The valuation for the resort operations is expected to be 118.5 million Swiss francs, including approximately 7 million francs in debt
PARK CITY, Utah — Vail Resorts announced last week that it has entered into an agreement with CPI Property Group (CPIPG) to acquire the Crans-Montana Mountain Resort located in the Swiss Alps.
The resort, located in the Valais canton of Switzerland, boasts views of the Matterhorn and Mont Blanc as well as approximately 4,500 feet of skiable vertical terrain and 87 miles of trails. It is two and a half hours from Vail’s other 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, CEO 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.”
Vail will acquire an 84% ownership stake in Remontées Mécaniques Crans Montana Aminona (CMA) SA, which controls and operates all the resort’s lifts and operations, as well as an 80% ownership stake in SportLife AG, which operates one of the ski schools located at Crans-Montana Mountain Resort. Vail will also acquire full ownership of the 11 restaurants located on and around the mountain.
Vail plans to invest approximately 30 million CHF into Crans-Montana Mountain Resort over the next five years, and the resort is expected to generate over CHF 15 million of annual EBITDA following these investments.
“CPIPG is proud to have contributed significantly to the positive development of Crans-Montana over the past 10 years,” said David Greenbaum, CEO of CPIPG. “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 season, and operations at Crans-Montana Mountain Resort will continue as usual this winter. The resort will likely be available on select Epic Pass products for the 2024-25 ski season.