Vail Resorts Set to Buy Crans-Montana

30th November 2023

Last modified on December 1st, 2023

Vail Resorts, Inc. has announced that it has entered into an agreement to acquire Crans-Montana Mountain Resort in Switzerland from CPI Property Group.

The company says the deal is part of “our growth strategy of expanding our resort network in Europe”.

It indicates more acquisitions may follow.

Subject to closing adjustments, the valuation for the resort operations is expected to be CHF 118.5 million (£107m), including approximately CHF 7 million (£6.3m) of debt that will remain in place.

Vail Resorts is planning to invest approximately CHF 30 million (£27m) over the next five years.

The resort is 2.5 hours away from the company’s other owned and operated European resort, 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, Chief Executive Officer 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.”

Crans-Montana, Switzerland. Image c/o Dan Charlish

Vail Resorts is acquiring:

• An 84% ownership stake in Remontées Mécaniques Crans Montana Aminona (CMA) SA, which controls and operates all the resort’s lifts and supporting mountain operations, including 4 retail and rental locations.
• An 80% ownership stake in SportLife AG, which operates one of the ski schools located at the resort.
• 100% ownership of 11 restaurants located on and around the mountain.

“Vail Resorts commitment to Crans-Montana rewards the Valais destination’s dynamism, innovation, positioning and strategy for high value-added, four-season sustainable tourism,” said  CEO of the Crans-Montana Tourism and Congress, Bruno Huggler

“Vail Resorts’ in-depth analyses confirmed Crans-Montana’s potential as a leading destination in the Swiss Alps.

“Every possible effort will be made to foster synergies with all players from Crans-Montana in developing tourism offers, marketing, and sales.

“Vail Resorts’ network will be a definite asset, especially in North America.”

The transaction is expected to close during the 2023-24 ski  season, subject to certain third-party consents.

“Operations at Crans-Montana Mountain Resort for the 2023-24 winter season will continue in the ordinary course of business,” said a statement from Vail Resorts.

Vail Resorts says it is committed to retaining the vast majority of employees, the existing operational infrastructure, and local expertise.

So, will we see further US acquisitions in Europe with alpine resorts snapped up by the likes of Vail Resorts?

The short answer appeared to be ‘Yes’.

“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,” said the Chief Executive Officer of Vail Resorts, Kirsten Lynch, in her statement on purchasing Crans-Montana.

One question now is whether Alterra, that runs the rival Ikon Pass, is set to follow a similar course of action.

Alterra already offers the Ikon Pass in a number of European resorts and ski areas – Chamonix in France, Zermatt in Switzerland, Kitzbuehel in Austria, Dolomiti Superski in Italy and Andorra in the Pyrenees.

Vail Resorts is a network of ski resorts in the world including Vail Mountain, Breckenridge, Park City Mountain, Whistler Blackcomb, Stowe, and 32 additional resorts across North America.

There is also Andermatt-Sedrun in Switzerland; and Perisher, Hotham, and Falls Creek in Australia – all available on the company’s Epic Pass. 

The Epic Pass currently provides access to Andermatt-Sedrun-Disentis, as well as European partner resorts, including five days at Verbier4Vallées in Switzerland, seven days at Les 3 Vallées in France, seven days at Skirama Dolomiti in Italy and three days at Ski Arlberg in Austria, with specific details available at www.epicpass.com.