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INTRAWEST MAKES MONT TREMBLANT RESORT THE LARGEST TOURISM PROJECT IN NORTH AMERICA
August 10, 2004
$1-Billion Expansion Over the Next Ten Years at Tremblant
“We are thrilled to kick off this superb project today. It is the result of many years of planning and hard work. A project of this magnitude would not be possible without the financial participation and exceptional collaboration of the public sector which were needed for the development of the infrastructures. We are very pleased that the federal and provincial governments recognize Tremblant’s great potential and that they have chosen to participate in the development of this unique Canadian tourist destination. We are witnessing today an example worth following of a partnership between the public and private sectors,” said Mr. Houssian.
Canada’s minister of transport and political lieutenant for Quebec, the Honourable Jean C. Lapierre, and Quebec’s minister of economic and regional development, Mr. Michel Audet, attended the press conference at which they confirmed their respective governments’ participation.
“Tremblant is a fully integrated tourism project based on connections—connections between people, families, different cultures, the Quebec culture, our lakes and rivers, the great outdoors, our employees, and the community. Each component is unique, yet complements the others, thus contributing to a unique and memorable experience for our guests. This complex integration is what guarantees us a competitive advantage,” Mr. Aubin stated.
The natural surroundings and resort setting, as well as the events, entertainment and multitude of activities offered to visitors of all ages, 365 days a year, 24 hours a day, are what have earned Tremblant its reputation. With its mountain that has been voted number one in Eastern North America for the past seven years, its renowned golfing, its lodging that has been ranked number one in North America, as well as its corporate conference centres and diversified services that are all offered with passion and enthusiasm, Mont Tremblant Resort offers nothing less than a unique, unparalleled experience.
In 1991, the resort welcomed 400,000 visitors (of which 5% come from outside of Canada), while today, the number of visitors stands at 2.3 million (of which 40% come from outside Canada). Once the project is completed, Tremblant will be able to receive more than 4.5 million visitors a year from everywhere in the world, including 50% from outside Canada. Besides skiing and golfing—the resort’s main attractions—visitors will be able to choose from nearly 200 activities offered at and around the resort. To welcome them in a manner worthy of this international resort’s reputation, the number of employees will increase to almost 7,000, not including the thousands of other direct jobs that will be created in the region.
“For us to be able to make this announcement today, it was necessary that the Versant Sud development fulfil its promises. This would not have been possible without the outstanding contribution of our employees, the condo owners and the retailers. The role that they played in developing this project and in shaping the Tremblant experience, along with their devotion to its success, makes them exceptional partners. We must also acknowledge the support received from the City of Mont Tremblant and the community for the realization of this structuring project, which contributes to the economic and social development of the region. This allows us to view the Versant Soleil and the Versant Nord with pride, enthusiasm and confidence,” added Mr. Aubin.
“Development for the long term has always been at the heart of the vision and global strategy of Intrawest and Mont Tremblant Resort projects,” stressed Mr. Houssian. So like the Versant Sud, the Versant Soleil and Versant Nord are designed in a context intended first and foremost to preserve and enhance the value of the environmental resources. All necessary efforts have been made to ensure the utmost respect of the environment with a concern for maintaining what we already have and even creating environmental gains. This same rigour will continue to be applied throughout the construction and operation of the sites.”
“The realization of our villages is part of an overall plan in which each one is different yet complementary,” specified Mr. Aubin. “They are perfectly integrated and constitute the “Tremblant Experience.” Our objective is to continue to offer one of the greatest ski experiences in Eastern North America. To ensure that the trails are as comfortable and safe as they should be, the skiable terrain will be developed as the project progresses. In the end, the skiable terrain will have expanded from 600 acres to 1,000 acres, and the resort’s capacity will have increased from 12,000 skiers per day to 20,000 skiers per day. The activities, mountain, services and infrastructures will be developed at a synchronized rhythm that will ensure balance.”
The Versant Soleil’s personality will be clearly designed to attract corporate business. This village, on which work will begin August 11 and will continue into 2009, consists of a pedestrian village that will group six hotels totalling 1,500 condo-hotel units, including one 500-room hotel and a 200-room luxury Spa hotel. Reflecting the site’s focus on corporate and convention business, a multifunctional convention centre of approximately 95,000 square feet will be built. This equipment will also be used for exhibitions and for artistic, cultural and educational activities. Boutiques and restaurants, a two-acre park, a lake, new chairlifts and new activities will complete these new facilities.
The development of the Versant Nord will take place from 2007 to 2014. Its personality and vocation will be family oriented with complementary, integrated outdoor activities that will feature a prestigious neighbour: the majestic Mont Tremblant National Park. This much more rustic pedestrian village will include approximately 1,000 condo-hotel units and 500 residential units.
A Profitable Tourist Project for the Governments
Job creation during construction (17,600), permanent jobs (5,200), the emergence of international tourism, exports, transfer of expertise, as well as economic spin-offs estimated at seven times the value of the governments’ investments, are some of the economic benefits that the development of the Versant Soleil and Versant Nord will deliver at all levels (local, regional, provincial and national). The private sector will invest $900 million while the governments’ share will be $95 million. Phases 3 and 4 will represent an investment of nearly $1 billion.
For the governments and taxpayers, this investment will have major economic benefits even in its first year. Total tax revenues are expected to be $1 billion for the governments’ $95?million investment. In addition, starting in the first year, the governments, which will have invested $31 million, will receive $49 million in income taxes, taxes and other revenues, thus generating a surplus to be used for government needs and priorities.
The $95-million government investment is split equally between the Canadian government ($47.5 million) and the Quebec government ($47.5 million). These funds will be used mainly for developing road networks and water and sewage systems.
About Mont Tremblant Resort and Intrawest
Mont Tremblant Resort, which is the number one resort centre in Eastern North America, is owned by Intrawest, which develops and operates resort centres in North America and France. With its skiing, mountain and golfing activities, as well as its conference centre and multitude of events, Mont Tremblant Resort welcomes 2.3 million visitors yearly, throughout four seasons. For more information, please call 1-88-Tremblant or visit www.tremblant.ca.
Intrawest Corporation (IDR:NYSE; ITW:TSX) is the world’s leading developer and operator of village-centered resorts. Intrawest owns or controls 10 mountain resorts in North America’s most popular mountain destinations, including Whistler Blackcomb, a host venue for the 2010 Winter Olympic Games. The company also owns Sandestin Golf and Beach Resort in Florida and has a premier vacation ownership business, Club Intrawest. Intrawest is developing an additional six resort villages at locations in North America and Europe. The company has a 45 per cent interest in Alpine Helicopters Ltd., owner of Canadian Mountain Holidays, the largest heli-skiing operation in the world. Intrawest is headquartered in Vancouver, British Columbia. For more information, you can visit the company’s Web site at www.intrawest.com.
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