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US ski resort giant Vail Resorts has been renovating the Andermatt-Sedrun UR/GR ski area for 14 months. The aim is to get into the black this year, new mountain railway boss Mike Goar (65) from the USA says in a major Blick interview. This is a huge target, as railways have suffered millions in losses over the years.
But Vail Resorts is far from the only foreign investor involved in Swiss mountain railways.
Crans-Montana vs: Radovan Vitek
In many places, foreign investors are stepping in without much fanfare. On the other hand, people will not be too upset if Czech tyrant investor Radovan Vitek (52) sells his shares in Crans-Montana VS. Vitek really gambled by shutting down the cable cars in 2018 due to a dispute with the municipality during the winter season.
Sale rumors continue. It is said that Vitek is looking for a buyer. Vail Resorts is now viewed as an acquisition candidate. The world’s largest ski resort operator after Andermatt may soon open shop in Valais. Goar does not want to comment on the rumors in the interview.
Saas-Fee VS: Schröcksnadel I
Saas-Fee VS has had much better experiences with a foreign investor. The Austrian family company Schröcksnadel joined the mountain railways in 2018. Chairman of the Board of Directors Markus Schröcksnadel (59) is known for his difficult calculations. However, he restored peace to the village by making the ski area successful again. This pays off for the family in the form of generous dividends.
Savognin GR: Schröcksnadel II
The Schröcksnadel family has also held a majority stake in Savognin Bergbahnen for thirteen years. After a positive development, there was a serious decline in the ski area last winter and there was a 29 percent decrease in the number of guests. The reason was that it was the least snowy winter in the history of railways for more than 60 years.
Corvatsch and Diavolezza-Lagalp GR: Niarchos brothers
After last winter, people in the Engadine were particularly happy with foreign investors. Greek brothers Philip (69) and Spyros Niarchos (68) are the largest private landowners. Among other things, they also own the ski areas of Corvatsch and Diavolezza-Lagalp, which are negatively affected by high levels of debt. In the spring of 2023, investors finally agreed to convert millions of loans into capital and thus significantly improve the railways’ balance sheets. But this was not a completely selfless act: the Niarchos brothers also have shares in hotels and real estate in the Engadine that benefit from the railways.
Glacier 3000: Ecclestone, Mimran and Bach
Investors near Gstaad BE have given the Glacier 3000 ski area a big boost over the last 18 years: Former Formula 1 boss Bernie Ecclestone (93) and sugar baron Jean-Claude Mimran (78) joined forces in 2005 Les Diablerets ski resort bought the area Gstaad real estate tycoon Marcel He saved the region from bankruptcy by saving it from Bach (65). All three work at luxury hotels in the area.
Gstaad BE: André Hoffmann and Ernesto Bertarelli
Swiss billionaires are also among the major investors in Swiss ski resorts: Gstaader Bergbahnen in the Bernese Oberland is owned by a private investor group around pharmaceutical heirs André Hoffmann (65) and Ernesto Bertarelli (58).
Source :Blick
I’m Tim David and I work as an author for 24 Instant News, covering the Market section. With a Bachelor’s Degree in Journalism, my mission is to provide accurate, timely and insightful news coverage that helps our readers stay informed about the latest trends in the market. My writing style is focused on making complex economic topics easy to understand for everyone.
