Vail Resorts is acquiring an 84% ownership stake in Remontées Mécaniques Crans Montana Aminona (CMA) SA, which controls and operates all the resort's lifts and supporting mountain operations, including 4 retail and rental locations. The company is acquiring an 80% ownership stake in SportLife AG, which operates one of the ski schools located at the resort. Vail Resorts is also acquiring 100% ownership of 11 restaurants located on and around the mountain.
"Crans-Montana is an iconic ski destination in the heart of the Swiss Alps, with a unique heritage, incredible terrain, passionate team, and a community dedicated to the success of the region. Our acquisition of the resort aligns to our growth strategy of expanding our resort network in Europe, creating even more value for our Pass Holders and guests around the world. Much like Andermatt-Sedrun, we believe Crans-Montana has a unique opportunity for future growth", said Kirsten Lynch, Chief Executive Officer of Vail Resorts.
Subject to closing adjustments, the valuation for the resort operations is expected to be CHF 118.5 million, including approximately CHF 7 million of debt that will remain in place.
Vail Resorts is planning to invest approximately CHF 30 million over the next five years in one-time capital spending to elevate the guest experience, and the resort is expected to generate over CHF 15 million of annual EBITDA following these investments and including the impact from incremental Epic Pass sales. This initial phase of growth of the resort is expected to be primarily driven by operating and marketing initiatives along with capital investments focused on maximizing gastronomy efficiencies and improving and expanding snowmaking capabilities.
Vail Resorts, the leading mountain resort operator in the United States. The Company's subsidiaries operate the 41 resorts including Vail, Beaver Creek, Breckenridge, Keystone and Crested Butte in Colorado; Park City in Utah; Heavenly, Northstar and Kirkwood in the Lake Tahoe area of California and Nevada; Whistler Blackcomb in British Columbia, Canada; Andermatt-Sedrun in Switzerland; and Perisher, Hotham, and Falls Creek in Australia.
Located on a sunny plateau at 1,500 m above the Rhone Valley, Crans Montana offers visitors an outstanding Alpine panorama over the most beautiful peaks in the Alps, such as the Matterhorn and Mont Blanc. The ski domain of Crans Montana (1500-3000) allows skiers and snowboarders to enjoy snow thanks to 30 lifts and 140 km of pistes including the mythical Plaine Morte and the National.
Crans-Montana stretches up to the Plaine Morte glacier at an altitude of 3,000 meters, where the first alpine ski race took place in 1911 when the English skiing pioneer Sir Arnold Lunn organized the world's first timed downhill ski race, on the high Valais plateau from the Plaine Morte glacier to Mollens. Crans-Montana has so far hosted more than 25 FIS European Cup and FIS World Cup competitions, two World Cup Finals (1992 & 1998), the European Cup Finals 2009, and the unforgettable 1987 FIS Alpine World Ski Championships.
The Mont Lachaux Downhill racecourse was remodeled in 2006-2007. The slope winds its way down from the spectacular Cry d'Err vantage point and on through the mountain forest down to the Barzettes ski stadium.