CPI Property Group (CPIPG) has signed a binding agreement to sell 84% of the shares of Remontées Mécaniques Crans Montana Aminona, the company owning and operating the Crans Montana ski lifts in Switzerland, 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 over CHF 100 mln (€105 mln), representing a significant premium to book value. The entire mountain resort business was valued at €51 mln as at the end of June 2023.
The buyer is Vail Resorts, Inc., a major mountain resort company listed on the New York Stock Exchange.
CPIPG expects to use the proceeds received to repay debt.
'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 talented ski resort operator, and we are certain that Crans Montana will thrive under their ownership.'