Vail Resorts has reached an agreement to acquire a controlling interest in Swiss ski resort Crans-Montana Mountain. 

Crans-Montana would become Vail’s second ski resort in Switzerland and in Europe, joining Andermatt-Sedrun, which it acquired last year. The ski area would be Vail’s 38th globally. Closing is expected during this ski season. 

Vail said that Crans-Montana has been valuated at $138.5 million. It intends to purchase an 84% stake in Crans-Montana from Remontées Mécaniques Crans Montana Aminona SA, which controls the resort’s lifts as well as four rental and retail locations. 

Vail has also contracted to purchase an 80% stake in the resort’s ski schools and to take full ownership of 11 restaurants on or near the mountain. 

“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,” Vail CEO Kirsten Lynch said. “Our acquisition of the resort aligns to our growth strategy of expanding our resort network in Europe, creating even more value for our passholders and guests around the world.”

Crans-Montana, located approximately 105 miles east of Geneva, has 4,600 feet of vertical drop, 24 lifts and approximately 87 miles of trails. 

The mountain won’t be included in Vail’s Epic Pass for this ski season, but the company does expect it to be on select Epic Pass products for the 2024-25 ski season. 

Vail said it will invest $34 million in Crans-Montana capital projects over the next five years, with a focus on snowmaking.

Source: Read Full Article