French hotel chain Pierre et Vacances plans to invest EUR 137 mln to develop its fifth Center Parc holiday village in France, financial newspaper Les Echos reported. The new village will be located in Roybon in the Isere region. It will be the company's 17th Center Parc altogether, and will cover 150 hectares including 3.6 hectares of buildings. The development is forecast to generate revenues of EUR 12 mln a year and is scheduled to open in 2012.
French hotel chain Pierre et Vacances plans to invest EUR 137 mln to develop its fifth Center Parc holiday village in France, financial newspaper Les Echos reported. The new village will be located in Roybon in the Isere region. It will be the company's 17th Center Parc altogether, and will cover 150 hectares including 3.6 hectares of buildings. The development is forecast to generate revenues of EUR 12 mln a year and is scheduled to open in 2012.
Last year, Pierre et Vacances agreed to sell seven of its Center Parcs resorts in the Netherlands, Germany and Belgium to US private equity group Blackstone. The properties were leased back to Center Parcs Europe, a unit of Pierre et Vacances which continued to operate the Center Parcs tourism business in Continental Europe.
