CPI Property Group (CPIPG) is selling its ski resort business in Switzerland to New York Stock Exchange-listed Vail Resorts.
CPIPG has agreed to sell an 84% stake in Remontées Mécaniques Crans Montana Aminona (CMA) for CHF100m (€105m).
CMA owns and operates 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.
Apollo-backed CPIPG, which intends to use the proceeds to repay debt, said the sale amount represents a “significant premium to book value” to the entire mountain resort business which was valued at €51m at the end of the first half of 2023.
David Greenbaum, CEO of CPIPG, said: “CPIPG is proud to have contributed significantly to the positive development of Crans Montana over the past 10 years. Vail Resorts is a talented ski resort operator, and we are certain that Crans Montana will thrive under their ownership.”
Kirsten Lynch, CEO of Vail Resorts, said: “Our acquisition of the resort aligns to our growth strategy of expanding our resort network in Europe, creating even more value for our Pass Holders and guests around the world. Much like Andermatt-Sedrun, we believe Crans-Montana has a unique opportunity for future growth.”
Crans Montana is Vail’s second ski resort in Europe. The company’s network of ski resorts includes Vail Mountain, Breckenridge, Park City Mountain, Whistler Blackcomb, Stowe, and 32 additional resorts across North America; Andermatt-Sedrun in Switzerland; and Perisher, Hotham, and Falls Creek in Australia.
To read the latest IPE Real Assets magazine click here.
