Colorado-based Vail Resorts spent 149 million Swiss francs — or roughly $155.3 million — for a 55% controlling stake in the operations of Andermatt-Sedrun Sport AG ski resort in central Switzerland, according to a news release.
The company will reinvest 110 million Swiss francs — $114.7 million — into capital investments to enhance the guest experience and the remaining 39 million francs — $40.7 million — into new real estate development around the resort’s base. This marks Vail’s first investment in a European resort.
Andermatt Swiss Alps AG keeps a 40% stake in the resort operations, with the remaining 5% stake split between existing shareholders.
Vail Resorts executive Mike Goar will take over operations of the resort with the title of vice president, chief operating officer and managing director.
“I am excited to support the important investments being made into the resort as we work together to continue Andermatt-Sedrun’s development as a premier alpine destination in Europe. We are proud to add this special resort to the Vail Resorts network and I am personally committed to operational excellence and collaboration,” Goar said in the release.