A developer invests 170 million francs in a new Swiss tourist complex
Andermatt Swiss Alps (ASA), majority owned by Egyptian financier Samih Sawiris, is to build a new 1,800-bed alpine resort in the Sedrun region of southeastern Switzerland.
This content was published on August 19, 2022 – 16:56
The complex located in an undeveloped area of the village of Dieni will consist of 13 buildings, including several hotels, residential buildings, shops, restaurants and leisure facilities, the company said on Friday. He values the investment at 170 million Swiss francs ($177 million).
ASA’s newly created subsidiary, Dieni Development, applied for planning permission in early August, but the development plan was approved a decade ago, company officials told a conference in hurry.
The fact that the project is only being implemented now has to do with recent developments, said CEO Raphael Krucker. In March, it was announced that Vail Resorts, an American tourism company, had joined the Andermatt-Sedrun mountain railway, and 110 million francs were to be invested in the region’s infrastructure over the next few years.
ASA expects the building permit in December. Construction is due to start in May 2024, with hotels and holiday apartments due to open in 2027.
Martin Cavegn, president of the local municipality, said he did not expect opposition from local villagers. Most of them support the project, he says. He also told Swiss public broadcaster SRF that he hopes it will create jobs and stop the exodus from the region.
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