Intrawest sells European resorts
Saturday August 15, 2009 - Email this article to a friend

The move is a shock, but not entirely unexpected, as it has been under financial pressure and many rumours have been circulating about the state of Intrawest's health.

We reported on PlanetSKI last month that it was considering selling some of its resorts to pay off huge debts.

Intrawest opened Arc 1950 last year in a fanfare of publicity and, with Flaine under construction, it was thought the company had ambitious plans in Europe.

There was talk of a development in Bruson near Verbier and PlanetSKI saw the interim plans for the new resort buildings.

Now all that it over.

Whistler, Intrawest's jewel in the crownIntrawest is the company behind many of North America’s most successful resorts including Whistler which will host many of the skiing and snowboarding competitions at next winter’s Olympic Games.

The company in based in Vancouver and has interests in 10 other ski resorts.

As well as operating the resorts, Intrawest develops, markets and sells the property.

The French group,Pierre & Vacances, has bought the 2 European resorts for an undisclosed amount.

All staff associated with the 2 resorts will transfer to Pierre et Vacances. This includes both on site staff and support staff located in Bourget du Lac.

The Pierre & Vacances Group is the major 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.

Intrawest has been considering assets sales as it struggles financially in the current economic climate. 

It was bought 3 years ago by a New York private equity fund, Fortress Investment Group LLC, for $2.8b.

The deal was supported by a $1.7b loan but came last Autumn when the credit crunch hit hardest.
 
Intrawest almost went into creditor protection but was saved in an 11th hour deal.

Intrawest is reported to be considering selling some if its other properties in North America but not Whistler.

Other ski resorts that might be sold include Mont Tremblant in Quebec.

Bookmark this page

Related Articles