Vail Resorts Completes Acquisition of Andermatt-Sedrun Sport AG, One of Switzerland’s Leading Resorts
Company shares details on 2022-23 season pass access at resort
BROOMFIELD, Colo., August 4, 2022 /PRNewswire/ — Vail Resorts, Inc. (NYSE: MTN) has completed its purchase of a majority stake in Andermatt-Sedrun Sport AG, a popular ski resort in Central Switzerland which controls and operates the resort’s mountain and ski assets, including all ski lifts, most restaurants and a ski school.
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 Europeis located less than 90 minutes from three of the Switzerland major metropolitan areas (Zürich, Alfalfa and Lugano) and about two hours from Milan, Italy.
Vail Resorts has acquired a 55% stake in the resort business of Andermatt Swiss Alps AG (“ASA”), which retains a 40% stake, with a group of existing shareholders holding the remaining 5%. Vail Resorts Final Purchase Price of 149 million francs will be entirely reinvested in the station, with 110 million francs allocated for use in capital investments to enhance the guest experience on the mountain and 39 million francs paid to ASA and reinvested in base area property developments.
mike goarformer vice president and chief operating officer of United States’ largest resort, Park City Mountain in Utah, was appointed Vice President, Chief Operating Officer and Managing Director of Andermatt-Sedrun Sport AG. Goar’s 46-year career in the ski industry includes senior positions at several of the country’s most highly regarded resorts. Goar joined Vail Resorts in 2013 when the company acquired The Canyons Resort in Utah where he served as vice president and general manager. Goar also managed 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 Andermatt-Sedrun team and dedicated community and government partners,” said Goar. “I am delighted to support the significant investment being made in the resort as we work together to further develop Andermatt-Sedrun 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.”
Vail Resorts today also announced access details for the 2022-23 Season Pass through the two Epic Pass products currently on sale, as well as the local Andermatt-Sedrun-Disentis (ASDA) annual pass which will remain available for the ski and hiking season 2022-23. .
For the 2022-23 season, Epic Pass holders will receive full and unlimited access to Andermatt-Sedrun (without access to the Matterhorn Gotthard Bahn). 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. See passes and prices, on sale now.
The Epic Pass also offers European access to partner resorts, including five days at Verbier4Vallées in Swissseven days in the 3 Valleys in Franceseven days in Skirama Dolomiti in Italy and three days at Ski Arlberg in Austriawith specific details available at www.epicpass.com.
About Vail Resorts, Inc. (NYSE:MTN)
Vail Resorts, Inc., through its subsidiaries, is the world’s leading operator of mountain resorts. Vail Resorts subsidiaries currently operate 41 regional mountain resorts and ski areas, including Vail, beaver stream, Breckenridge, keystone and crested mound in Colorado; park city in Utah; Celestial, North Star and Kirkwood in the Lake Tahoe domain of California and Nevada; Whistler Blackcomb in British Columbia, Canada; perish, Falls Stream and Hotham in Australia; Andermatt-Sedrun to Swiss; Stowe, Mount SnowOkemo in Vermont; hunter’s mountain in New York; Mount SunapeeAttitash, Wildcat and Crotched in New Hampshire; Stevens Pass in Washington; Seven Springs, hidden valley, Laurel Mountain, FreedomRoundtop, Whitetail, Jack Frost and Big Boulder in Pennsylvania; Alpine Valley, Boston Mills, Brandywine and mad river in Ohio; hidden valley and Snow Creek in Missouri; Wilmot in Wisconsin; Afton Alps in Minnesota; Mountain. Brighton in Michigan; and Paoli Peaks in Indiana. Vail Resorts owns and/or manages a collection of elegant and relaxed hotels under the Rock Resorts brand, as well as the Grand Teton Lodge Company in Jackson Hole, Wyo. Vail Resorts Development Company is the real estate planning and development subsidiary of Vail Resorts, Inc. Vail Resorts is a public company listed on the New York Stock Exchange (NYSE: MTN). The Vail Resorts corporate website is www.vailresorts.com and consumer website is www.snow.com.
Andermatt Swiss Alps
Andermatt Swiss Alps AG, headquartered in Andermatt, plans, builds and develops the year-round destination of Andermatt. In 2009, Andermatt Reuss was born, with apartment buildings, hotels and chalets. The Andermatt Swiss Alps Group also owns Andermatt-Sedrun Sport AG with its cable cars, the catering brand Mountain Food, the Swiss Snow Sports School Andermatt, an 18-hole par 72 championship golf course and the Andermatt concert hall. With hotels, sports facilities, the wide range of events on offer and properties, Andermatt Swiss Alps pursues the vision of becoming the premier alpine destination. In doing so, he is committed to an intact environment and a sustainable future that will allow future generations to have an extraordinary home. During the high season, the Andermatt Swiss Alps Group employs more than 1,000 people at the sites in Altdorf, Andermatt and Sedrun. andermatt-swissalps.ch / andermatt-facts.ch / andermatt-responsible.ch
SOURCE Vail Resorts, Inc.