US investor takes over the ski arena Andermatt-Sedrun
Vail Resorts acquires a majority stake in ASA subsidiary Andermatt-Sedrun Sport AG for CHF 149 million. The money is to be invested in the further development of the destination.
For ski resort operator Vail Resorts, the investment in Andermatt-Sedrun Sport AG is the first investment in a European ski resort. The Colorado-based U.S. company owns and operates 40 ski resorts in the U.S., Canada and Australia and paid CHF 149 million for the 55% stake in the Andermatt-Sedrun ski arena. Andermatt Swiss Alps AG (ASA) retains around 40% of the shares in the subsidiary.
As ASA and Vail Resorts write in a joint release, 110 million of the total sum will be invested in "improving the guest experience on the mountain," specifically in lifts, snowmaking, dining, recreation and infrastructure. The remaining 39 million will go to ASA, which plans to reinvest the money entirely in real estate development. With this partnership, Andermatt is developing "into a world-class destination and a world-class ski resort," says Samih Sawiris, the majority owner of ASA. The company has invested around 1.3 billion in the development of Andermatt in recent years, including a good 150 million in the expansion and modernization of the Andermatt-Sedrun ski arena.
A representative of Vail Resorts will take over the chairmanship of the board of directors of Andermatt-Sedrun Sport AG, the ASA will provide the vice president. According to the partners, they intend to decide on the future organization and other issues in the course of the next few months. The transaction is expected to be completed before the 2022/23 ski season. (ah)
