Intrawest Corporation, the leading operator and developer of village-centered resorts across North America, announced the sell-out of its first European project at the Village at Arc 1950 in the ski resort of Les Arcs in the French Alps.
The 25-million-Euro (US$22 million), 102-suite Hameau Du Glacier development sold out within eight hours of the invitation-only sales launch on March 22 at the Georges V, Four Seasons Hotel in Paris.
“These sales are a promising indication of the demand we can expect in the months ahead as we introduce additional projects at Les Arc. Europe is clearly ready for real estate set in the type of high-quality resort village that Intrawest is renowned for developing,” said Lorne Bassel, Intrawest`s senior vice president, Business Development. “For a company that has derived so much inspiration from Europe for our North American villages, it is particularly rewarding to have Europeans respond so enthusiastically to our plans for a French resort.”
The prestigious Hameau Du Glacier address at Les Arcs features resort amenities that signify the high level of quality, service and attention to detail guests can expect at an Intrawest resort. The development features a 24-hour front desk, concierge and room service as well as spacious suites, a pool and hot-tub open year-round, and an owners` lounge with dramatic fireplace.
Robert Jér™me, Intrawest`s vice president for Development in France, said the sales success of Hameau du Glacier was driven by Intrawest`s reputation and the unique offering in Europe of luxury mountain real estate in a resort village.
“Our buyers from France, the Netherlands, the U.K., Canada and the U.S. will be among the first to experience what will be a unique and luxurious mountain village,” Jér™me said. “They have helped make Hameau Du Glacier the largest real estate sales success ever carried out in the French Alps.”
Construction of Hameau du Glacier is scheduled to begin in May 2002 for completion by summer 2003.
The Village at Arc 1950 will cover a total area of 55,000 sq. metres, comprising 800 residential units destined for sale, a European thermal spa, outdoor swimming pools and 5,000 sq. metres of commercial space, complete with eclectic restaurants, animated cafes and specialized boutiques. Built at an altitude of 2,000 metres, where the first and best snow falls, this village will offer panoramic views of Mont Blanc, the highest mountain in Western Europe. The resort of Les Arcs, located in eastern France, receives more than 1.5 million skier visits on 692 hectares of ski runs.
Intrawest Corporation (IDR:NYSE; ITW:TSE) is the leading developer and operator of village-centered resorts across North America. The company owns nine mountain resorts, including Whistler Blackcomb, North America`s most popular mountain resort. Intrawest also owns Sandestin Golf and Beach Resort in Florida and has a premier vacation ownership business, Club Intrawest. The company has a significant investment in Compagnie des Alpes, the largest ski company in the world in terms of skier visits and a 45 per cent interest in Alpine Helicopters Ltd., owner of Canadian Mountain Holidays, the largest heli-skiing operation in the world. The company is headquartered in Vancouver, British Columbia and is located on the World Wide Web at www.intrawest.com.
Statements contained in this release as well as those made in the conference call that are not historical facts are forward-looking statements that involve risks and uncertainties. Intrawest`s actual results could differ materially from those expressed or implied by such forward-looking statements. Factors that could cause or contribute to such differences include, but are not limited to, seasonality, weather conditions, competition, general economic conditions, currency fluctuations and other risks detailed in the company`s filings with the Canadian securities regulatory authorities and the U.S. Securities and Exchange Commission.