The Laax region in the canton of Graubünden (Switzerland) is one of the epicenters of Alpine tourism in Europe. Known for its commitment to innovation—it pioneered the creation of world-class snowparks and sustainability projects—the area attracts thousands of skiers and mountain lovers every year. However, pressure from international investors on tourist infrastructure and the need to ensure local control have led to a far-reaching strategic decision: the municipalities of Flims, Laax, and Falera want to jointly acquire the mountain assets of Weisse Arena Bergbahnen AG.
In recent years, various investment funds and international tourism groups have shown interest in acquiring strategic alpine infrastructure. According to external sources, the Vail Resorts group (USA) and Alterra have been linked to possible bids for the Laax/Weisse Arena infrastructure. The information seems plausible, given that Vail Resorts has already made notable acquisitions in Switzerland: for example, the purchase of the Crans-Montana resort (taking an 84% stake), and it also acquired 55% of Andermatt-Sedrun Sport AG in 2022.
In Flims, Laax, and Falera, this scenario has raised concerns among local communities, who have sought to protect their ski lifts and facilities from a possible sale to foreign capital, opting to keep control in the hands of the region.
A “sell and lease back” model to secure the future
The agreement, announced on September 24, 2025, provides for the three municipalities to raise 50 million francs to purchase ski lifts, mountain restaurants, operations buildings, and avalanche protection systems, which currently belong to the subsidiary Weisse Arena Bergbahnen AG. This infrastructure would then be leased back to the operating company itself for daily use.
This is a model known as “sell and lease back,” which has already been used for two decades with the artificial snow facilities managed by Finanz Infra AG, a company that will now be wholly owned by the municipalities. As project director Adrian Wolf pointed out, this is a natural extension of a system that has already proven its effectiveness in the region.
Guaranteed stability and benefits for the local population
The purchase price of the infrastructure will be set at its residual book value of CHF 94.5 million. The financing scheme includes municipal contributions—20 million from Laax, 10 from Falera, and 2 million plus 18 million already invested in the FlemX-Bahn by Flims—a loan of 20 million from Weisse Arena Bergbahnen AG, and 42.5 million in external financing.
The lease agreement guarantees a minimum of 300 days of operation per year and maintains tariff advantages for local residents, a particularly sensitive issue in the public debate. As Franz Gschwend, mayor of Laax and chairman of the board of Finanz Infra AG, pointed out, the measure seeks to “protect a systemic asset” from possible sales to foreign capital.
Reactions from local stakeholders
Reactions from local officials were swift. In Falera, municipal president Norbert Goodemphasized that the assets had been fairly valued and that the operation, although ambitious, represented a balanced and reasonable effort to secure the region’s future in tourism. In neighboring Flims, Christoph Schmidt recalled the long and fruitful collaboration between the communities and the Weisse Arena Gruppe, noting that the model applied for twenty years to the artificial snow infrastructure had proven its soundness and could now serve as a benchmark for all facilities.
For his part, Reto Gurtner, president of the Weisse Arena Group, acknowledged that various financial and tourism investors had shown interest in acquiring these infrastructures. However, he defended the option of maintaining a local model that guarantees the collective interests of the region in the long term, even if this means turning down higher offers in the short term. Gurtner insisted that the lease amount will be sufficient to cover the maintenance and renovation costs of the facilities, which will prevent the municipalities from having to provide additional aid, thus replicating the success achieved with the artificial snow facilities.
Next steps: the decision in the hands of the citizens
The proposal will be put to a public vote in the three municipalities at the end of October 2025:
- Falera will decide in a municipal assembly on October 23,
- Laax will do so on October 24,
- and Flims will hold a ballot box vote on October 26.
Depending on the results, the region could ensure that its ski lifts and other tourist infrastructure remain in local hands, thus safeguarding the autonomy and sustainability of one of the most iconic Alpine destinations in some of the best resorts in Switzerland.
