Pierre & Vacances Group and Intrawest hotels & Residences have signed an agreement for the acquisition of Intrawests lodging and commercial operations at Arc 1950 in Savoie and the Flaine Montsoleil resort located in the Haute Savoie region of France.
Arc 1950 is Intrawests first mountain resort in Europe. The acquisition
agreement includes the resorts 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 resort¹s
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 (Courcheval, Méribel).
The acquisition is scheduled to close on 1st October 2009.
Intrawest ULC is a leader in the development and management of experiential
destination resorts. The company has interests in ten resorts in North
America¹s most popular mountain destinations including Whistler Blackcomb, a host venue for the 2010 Olympic and Paralympics Winter Games. The Intrawest network also includes Canadian Mountain holidays, the largest heli-skiing operation in the world; Sandestin Golf and Beach Resort in Florida; and Club Intrawest a private resort club with locations throughout North America.
In addition, Intrawest develops, markets and sells real estate at its
resorts and at other locations across North America and in Europe. Intrawest
is headquartered in Vancouver, British Columbia, and is a portfolio company
primarily owned by private equity funds managed by affiliates of Fortress
Investment Group LLC.
About Pierre & Vacances Group
The France-based 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.
For further consumer information on P&V, please visit here or telephone: 0870 026 7144.
For further trade enquiries, please visit http://trade.pv-holidays.com or
telephone 01273 560475.
For media information and images, please contact Susie Tempest or Jenny
Groutage at The Saltmarsh Partnership on 020 7928 1600 or email susie/jenny@saltmarshpr.co.uk.
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