Vail Resorts Complete Purchase of Second Swiss Resort
Vail Resorts Complete Purchase of Second Swiss Resort
Published : 05-May-2024 10:52
Vail Resorts have announced that they've completed the purchase of Crans Montana, their second Swiss resort, joining Andermatt on their Epic Pass, global season ticket. The company now own about 50 ski areas in North America, Switzerland and Australia.
In a deal first announced last autumn, Vail Resorts acquired an 84-percent ownership stake in Remontées Mécaniques Crans Montana Aminona (CMA) SA, which controls and operates all the resort's lifts and supporting mountain operations, including four retail and rental locations, for CHF 118.5 million.
The deal also include's Vail's acquisition of SportLife AG, which operates one of the ski schools located at the resort and taken full ownership of 11 restaurants located on and around the mountain.
Vail Resorts plans to invest approximately CHF 30 million over the next five years in capital improvements.
In a media staterment the company says these will be intended, "…to elevate the guest experience, subject to the timing of capital project approvals and completion. The investments will focus on maximizing gastronomy efficiencies and improving and expanding snowmaking capabilities."
"Crans-Montana is a breathtaking Alpine destination, renowned for its stunning panoramic views, pristine slopes, and vibrant community. We are committed to investing in the resort to support its growth and the vitality of the region. We are also looking forward to including Crans-Montana Mountain Resort on the Epic Pass and welcome skiers and snowboarders from around the globe," said Kirsten Lynch, chief executive officer of Vail Resorts.
It's believed that the ski lifts and other mountain infrastructure at both Andermatt and Crans Montana ski areas were previously owned by different billionaires. Andermatt by Egyptian billionaire Samih Sawiris and Crans Montana by Czech billionaire Radovan Vítek. On their Epic Pass Vail resorts also partner with Verbier and the 4 Valleys providing limited access to their slopes to pass holders.
Rivals the Alterra Mountain Company have Zermatt and newly added St Moritz partnering with them on their Ikon Pass. Zermatt recently revealed it received about 50,000 skier day Ikon Pass visits per season, saying these had a much wider benefit to the resort.
Pic Credit: Patrick Guller / Crans Montana
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