Andermatt Swiss Alps AG with operating profit for the first time
The resort developer reports a significant increase in turnover for 2023. In the previous year, an extraordinary sale resulted in a high profit; this time, the company made it into the profit zone operationally.
Destination developer Andermatt Swiss Alps AG generated a profit from ordinary business for the first time in 2023. Real estate sales increased by CHF 2.2 % to CHF 154.4 million - in a "challenging environment", as it says. Total sales increased by % 41.3 to CHF 255.6 million and operating profit (EBITDA) by % 20.3 to CHF 24.9 million.
The Andermatt Swiss Alps Group was thus able to achieve a consolidated net profit from continuing operations for the first time since its foundation, amounting to CHF 1.3 million. The previous year's profit of CHF 34.3 million included the one-off gain from the transaction with the US ski resort operator Vail Resorts. A total of around CHF 1.5 billion was invested in the development in Andermatt between the start of the project in 2007 and the end of 2023.
The company sold a total of 60 apartments in 2023. The average price per square meter increased by 11 % to over CHF 19,000. As at the end of the financial year, 721 of a total of 757 apartments and hotel residences completed or under construction had been sold. 66 % of the buyers live in Switzerland, 14 % come from the EU and 20 % from the rest of the world. A total of 19 apartment buildings and 2 hotels had been completed by the end of 2023.
The Chedi with declining sales
At the five-star deluxe hotel The Chedi Andermatt, the full-year occupancy rate fell from 68 to 58 %. Turnover fell from CHF 41.4 million to CHF 38.1 million. By contrast, the Radisson Blu Hotel Reussen saw a slight increase in revenue, from CHF 15.0 million to CHF 15.5 million. Occupancy increased from 48 to 55 %.
The rental of vacation apartments under the Andermatt Alpine Apartments brand also developed positively; sales increased by 11 % to CHF 3.5 million. The number of vacation apartments in the rental pool was increased by over 10 % and comprised over 160 properties at the end of 2023.
Two apartment buildings with primary residences before the start of construction
The start of construction of two apartment buildings is planned for 2024, which will contain 39 first homes for the first time. Six houses are already under construction. The new Furkagasse shopping and restaurant zone will open in the Andermatt Reuss part of the village in December. Andreas Caminada's Igniv restaurant in Haus Maya and an offshoot of the Asian restaurant concept Nooba have already been confirmed as tenants. A watch and jewelry store is also planned. (aw)
