Vancouver, BC, July 24, 2000--Two years after the alliance between Intrawest Corporation and Compagnie des Alpes (CDA--the leading ski operator in terms of skier visits), Intrawest will be heading to Europe to develop a 550,000-square-foot village at Les Arcs in France.
"We've been asked by a variety of groups to become involved in Europe for years, but didn't want to jump into an arena that we didn't know enough about," said Gary Raymond, executive vice president at Intrawest. "As we suspected when we first partnered with CDA, applying our village development expertise is the best way to start our expansion into this market."
Intrawest will purchase the land for the village once construction starts (spring 2002), and will pre-sell the real estate before anything goes up to help finance the project, which will include 800 residential units, a European spa, outdoor slope-side pools, outdoor plazas and 50,000 square feet of commercial space. Beck & Associates and Diener Guirard & Associates will do the planning.
Intrawest expects to place members of its North American team in France to oversee the development, which will be completed within six to 10 years.