Pierre et Vacances buys out Intrawest properties in Les Arcs and Flaine
French property development and management giant Pierre et Vacances has just announced that it has bought the Arc 1950 and Montsoleil in Flaine developments from Canadian developers Intrawest in a multimillon euro deal.
Pierre et Vacances is no newcomer to building and running residences de tourisme in France, looking after thousands of apartments in coastal resorts and ski areas. The company markets under the Pierre et Vacances brand, as well as the more upmarket MGM brand which has always been popular with British holidaymakers and second home owners.
Interestingly, Intrawast, which is a Canadain concern, instigated an exchange of shares with Compagnie des Alpes (the French company which owns many ski resorts in France such as Les Arcs, Flaine, Chamonix, Meribel and Tignes amongst others) back in 1999. The idea was that the deal would facilitate Compagnie des Alpe's entry in the lift operator market in the US and Canada, whilst Intrawest would work with the company to develop resorts and properties in France.
No surprise then that before long Intrawest announced it was to build a complete new village called Arc 1950 within the Paradiski ski area, after the land was sold to them by Compagnie des Alpes. As if by magic, Compagnie des Alpes, who owns and operates the Les Arcs lift systems, was given the concession to operate the lifts in the new area.
Intrawest then moved to the Grand Massif area to build brand new residences in Flaine called Montsoleil and since then a new village Edenarc 1800 is being built and due to open in 2009.
At the time of writing, it is not clear whether the deal signals a complete retreat from development projects in France for Intrawest and as far as we know, the deal with Pierre et Vacances does not include the new Edenarc 1800 site.
The sale is an interesting move from Intrawest who is the second largest shareholder in Compagnie des Alpes, coming on the back of the news that Compagnie des Alpes has just pulled out of Verbier, where the company was the controlling shareholder in lift concession Televerbier.
