Intrawest dumps properties to pay off debt

Resort developer Intrawest, the company behind many of North America’s successful resorts including Whistler, but currently under financial pressure due to the economic slowdown, is to sell its two European resorts.
Pierre & Vacances Group and Intrawest Hotels & Residences have signed an agreement for the acquisition of Intrawest’s lodging and commercial operations at the company’s flagship Arc 1950, which was completed last year and the Flaine Montsoleil resort which is still under construction.
Arc 1950 is Intrawest’s first mountain resort in Europe. The acquisition agreement includes the resort’s lodging management business, which consists of 655 apartments managed under the “Radisson” and “Intrawest Hotels & Residences” brands. Also included in the transaction is the management of two restaurants, a bar and two commercial spaces located in the resort village. The operations at Flaine Montsoleil Resort include the resort’s lodging management business, which consists of 138 apartments. All of the staff associated with each of these businesses will also transition under the management of Pierre et Vacances. This includes both on site staff and support staff located in Bourget du Lac.
As part of the terms of the agreement, Pierre et Vacances will operate both resorts in accordance with 4-star tourist residence standards. The addition of these two branded resorts will significantly enhance the Pierre & Vacances Premium Alpine holiday offering, which includes residences currently operated under the Résidences MGM, and Pierre & Vacances residences (Courchevel, Méribel…).
The acquisition was scheduled to close on October 1st.
Pierre & Vacances Group (also known as P&V and PV-Holidays) is the number one provider of holiday residences, villages and hotels all over France. It offers self-catering and hotel holidays in France, Spain, Italy, Morocco, Tunisia, Switzerland and the Caribbean through its five brands: Pierre & Vacances, Maeva, Residences MGM, Latitudes Hotels and Adagio City Aparthotel.
www.pv-holidays.com

• Ski Resorts: Read all of the ski resort news by clicking here.

• Intrawest: Catch up on all Intrawest news by clicking here.