French resort corporation Club Méditerranée has announced the sale of its three-Tridents ski resort in Sestriere, in northern Italy for an undisclosed amount. The disposal is part of the group's strategy of moving its Italian resorts upmarket, initiated last week with the launch of the five-Tridents project for the Cefalu resort on the Italian island of Sicily.
French resort corporation Club Méditerranée has announced the sale of its three-Tridents ski resort in Sestriere, in northern Italy for an undisclosed amount. The disposal is part of the group's strategy of moving its Italian resorts upmarket, initiated last week with the launch of the five-Tridents project for the Cefalu resort on the Italian island of Sicily.
Located on the internationally famous Via Lattea ski area, the 267-room, two-building resorts in Sestriere was sold to Italian hotel and tour operator Aurum. Owned by the Naples-based Orofino family, Aurum Hotels operates 13 seaside hotel complexes, mainly in Sardinia and Campania.
Built in 1931 and acquired by Club Med in 1975, the historic Sestriere resort no longer met three-Tridents resort standards and, given its architectural features, could not be cost-effectively upgraded, Club Med said in a statement.
Club Méditerranée said the Italian market 'has considerable upmarket and luxury potential' and confirmed its strategic importance for the group. Club Med is considering a number of other sites for future projects, it said, and expects to complete the development of the Cefalu resort in the first half of 2012.