CPI Property Group (CPIPG) announced the signing of an agreement concerning the disposal of the ski resort business in Crans Montana in Switzerland. It is a binding agreement for the sale of part of the shares to an American mountain resort company Vail Resorts. The gross transaction value is more than CHF 100 million (€105 million).
The transaction concerns 84% of the shares of Remontées Mécaniques Crans Montana Aminona (CMA) SA, the company owning and operating the Crans Montana ski lifts, as well as several assets and properties relating to the on-mountain activities, including restaurant outlets and a ski school business. The gross transaction value is more than CHF 100 million (€105 million), which represents a significant premium to book value. The entire mountain resort business was valued at €51 million as of the end of June 2023. CPIPG expects to use the proceeds received to repay debt.
The purchaser is Vail Resorts, Inc., the premier mountain resort company in the world listed on the New York Stock Exchange. This American company was founded in 1997 and has its headquarters in Broomfield, Colorado.
The transaction is conditional upon several closing conditions to be fulfilled in the coming weeks. “CPIPG is proud to have contributed significantly to the positive development of Crans Montana over the past 10 years,” said David Greenbaum, CEO of CPIPG. “Vail Resorts is a ski resort operator, and we are certain that Crans Montana will thrive under their ownership."
Crans-Montana Mountain Resort spans over 1,400 meters of skiable vertical terrain, and 140 kilometres of trails. Accessible from five airports and by train, Crans-Montana Mountain Resort is in the Valais canton of Switzerland, approximately two and a half hours from Geneva and less than four hours from Milan and Zurich.
