Vail Resorts Inc. announced it is acquiring the Swiss Crans-Montana Mountain Resort from CPI Property Group. The resort boasts 1,400 meters of skiable territory and 140 kilometers of trails. Located in the Valais canton of Switzerland, the resort is easily accessible from five airports, as well by train, and is another prized European resort in Vail’s portfolio, along with Andermatt-Sedrun.
Crans-Montana, considered a top ski destination in the Swiss Alps, offers stunning views of the Matterhorn and Mont Blanc. It enjoys a reputation as a reputed outdoor sports destination with events such as the Ski World Cup, Mountain Bike World Cup, Omega European Masters, and others. The commune also hosts high-end restaurants, luxury retail outlets, and five-star hotels.
Vail Resorts is set to acquire an 84% stake in Remontées Mécaniques Crans Montana Aminona (CMA) SA, which controls the resort’s lifts and mountain operations. It will also acquire an 80% stake in SportLife AG, operating one of the resort’s ski schools, and 100% ownership of 11 mountain-located restaurants. Vail Resorts CEO Kirsten Lynch expressed that the acquisition aligns with their expansion strategy in Europe and sees potential for the future growth of Crans-Montana.
The company plans to include access to the resort on select Epic Pass products from the 2024-25 ski season. CPI Property Group CEO David Greenbaum expressed confidence in Vail Resorts to take Crans-Montana to new heights. The Association of the Municipality of Crans-Montana also expressed excitement to work closely with Vail, expecting a positive economic impact on the region.
The acquisition, valued at CHF 118.5 million ($136 million), is anticipated to close during the 2023-24 ski season. Vail Resorts has big plans for the Swiss resort, including a proposed CHF 30 million investment over five years to elevate the guest experience, and potential EBITDA growth from the resort’s inclusion in the Epic Pass products. Notably, normal operations of the resort will continue in the 2023-24 winter season, with Vail Resorts retaining the majority of the employees.
Broomfield, Colo.-based Vail Resorts Inc. owns and manages a network of premium ski resorts across North America, Switzerland, and Australia. In addition, Vail Resorts Retail operates more than 250 retail and rental locations across North America.