Vail Resorts, the New York Stock Exchange-listed mountain resort company, has agreed to acquire Crans-Montana Mountain Resort in Switzerland from CPI Property Group.
Vail Resorts is acquiring 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 4 retail and rental locations. The company is acquiring an 80-percent ownership stake in SportLife AG, which operates one of the ski schools located at the resort. Vail Resorts is also acquiring 100 percent ownership of 11 restaurants located on and around the mountain.
Vail Resorts said, subject to closing adjustments, the valuation for the resort operations is expected to be CHF 118.5 million, including approximately CHF 7 million of debt that will remain in place.
The company is planning to invest approximately CHF 30 million over the next five years.
Crans-Montana Mountain Resort spans over 1,400 meters (approximately 4,593 ft) of skiable vertical terrain, and 140 kilometers (approximately 87 mi) of trails.
Accessible from five airports and by train, Crans-Montana Mountain Resort is located in the Valais canton of Switzerland, approximately two and a half hours from Geneva and less than four hours from Milan and Zurich.
The resort is two and a half hours away from the company’s other owned and operated European resort in Andermatt-Sedrun.
“Crans-Montana is an iconic ski destination in the heart of the Swiss Alps, with a unique heritage, incredible terrain, passionate team, and a community dedicated to the success of the region,” said Kirsten Lynch, Chief Executive Officer of Vail Resorts. “Our acquisition of the resort aligns to our growth strategy of expanding our resort network in Europe, creating even more value for our Pass Holders and guests around the world. Much like Andermatt-Sedrun, we believe Crans-Montana has a unique opportunity for future growth.”
“CPI Property Group is proud to have contributed significantly to the positive development of Crans-Montana over the past 10 years,” said David Greenbaum, CEO of CPI Property Group. “Vail Resorts is a talented ski resort operator, and we are certain that Crans-Montana will thrive under their ownership.”
The transaction is expected to close during the 2023-24 ski and ride season, subject to certain third-party consents.
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