US ski resort operator Vail Resorts aims for further growth in Europe
Published: Monday, Jan 22nd 2024, 11:20
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Following the takeover of the two ski resorts of Andermatt UR and Crans Montana VS, US ski resort operator Vail Resorts' appetite for expansion is not yet satiated. The company from the US state of Colorado wants to seize every opportunity for further growth in Europe.
"Our expansion strategy in Europe includes new investments. However, these will depend on the opportunities that arise," says Mike Goar, head of the Andermatt-Sedrun ski area, in an interview with the news agency AWP. Goar has been in office since mid-2022. At that time, the US group acquired a 55% stake in the operating company Andermatt-Sedrun Sport AG. This had previously belonged to the hotel and real estate company Andermatt Swiss Alps owned by Egyptian tourism entrepreneur Samih Sawiris.
At the end of November, Vail Resorts then took over the Valais ski resort of Crans-Montana, including the ski school and all eleven restaurants in the region. "It is a coincidence that our first two investments in Europe are in Switzerland," explains the manager. This is because such transactions are very complex due to the large number of players involved. Vail sees itself as a long-term investor.
Partnerships concluded
With the two acquisitions in Switzerland, owners of the "Epic Pass" ski pass can use 41 Vail Resorts ski resorts. The vast majority of these are located in the USA, Canada and Australia. The portfolio includes famous ski resorts such as Vail and Bever Creek in Colorado, Park City in Utah and Whistler Mountain in Canada.
The US company has also entered into several partnerships with ski resorts that allow Epic Pass holders to ski for a limited time and under certain conditions. These include the ski resorts Verbier 4 Vallées in Switzerland, Les 3 Vallées in France, Skirama Dolomiti in Italy and Ski Arlberg in Austria.
The expansion of the Epic Pass gives the two Swiss ski resorts a tailwind. This is because the 2.3 million ski pass holders are a large customer group, which increases the impact of the marketing. Up to now, Epic Pass customers have mainly come from North America and Australia. Only a small proportion are from Europe, but this is likely to "grow step by step", says Goar.
Investments of several million
At the start of the winter season, less than 10 percent of guests in the Andermatt-Sedrun ski area had an Epic Pass. "It's still early days, but the trend is positive," says Goar. Visitor numbers are increasing and with them the range of accommodation on offer. "The area is in a growth phase: over 1000 beds have been created in hotels and vacation apartments in recent years," says the American.
Last year, Vail Resorts invested CHF 10 million in renewing the infrastructure of Andermatt-Sedrun, including the opening of a new restaurant and a new customer information system.
In Crans Montana, the Group has pledged CHF 30 million in investments over the next five years. The money will go towards snow-making facilities, ski lifts and restaurants, explains Goar.
There are also synergies in terms of expertise, know-how, technologies and purchasing for the mountain restaurants in both ski resorts. "Our aim is not to standardize the destinations. Each will retain its own character and special features, but we want to offer a customer experience of the same quality everywhere," says Goar.
With the two takeovers in Switzerland, the appetite of the US group with its 41 ski resorts is not yet satiated. "If there is a new opportunity tomorrow, Vail Resorts is in a position to seize it," says Goar.
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