Vail Resorts Buy First European Resort: Andermatt
- by Admin
- Posted on March 28, 2022
Vail Resorts have bought a majority stake in the company that runs the ski lifts and a swathe of property at Andermatt in Switzerland.
Vail are the world’s largest ski area operator, with most of its portfolio of 40 ski resorts in the USA, including many of the country’s biggest and best known centres, but also owning North America’s biggest ski areas, Whistler Blackcomb in Canada, and several of Australia’s leading resorts.
The company’s core Epic Pass season ticket can be used at all of its resorts all season and at a number of partner resorts on a more time-limited basis as well.
Vail have made a CHF 149 million (€145m) investment for a 55% stake in Andermatt-Sedrun Sport AG which the company says will be spent in further upgrades to the resorts which has been transformed over the past decade with a CHF 1.3 billion investment led by Egyptian billionaire Samih Sawiris (above), who commented,
“With Vail Resorts’ deep expertise in successful operations of integrated mountain destinations, the company’s impressive marketing capabilities and destination guest reach, and the additional capital investment in the resort, Vail Resorts will provide a significant boost to the development of Andermatt-Sedrun.”
“Entering the European ski market has been a long-term strategic priority for Vail Resorts. 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,” said Kirsten Lynch, Chief Executive Officer of Vail Resorts.
A representative of Vail Resorts will assume the chair of the Board of Directors of Andermatt-Sedrun Sport AG. Matters including future organisation, and others will be decided over the coming months. Winter operations for 2021/22 will continue as planned until May 1st.
The deal team was led by Naguib S. Sawiris, a member of the ASA Board of Directors and Chairman-designate of the Board of Directors of Orascom Development Holding AG. The transaction is expected to close prior to the 2022/23 ski and ride season. Vail Resorts plans to include Andermatt-Sedrun on the 2022/23 Epic Pass and Epic Day Pass with All Resorts Access, subject to timing of closing.
The post Vail Resorts Buy First European Resort: Andermatt appeared first on InTheSnow.
Vail Resorts have bought a majority stake in the company that runs the ski lifts and a swathe of property at Andermatt in Switzerland. Vail are the world’s largest ski area operator, with most of its portfolio of 40 ski resorts in the USA, including many of the country’s biggest and best known centres, but…