Vail Resorts Completes Purchase of Crans-Montana

3rd May 2024

Last modified on May 6th, 2024

It is the second resort in Switzerland to be owned by the US company. It promises further investment, but some are concerned about US ownership of resorts in the Alps.

Vail Resorts has acquired an 84% stake in Remontées Mécaniques Crans Montana Aminona (CMA) SA.

CMA controls and operates all the resort’s lifts and supporting mountain operations, including four retail and rental locations.

Vail Resorts has also acquired 100% of SportLife AG, up from the 80% that was previously announced, which operates one of the ski schools at the resort.

Vail Resorts also acquired full ownership of 11 restaurants located on and around the mountain.

The valuation for of these resort operations is CHF 118.5 million (£104m), including around CHF 7 million (£6.15m) of debt that will remain in place.

Vail Resorts plans to invest CHF 30 million (£26.3m) over the next five years in one-time capital spending to elevate the guest experience, subject to the timing of capital project approvals and completion.

It says the investments will focus on “maximizing gastronomy efficiencies and improving and expanding snowmaking capabilities.”

We reported on the proposed deal earlier on PlanetSKI:

Vail Resorts set to buy Crans-Montana in Switzerland

“We are thrilled to add Crans-Montana Mountain Resort as our second owned and operated ski area in Switzerland,” said Kirsten Lynch, chief executive officer of Vail Resorts.

“Crans-Montana is a breathtaking Alpine destination, renowned for its stunning panoramic views, pristine slopes, and vibrant community.

“We are committed to investing in the resort to support its growth and the vitality of the region.

“We are also looking forward to including Crans-Montana Mountain Resort on the Epic Pass and welcome skiers and snowboarders from around the globe.”

Crans-Montana, Switzerland. Image © PlanetSKI

Vail Resorts has already said it is looking to expand its European operations with further purchases and deals.

There have been concerns raised about any so-called ‘Americanisation’ of skiing in Europe.

Vail Resorts also owns and operates Andermatt-Sedrun in Switzerland.

After overseeing the successful acquisition and integration of ski operations at Andermatt-Sedrun for the past 18 months, Mike Goar, current managing director of Andermatt-Sedrun Sport AG, has been appointed to oversee all Vail Resorts’ operations in Switzerland.

Goar has over 40 years of experience in the ski industry and has held leadership roles at several of the most well-known mountain resorts in the United States, including the country’s largest resort, Park City Mountain in Utah.

“I am personally committed to operational excellence and continued collaboration with our many passionate partners to ensure the success of both Andermatt-Sedrun, and now, the incredible Crans-Montana Mountain Resort,” said Goar.

“These resorts each provide a unique experience for skiers and riders visiting the Swiss Alps.

“I look forward to learning more about Crans-Montana through a valuable partnership with our employees and community members and contributing to its future growth and sustainability.”

Crans-Montana Mountain Resort in Switzerland is now officially part of the Vail Resorts family. 🇨🇭 ⛰️ Secure your Epic Pass today to ski there starting winter 2024/25. Learn more: https://t.co/8mTRRFlpCu pic.twitter.com/aHMCWPmZW4
— VailResorts (@VailResorts) May 2, 2024

Crans-Montana has a vertical descent of 1,400 meters and 140 kilometers (87 miles) of pistes.

It is accessible from five airports and by train.

The resort is two and a half hours away from the company’s other European resort of Andermatt-Sedrun.

Leading the day-to-day operations of Crans-Montana Mountain Resort will be Pete Petrovski who has been named managing director of the resort, reporting to Goar, effective ahead of the 2024/25 winter season.

Originally from Skopje, North Macedonia, Petrovski has more than 14 years of experience in mountain operations and with Vail Resorts.

He is currently the director of skier services at Keystone Resort in Colorado, USA.

Since Vail Resorts acquired Andermatt-Sedrun in 2022, and including budgeted calendar year 2024 projects, the resort has completed over CHF 20 million (£17.5m) in investments, including snowmaking upgrades, three restaurant updates, and lift planning projects.

Vail Resorts runs Vail, Breckenridge, Park City Mountain, Whistler Blackcomb, Stowe, and 32 additional resorts across North America.

It also runs Perisher, Hotham, and Falls Creek in Australia.

Vail Resorts Retail operates more than 250 retail and rental locations across North America.