Under the lease agreements, Intrawest and Heineken will manage and operate Parque de Nieve Madrid Xanadu, the only indoor snow dome in Spain. In an effort to enhance the overall customer experience, Intrawest and Heineken will invest 3.5 million euros in renovations to improve the snow dome facilities. These global brand partners are the latest examples of world-class organizations partnering with The Mills, including Discover Card, The Coca-Cola Company, Toyota and PBS Kids.
"Intrawest and Heineken join other leading global brands that recognize the value of partnering with The Mills. By strengthening the entertainment experience for our visitors, these internationally recognized firms will enhance our unique approach to creating exceptional consumer destinations," said Laurence C. Siegel, chairman and chief executive officer of The Mills Corporation. "As the only U.S. developer to build and operate a major retail center in Europe, we have demonstrated that we know how to create a great experience for Spanish consumers and European visitors at Madrid Xanadu and these partnerships reinforce our commitment to excellence."
Intrawest, a world leader in destination resorts and adventure travel, brings to Parque de Nieve its world-class experience in the operation and development of destination resorts and real estate properties, including Whistler Blackcomb, a host venue for the 2010 Winter Olympic and Paralympic Games in British Columbia; Mammoth Mountain, CA; Snowmass in Aspen, CO; and Les Arcs in France. The company will oversee the complete snow-related operations at Parque de Nieve, including marketing and sales, operations and maintenance of the snow dome and management of the ski and snowboard school. Intrawest will program the snow dome with a wide range of lessons, themes and events to maximize revenue and enhance the guest experience.
"This is a great opportunity for Intrawest to expand our presence in Europe," said Hugh Smythe, president and chief operating officer of Intrawest's Leisure and Travel Group. "We look forward to working with The Mills Corporation to enhance the visitor experience at the Parque de Nieve snow dome."
Heineken, a premier global brand and the franchiser of more than 400 eating and drinking establishments in Spain, will manage and operate the restaurants and concessions in Parque de Nieve Madrid Xanadu through its Spanish retail division, Tematicos Heineken. To improve the quality of service and provide a new look and feel to the restaurant area, Heineken will renovate and reconfigure the existing space to increase direct views of the indoor snow dome and will bring three exciting new concepts to Parque de Nieve: Amsteleria, Temple Bar Restaurant and Par 8,000.
Amsteleria is a bar that features Amstel beer taps on each table. Temple Bar Restaurant, named after the storied Temple Bar section of Dublin's city center, will feature food, live music, trivia contests and other activities in its casual atmosphere during all hours. Par 8,000, the first mini-golf course in Madrid, will have a high-mountain-climbing theme, which will complement Parque de Nieve Madrid Xanadu's snow-sport environment. Themed by United States-based Cost of Wisconsin, an approved contractor of outdoor sports retailer Bass Pro Shop Outdoor World, Par 8,000 -- whose name references the world's peaks that exceed 8,000 meters in height -- will feature dazzling special effects such as fog, wind and sound.
"Heineken chose Parque de Nieve Madrid Xanadu for our newest concepts because of its exceptional, unique location," said spokesman Alejandro Gomez. "Amsteleria, Temple Bar Restaurant and Par 8,000 will leverage Madrid Xanadu's millions of annual visitors and will help drive even more traffic to Madrid Xanadu's retail and entertainment venues, including the incredible Madrid Xanadu Parque de Nieve Snow Dome."
About Madrid Xanadu
Developed and opened in 2003 by The Mills Corporation, Madrid Xanadu, the first large-scale retail and entertainment destination built in Europe by a U.S. developer, has more than 220 shops, including retail, services, leisure and dining. The centerpiece of the center is Parque de Nieve- the only in-door snow facility in Spain. Madrid Xanadu is also anchored by Hipercor and Tiendas el Corte Ingles and the largest selection of top national and international brands, many of them new to the Spanish market. The leisure offerings include in-door go-carts track, 15 cinema screens, a mini theme park, a soft play area and much more. Madrid Xanadu is located in the municipality of Arroyomolinos, in the southwest Madrid region. For more information please visit www.madridxanadu.com.
About The Mills Corporation
The Mills Corporation, based in Arlington, Virginia, is a developer, owner and manager of a global real estate portfolio including regional shopping malls, retail and entertainment centers, and international recreation, leisure and retail centers. The Mills portfolio currently includes 42 properties in the U.S., Canada and Europe, totaling approximately 51 million square feet of gross leasable area. Its portfolio of real estate properties generated more than $8.7 billion in reported retail sales in 2004. In addition, The Mills is currently developing, re-developing or constructing various projects around the world. The Mills is traded on the New York Stock Exchange under the ticker: MLS. For more information, visit the company's website at www.themills.com.
About Intrawest Corporation
Intrawest Corporation (IDR:NYSE; ITW:TSX) is a world leader in destination resorts and adventure travel. The company has interests in 10 resorts at North America's most popular mountain destinations, including Whistler Blackcomb, a host venue for the 2010 Winter Olympic and Paralympic Games. Intrawest owns Canadian Mountain Holidays, the largest heli-skiing operation in the world, and an interest in Abercrombie & Kent, the world leader in luxury adventure travel. The Intrawest network also includes Sandestin Golf and Beach Resort in Florida and Club Intrawest - a private resort club with nine locations throughout North America. Intrawest develops real estate at its resorts and at other locations across North America and in Europe. Intrawest is headquartered in Vancouver, British Columbia. For more information, visit www.intrawest.com.
Heineken is one of the largest and most advanced brewers in the world. The Heineken brand is the most valuable international beer brand. Operating in over 170 countries, through its own breweries and through export and licensing partners, Heineken has the widest global presence of all international brewers. Europe accounts for over half of Heineken's sales volume. At the end of 2003, Heineken owned over 115 breweries in more than 65 countries and employed 61,271 people. www.heinekeninternational.com
Statements in this press release that are not historical may be deemed forward-looking statements within the meaning of the federal securities laws. Although The Mills Corporation believes the expectations reflected in any forward-looking statements are based on reasonable assumptions, the Company can give no assurance that its expectations will be attained and it is possible that our actual results may differ materially from those indicated by these forward-looking statements due to a variety of risks and uncertainties. The Mills Corporation undertakes no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise. The reader is directed to the Company's various filings with the Securities and Exchange Commission, including quarterly reports on Form 10-Q, reports on Form 8-K and annual reports on Form 10-K for a discussion of such risks and uncertainties.