Vail Resorts Completes Acquisition Of Crans-Montana, Company's Second Resort In Europe
Vail Resorts, Inc. (NYSE: MTN) today closed on its purchase of Crans-Montana Mountain Resort, a renowned destination ski resort with a steep history as an outdoor sports haven in Switzerland and around the world. The acquisition represents Vail Resorts' second strategic investment to own and operate ski resorts in Europe.
Crans-Montana Mountain Resort spans over 1,400 meters (approximately 4,593 feet) of skiable vertical terrain, and 140 kilometers (approximately 87 miles) of trails. Accessible from five airports and by train, Crans-Montana Mountain Resort is in the Valais canton of Switzerland, approximately two and a half hours from Geneva and less than four hours from Milan and Zurich. The resort is two and a half hours away from the company's other owned and operated European resort in Andermatt-Sedrun.
Vail Resorts acquired an 84-percent ownership stake in Remontées Mécaniques Crans Montana Aminona (CMA) SA, which controls and operates all the resort's lifts and supporting mountain operations, including four retail and rental locations. The company acquired 100-percent of SportLife AG, up from the 80-percent that was previously announced, which operates one of the ski schools located at the resort. Vail Resorts also acquired full ownership of 11 restaurants located on and around the mountain. The valuation for the entirety of these resort operations is CHF 118.5 million, including approximately CHF 7 million of debt that will remain in place.
As previously announced, Vail Resorts plans to invest approximately CHF 30 million 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. The investments will focus on maximizing gastronomy efficiencies and improving and expanding snowmaking capabilities.
"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."
Vail Resorts Leadership Appointments in Europe
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 including Andermatt-Sedrun and Crans-Montana Mountain Resort. As such, he has been named regional chief operating officer (COO) within the company's mountain division, effective immediately. 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."
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 – a renowned ski area in Colorado, USA, with over 3,000 feet (more than 900 meters) of skiable terrain across three peaks and five bowls. Bertrand Cassignol will remain with Crans-Montana Mountain Resort as head of operations to ensure business continuity, reporting to Petrovski.
To support Goar's expanded role, Igi Zopp has been appointed managing director of Andermatt-Sedrun. Since Vail Resorts acquired Andermatt-Sedrun in 2022, and including budgeted calendar year 2024 projects, the resort has completed over CHF 20 million in investments, including snowmaking upgrades, three restaurant updates, and lift planning projects.
