Vail Resorts has announced it is acquiring the Crans-Montana ski resort for $136m.
In a press release the company said:
Vail Resorts announced today that it has entered into an agreement to acquire Crans-Montana Mountain Resort in Switzerland from CPI Property Group (“CPIPG”).
Crans-Montana Mountain Resort is a top ski destination in the heart of the Swiss Alps, offering breathtaking views of the Matterhorn and the Mont Blanc, and has been recognized as one of the best ski resorts in Europe.
Vail Resorts will have an 84% stake in the lift company, Remontées Mécaniques Crans Montana Aminona (CMA) SA, 80% in SportLife AG, which operates one of the ski schools located in the resort and 100% of 11 mountain restaurants.
The valuation for the resort operations is expected to be almost CHF 120 million, with a earnings (EBITDA) of CHF 5 million in the first full year of operation .
Crans-Montana will be included in the Epic Ski pass but is not included in the Magic Pass.
Vail Resorts owns 55% of Andermatt Swiss Alps AG, as well as 37 ski resorts in North America and 3 in Australia.
It acquired the stake in Andermatt in August 2022. In a news release at the time, the company stated that the “final purchase price of CHF 149 million will be fully reinvested into the resort, with CHF 110 million allocated for use in capital investments to enhance the guest experience on the mountain and CHF 39 million paid to ASA (which retained 40% ownership) and reinvested into the real estate developments in the base area.”