Andermatt Swiss Alps: Real estate sales at record level
Andermatt Swiss Alps AG achieved total sales of CHF 135.7 million in the 2018 financial year, an increase of 87% compared to the previous year. Real estate sales reached a record level of 110.2 million.
According to Andermatt Swiss Alps AG, sales in all segments - real estate, hotels and SkiArena - increased significantly compared to the previous year. The luxury hotel The Chedi Andermatt reportedly achieved sales of 26.2 million (+17%). Full-year occupancy was 54%, and the number of guests increased by 11% to just under 43,000.
Real estate sales reached a record level of 110.2 million. The demand for real estate has increased significantly within a year, the company says. As of the end of 2018, about 80% of all apartments in completed and occupied apartment buildings had been sold, it said. The vacation apartments were on average 53% occupied.
Deficit of over 40 million
Nevertheless, as expected, the company closed the 2018 financial year with a deficit of 40.7 million (previous year 29.8 million), which, according to Andermatt Swiss Alps, was due in particular to the high prime costs and depreciation for the hotel construction, the expansion of the SkiArena and the concert hall. Since the start of the project, a total of 1.05 billion has been invested in the project, with 150 million in 2018.
In the past fiscal year, the Radisson Blu Hotel with 179 rooms, the Gotthard Residences with 110 apartments, and the Alpenrose apartment building were opened. In addition, stores, restaurants and the swimming pool were completed around the Piazza Gottardo. Construction will continue in Andermatt in 2019: Two apartment buildings are under construction and four more are planned. (ah)
