Vail Resorts Ascends the Swiss Peaks: Crans-Montana Mountain Resort Acquisition

Vail Resorts to Acquire Crans-Montana Mountain Resort in Switzerland, the Company’s Second Ski Resort in Europe.

Elevating Swiss Luxury: Vail Resorts Welcomes Crans-Montana to the Family.

In a move set to redefine the luxury skiing landscape, Vail Resorts announced the acquisition of Crans-Montana Mountain Resort in Switzerland, marking its second foray into the European ski scene. Nestled in the heart of the Swiss Alps, Crans-Montana boasts 1,400 meters of skiable vertical terrain and 140 kilometers of trails, offering an unparalleled winter haven for ski enthusiasts. The acquisition underscores Vail Resorts’ commitment to expanding its European resort network, enhancing the experience for global pass holders and guests.

Vail Resorts orchestrates a crescendo of luxury with the acquisition of Crans-Montana Mountain Resort in Switzerland. With its iconic Matterhorn and Mont Blanc views, this ski destination has earned its place among the best in Europe. The acquisition is a testament to Vail Resorts’ strategic growth, amplifying its European presence and offering Pass Holders exclusive access to the Swiss Alps’ winter wonderland. Crans-Montana promises a symphony of opulence, breathtaking slopes, and an unforgettable alpine experience for discerning ski aficionados.

“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.”

Vail Resorts is acquiring 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 4 retail and rental locations. The company is acquiring an 80-percent ownership stake in SportLife AG, which operates one of the ski schools located at the resort. Vail Resorts is also acquiring 100 percent ownership of 11 restaurants located on and around the mountain.

The company’s industry-leading line of Epic Pass products allows skiers and riders to access the company’s resorts at an incredible value, whether they plan to ski one day or every day. Vail Resorts plans to include access to Crans-Montana Mountain Resort on select Epic Pass products for the 2024-25 ski and ride season. Crans-Montana Mountain Resort will not be included on the Epic Pass for any remaining part of the 2023-24 ski and ride season after the deal closes. 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.

“CPIPG is proud to have contributed significantly to the positive development of Crans-Montana over the past 10 years,” said David Greenbaum, CEO of CPIPG. “Vail Resorts is a talented ski resort operator, and we are certain that Crans-Montana will thrive under their ownership.”

In a statement from its Board of Directors, the Association of the Municipality of Crans-Montana added: “Crans-Montana looks forward to working closely with Vail Resorts, which will undoubtedly have a clear, long-term strategy for development, marketing, and providing top-quality guest experience. Vail Resorts will bring new energy to the ski area, positively impacting the entire economic structure of the region of Crans-Montana. Vail Resorts as new owner of the ski area will also have a positive impact on the organization of the FIS Alpine World Ski Championships in 2027 at Crans-Montana.”

“We look forward to investing to support the growth, sustainability and vitality of the resort and region,” continued Lynch. “We care deeply about the guest experience and are committed to working with the community, listening and learning from local partners and the resort’s dedicated teams. We share many values with the Crans-Montana community, including a commitment to environmental responsibility and reducing our net-operating footprint.”

Vail Resorts expects to drive significant growth for Crans-Montana Mountain Resort through ongoing investments in the resort and inclusion of the resort on Epic Pass products, attracting a broader population of international guests to the resort who are seeking a high-end destination resort experience in the Swiss Alps.

“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 Bruno Huggler, CEO of the Crans-Montana Tourism and Congress. “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.”

Subject to closing adjustments, the valuation for the resort operations is expected to be CHF 118.5 million, including approximately CHF 7 million of debt that will remain in place. Vail Resorts anticipates that the resort will generate approximately CHF 5 million of EBITDA in its fiscal year ending July 31, 2025, the first full year of operations following the expected closing later in fiscal 2024.

The transaction is expected to close during the 2023-24 ski and ride 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. Vail Resorts is committed to retaining the vast majority of employees, the existing operational infrastructure, and local expertise. Vail Resorts will incorporate areas of expertise from its business strategy, including enhancements to data and analytics capabilities, accessibility with the Epic Pass product lineup, and best practice sharing from its mountain operations.