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Vail Resorts on Thursday issued the following press release on its closing on the purchase of the Andermatt-Sedrun Sport AG ski resort in Switzerland:
Vail Resorts, Inc. (NYSE: MTN) 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-percent ownership of the resort operations from Andermatt Swiss Alps AG (“ASA”), which retains a 40-percent ownership stake, with a group of existing shareholders comprising the remaining 5-percent ownership. Vail Resorts’ final purchase price of CHF 149 million will be fully reinvested into the resort, with CHF 110 millionallocated for use in capital investments to enhance the guest experience on the mountain and CHF 39 million 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. Goar joined Vail Resorts in 2013 when the company acquired The Canyons Resort in Utah where he was serving as vice president and general manager. Goar also ran Keystone Resort in Colorado and oversaw the operations of the company’s three resorts in Lake Tahoe (Heavenly Ski Resort, Kirkwood Mountain Resort and Northstar California) before returning to Park City Mountain from 2019 to 2022.
“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.”
Today, Vail Resorts also announced 2022-23 season pass access details through both Epic Pass products on sale now, as well as the local Andermatt-Sedrun-Disentis Annual Pass (ASDA) that will remain available for the 2022-23 ski and ride season.
For the 2022-23 season, Epic Pass Holders will receive unlimited and unrestricted access to Andermatt-Sedrun (without Matterhorn Gotthard Bahn access). Epic Local Pass Holders receive 5 days at the resort, and Epic Day Pass Holders with All Resorts Access will be able to visit using any of their days. View passes and prices, on sale now.
The Epic Pass also provides European access to partner resorts including five days at Verbier4Vallées in Switzerland, seven days at Les 3 Vallées in France, seven days at Skirama Dolomiti in Italy and three days at Ski Arlberg in Austria, with specific details available at www.epicpass.com.