Andermatt: ASA sells real estate worth 61.6 million
The Andermatt Swiss Alps Group (ASA) sold real estate for CHF 61.6 million during the financial year. Demand had remained stable at a high level.
Adjusted for a Extraordinary sale in the previous year in the amount of CHF 50 million property sales were 2.3% higher than in the previous year, the Andermatt Swiss Alps Group (ASA) reports. As of the end of the 2019 financial year, around 95% of all apartments in the completed and occupied apartment buildings had been sold. The average price per square meter of the sold
apartments amounted to CHF 14,207 (previous year: CHF 12,026).
ASA generated sales of 167.3 million in 2019, up from 135.7 million. Below the line, the financial year ended with a loss of 33.0 million (previous year: 42.7 million). This was due in particular to the continued high prime costs and depreciation (hotel construction, expansion of the SkiArena, completion of the concert hall), ASA said. Since the start of the project until the end of 2019, a total of 1.13 billion had been invested, with 79 million in 2019 alone.
Reopening of hotels scheduled for May 8
Five-star deluxe hotel The Chedi Andermatt was open for eleven months in 2019 and achieved a full-year occupancy rate of 54% (prev. yr.:53%), according to ASA. Revenue had increased by 11% year-on-year to 29.4 million (prev. yr.:26.6 million). The number of guests increased by 10% to 47,029.
The 4-star Radisson Blu hotel, with its 179 rooms and 110 suites and apartments in the Gotthard Residences, reportedly generated revenue of 9.5 million in its first full year of operation and had an occupancy rate of about 36% with nearly 49,000 guests.
The two properties plan to reopen after the Corona-related closure on May 8, 2020. Guests will have access to the hotels' entire infrastructure, including fitness, wellness and spa facilities, as well as restaurants, ASA says. Vacation apartments could also be booked again. Subject to the decisions of the Federal Council, ASA also plans to reopen the golf course on May 8, 2020.
SkiArena Andermatt-Sedrun recorded a 6% increase in revenue until March 13, 2020, when the ski season was canceled due to the Corona pandemic, ASA further reports.
ASA gives itself a new structure
Effective May 1, 2020, ASA will organize its operations into four business units: Hotels, Mountain and Sports, Town and Real Estate. "Under the banner of 'We build communities,' we will focus on building world-class experiences, quality, global customer engagement, and sustainability and hospitality," says Raphael Krucker, CEO of ASA since January 1, 2020. Thanks to a robust business model with an integrated value chain and several strong pillars, the Group looks positively into the future. (ah)
