Vail Resorts has closed on its purchase of a majority stake in Andermatt-Sedrun Sport AG, a renowned destination ski resort in Central Switzerland that controls and operates the resort's mountain and ski-related assets including all lifts, most of the restaurants and a ski school operation. The acquisition represents Vail Resorts' first strategic investment in, and opportunity to operate, a ski resort in Europe. Andermatt-Sedrun, one of the most ambitious resort development opportunities in Europe, is located less than 90 minutes from three of Switzerland's major metropolitan areas (Zurich, Lucerne and Lugano) and approximately two hours from Milan, Italy.
Vail Resorts acquired a 55% ownership of the resort operations from Andermatt Swiss Alps AG, which retains a 40% ownership stake, with a group of existing shareholders comprising the remaining 5-percent ownership. Vail Resorts' final purchase price of €152.6m (CHF 149m) will be fully reinvested into the resort, with €112.7m (CHF 110m) allocated for use in capital investments to enhance the guest experience on the mountain and €40m (CHF 39m) paid to ASA and reinvested into the real estate developments in the base area.
Mike Goar, former vice president and chief operating officer of the United States' largest resort, Park City Mountain in Utah, has been named the vice president, chief operating officer, and managing director of Andermatt-Sedrun Sport AG. Goar's 46-year career in the ski industry includes leadership roles at several of the country's most well-regarded resorts.
"I look forward to working with – and learning from – the incredible team at Andermatt-Sedrun and the dedicated community and government partners," said Goar. "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."