Developer Invests CH170 Million In New Swiss Tourist Resort| MENAFN.COM

Friday, 30 September 2022 03:53 GMT

Developer Invests CH170 Million In New Swiss Tourist Resort


(MENAFN- Swissinfo) The region offers skiing in winter and mountain hiking in summer. © Keystone / Urs Flueeler

The Andermatt Swiss Alps (ASA) company, majority owned by Egyptian financier Samih Sawiris, is to build a new 1,800-bed Alpine resort in the Sedrun region in southeast Switzerland.

This content was published on August 19, 2022 - 16:56 August 19, 2022 - 16:56 Keystone-SDA/SRF/jc

The complex in an undeveloped area of Dieni village will include 13 buildings, including several hotels, residential buildings, shops, restaurants and leisure facilities, the company said on Friday. It puts the investment at CHF170 million ($177 million).

ASA's newly founded subsidiary Dieni Development submitted a building permit application at the beginning of August, but the development plan was approved ten years ago, company officials told a press conference.

The fact that the project is being implemented only now is linked to recent developments, said CEO Raphael Krucker. In March, it became known that Vail Resorts, an American tourism company, had joined the Andermatt-Sedrun mountain railways, and CHF110 million are to be invested in the region's infrastructure over the next few years.

ASA expects the building permit in December. Construction is scheduled to begin in May 2024, with the hotels and vacation apartments to open in 2027.

Martin Cavegn, president of the local municipality, said he does not expect opposition from the local villagers. Most of them back the project, he claims. He also told Swiss public broadcaster SRF that he hopes it will bring jobs and stop the exodus from the region.

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