Last month, European resort giant Compagnie des Alpes (CDA) took the first material step in its agreement with Canadian developer Intrawest that will lead to Arc 1950 - the new resort in the Les Arcs ski area.

Over 13,000 square meters of building rights were sold as part of the package and Intrawest has already begun work on a first tranche of nearly 180 luxury apartments (approx. 900 beds) and a dozen shops.

Almost all of these units have already been sold, with the project scheduled for completion in autumn 2003.

The total number of apartments built over a three year period will be 370, representing 1850 tourist beds and bringing 2.5m euros of ski lift sales annually to the Arc 1950 program.

Strong results for Compagnie des Alpes

Sales for the CDA Group last year were around 231.4m euros, an increase of 4.7%.

Ski area revenue was up 2.3 percent, despite a difficult period in the beginning of the season because of late snowfall. Late sales - March to May - climbed by nearly 7 percent, thanks to the high altitude location of CDA resorts.

CDA is the world leader in ski area management with more than 13m skier days.

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