Intrawest Unloads Two French Resorts
mike lewis
- August 07 2009
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Intrawest, which has been plagued by financial problems since being acquired by Fortress in 2006, announced that it has sold two of its resorts in France to French company Pierre et Vacances.
Intrawest has been discussing unloading properties for several months to deal with its debt and followed through with the sale of its Arc 1950 Resort in Savoie and the Flaine Montsoleil Resort in the Haute-Savoie region of the French Alps for an undisclosed amount.
According to Metronews.ca:
Intrawest said the [Arc 1950] deal includes the resort’s lodging management business, which includes 655 apartments managed under the “Radisson” and “Intrawest Hotels & Residences” brands. The deal also includes management of two restaurants, one bar, and two commercial spaces located in the resort village.
The operations at Flaine Montsoleil Resort include the resort’s lodging management business which includes 138 apartments.
Intrawest said Pierre et Vacances will operate both resorts “in accordance with four-star tourist residence standards.”
Intrawest is not expected to unload jewels such as Whistler-Blackcomb, but there has been speculation it may consider financing some of its businesses independently, such as Mont Tremblant in Quebec.
Pierre et Vacances Group is a resort operator with 47,200 apartments and homes across Europe under such brands as Pierre & Vacances, Adagio City Aparthotel, and Hotels Latitudes.
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