach homes in Seaside, Fla.
The transaction is expected to close by the end of March.
Intrawest, which missed a $524 million loan repayment in December, has sold three properties since then.
In January, Intrawest completed the sale of the Squaw Valley mountain resort in Lake Tahoe, Calif., and reached a deal to sell Panorama Mountain Village, a ski resort in British Columbia.
Also late last year, Intrawest sold the Copper Mountain resort in Colorado.