Vail Resorts completes acquisition of Swiss resort
BROOMFIELD — Vail Resorts Inc. (NYSE: MTN) has closed on the purchase of Crans-Montana Mountain Resort, a destination ski resort in Switzerland.
The acquisition represents Vail Resorts’ second strategic investment to own and operate ski resorts in Europe.
The resort is accessible from five airports and by train, and is located in the Valais canton of Switzerland, approximately 2½ hours from Geneva and less than four hours from Milan and Zurich.
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The resort is 2½ hours from the company’s other owned and operated European resort in Andermatt-Sedrun.
The purchase included:
- An 84% ownership stake in Remontées Mécaniques Crans Montana Aminona (CMA) SA, which controls and operates the resort’s lifts and supporting mountain operations, including four retail and rental locations.
- Full ownership of SportLife AG, up from the 80% that was previously announced, which operates one of the ski schools located at the resort.
- Full ownership of 11 restaurants located on and around the mountain.