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Vail Resorts takes majority stake in Swiss ski resort
Ski resort operator Vail Resorts, Inc. has made its first foray into the European market.
The Colorado based company is investing about CHF149 million for a 55% stake in Andermatt-Sedrun Sport AG.
This is Vail Resorts’ first strategic move to invest in and operate a ski resort in Europe.
The full amount will be reinvested and used for the further expansion of the destination.
Andermatt Swiss Alps AG will continue to hold about 40% of the shares in the company.
Vail Resorts owns and operates 40 ski resorts in the US, Canada and Australia.
Vail Resorts’ investment will help accelerate the expansion of the SkiArena Andermatt-Sedrun and the destination as a whole.
“Vail Resorts is the ideal partner for our goal of developing Andermatt into a prime alpine destination,” said Samih Sawiris, majority owner of ASA.
“With Vail Resorts’ expertise in successful operations of integrated mountain destinations, and the additional capital investment in the resort, Vail Resorts will provide a significant boost to the development.”
Kirsten Lynch, Chief Executive Officer of Vail Resorts said: “Entering the European ski market has been a long-term strategic priority. We are excited to be partnering with ASA and investing our capital and resources to support Andermatt-Sedrun’s transformation into a premier destination resort.”
The resort will be added to the Epic Pass offering access to European alpine skiing for existing pass holders.
A representative of Vail Resorts will assume the chair of the Board of Directors of Andermatt-Sedrun Sport AG, and ASA will appoint the vice chair.
Ray Monty
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