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KSL Capital Partners Acquires 24% Interest In Whistler Blackcomb Holdings Inc.

Stocks in this article: WB

In connection with KSL's acquisition of Intrawest's common shares, KSL will assume Intrawest's rights and obligations under a registration rights agreement which will provide KSL the right to require the Corporation to qualify by prospectus all or a portion of its shares for distribution to the public in Canada, subject to certain conditions. The registration rights agreement is more fully described in the Corporation's final prospectus dated November 2, 2010 and a copy is available on SEDAR at www.sedar.com under the Corporation's profile.

KSL's acquisition of common shares of the Corporation from Intrawest will be made in reliance on the take-over bid exemption contained in subsection 100.1(1) of the Securities Act ( Ontario), its corollary provision in Multilateral Instrument 62-104 Take-Over Bids and Issuer Bids and section 2.3 of National Instrument 45-106 Prospectus and Registration Exemptions.

A report regarding KSL's holding in the Corporation will be filed on SEDAR and will be available under the Corporation's profile at www.sedar.com or by request in writing to KSL Capital Partners, LLC 100 Fillmore Street, Suite 600 Denver, CO 80206.

ABOUT WHISTLER BLACKCOMB HOLDINGS INC.

Whistler Blackcomb Holdings Inc. owns a 75% interest in each of Whistler Mountain Resort Limited Partnership and Blackcomb Skiing Enterprises Limited Partnership, which, together, carry on the four season mountain resort business located in the Resort Municipality of Whistler, British Columbia.  Whistler Blackcomb, the official alpine skiing venue for the 2010 Olympic Winter Games, is situated in the Resort Municipality of Whistler located in the Coast Mountains of British Columbia 125 kilometres (78 miles) from Vancouver, British Columbia. North America's premier four-season mountain resort, Whistler Mountain and Blackcomb Mountain are two side-by-side mountains, connected by the world record-breaking PEAK 2 PEAK Gondola, which combined offer over 200 marked runs, over 8,000 acres of terrain, 14 alpine bowls, three glaciers, receive on average over 1,192 centimetres (469 inches) of snow annually, and offer one of the longest ski seasons in North America. In the summer, Whistler Blackcomb offers a variety of activities, including hiking and biking trails, the Whistler Mountain Bike Park, and sightseeing on the PEAK 2 PEAK Gondola. Whistler Blackcomb Holdings Inc. is listed on the Toronto Stock Exchange under the symbol "WB".  For more information, visit www.whistlerblackcombholdings.com. Additional information related to the Corporation is available on SEDAR at www.sedar.com.

ABOUT KSL CAPITAL PARTNERS, LLC

KSL is a private equity firm specializing in travel and leisure enterprises in five primary sectors: hospitality, recreation, clubs, real estate and travel services. KSL has offices in Denver, Colorado and New York. KSL's current portfolio includes some of the premier properties in travel and leisure, including The Belfry, The Grove Park Inn, The Homestead, Montelucia Resort & Spa, Barton Creek Resort & Spa, Rancho Las Palmas Resort & Spa, The James Royal Palm, La Costa Resort and Spa, and ClubCorp, one of the world's largest owners of private golf and business clubs. KSL also owns other premier recreation businesses, including Squaw Valley and Alpine Meadows, two of the leading ski resorts in North America; and Western Athletic Clubs, the owner and operator of luxury fitness clubs in California.

For more information on KSL, please visit www.kslcapital.com.

CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS

This press release may contain forward-looking statements or information, within the meaning of applicable Canadian securities laws, including, but not limited to, statements with respect to the anticipated closing date for KSL's acquisition of Intrawest's common shares of the Corporation, the appointment of new officers and new directors of the Corporation, KSL's assumption of Intrawest's rights under the rights registration agreement with the Corporation and other information or statements about future events or conditions which may prove to be incorrect.

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