Intrawest completed its acquisition of Steamboat Ski Resort for $239 million.

The Canadian resort operator struck a deal in December to buy the ski area from Park City, Utah-based American Skiing Co.

Debt-saddled American Skiing had limited funds to upgrade the resort, and Intrawest executives have indicated they will pump money into it.

"There's a lot of work that needs to be done," said David Barry, chief operating officer of Intrawest Mountain Resorts in the U.S.

He declined to say which projects would get priority. "That's the question of the day," Barry said.