Andermatt Swiss Alps invests another 500 million Swiss francs
The Andermatt Swiss Alps Group wants to invest an additional CHF 500 million in the Andermatt destination. The construction of six apartment buildings is planned for the current year. A new shopping and gastronomy zone is to be built in 2024. In 2022, the group posted a profit for the first time.
The Andermatt Swiss Alps Group posted a net profit of CHF 34.3 million in the 2022 business year, the company responsible for the development, realisation and operation of the holiday destination informs in a statement. A significant increase in property sales and a one-off effect from the entry of Vail Resorts into Andermatt-Sedrun Sport AG contributed to this. In the previous year, a loss of 8.0 million Swiss francs had been incurred.
“The fact that we were able to post a profit for the first time, including the one-off gain from the transaction with Vail Resorts, Inc. is a milestone for the Andermatt Swiss Alps Group,” CEO Raphael Krucker is quoted as saying in the statement. “We are confident that the Andermatt Swiss Alps Group is optimally positioned and will continue to develop positively in the future.”
So far, the group has invested a total of around CHF 1.4 billion in the destination. Now, further investments of around 500 million Swiss francs are planned. This year, Swiss Andermatt Alps will start the construction of six new apartment buildings. In addition, initial work is planned for a new lifestyle and sports hotel. In the Andermatt Reuss part of the village, a new shopping and gastronomy zone is to be built by the end of next year.