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Crans-Montana is causing nothing but trouble for Radovan Vitek. Now the Czech billionaire has had enough

When Radovan Vitek invested in Crans-Montana, he was seen as a beacon of hope for the struggling Valais resort – until conflicts arose with the municipalities and the tourism association.

Chalets and hotels as far as the eye can see. The holiday destination of Crans-Montana covered in snow.

Soon the ski season will start in Crans-Montana. Preparations on the Haute Plateau are in full swing. Craftsmen are installing signposts, restaurant owners are working on new menu cards, and the ski lift workers are running the gondolas up the mountain in trial operations.

Otherwise the place is still quiet. Just in time for the start of the season at the beginning of December, the spectacular views of the region’s four-thousand-meter peaks and its long slopes will once again attract many tourists to the resort above Sierre.

From luxury destination to general store

But the idyllic atmosphere is deceptive. The once luxury holiday destination has seen better days. Crans-Montana used to be considered a premium ski resort. One of the last highlights of that time was the hosting of the World Ski Championships in 1987. The event went down in sports history because Swiss athletes won 14 out of 30 medals.

Today, the slopes are blighted with 12,000 second homes. In the off-season, the apartment blocks in the center of Crans-Montana make a rather dreary impression. The aging infrastructure is in urgent need of renovations.

In addition, the ski resort is struggling to position itself in the market. As a result, Crans-Montana more closely resembles a general store than a luxury destination these days: There are electronic music festivals and snow parks for the younger crowds, golf tournaments for the rich and a climbing hall and ice field for families.

Radovan Vitek, the main shareholder of the CMA Group and CPIPG, is one of the largest real estate investors in Central Europe.

In light of all these challenges, the extremely wealthy Czech investor Radovan Vitek came along at just the right time in 2013. He is the main shareholder of the real estate group CPIPG, which owns properties worth 20.9 billion euros in Central and Eastern Europe. First, he bought the Crans-Montana Aminona Mountain Railways (CMA) and then other service providers such as restaurants, parking lots and stores. This gave rise to the CMA Group.

He himself is neither a member of the management nor the board of directors of his real estate companies. In his private life, too, he is considered reserved and media-shy. It is known, however, that their residence in Crans-Montana was the hub of the Vitek family for a long time. Perhaps it was this emotional connection that led him to invest in the ski resort. Because ski lifts are rarely attractive capital investments.

For Crans-Montana, the Czech billionaire was a beacon of hope. The place wanted to use his money to develop tourism.

But things turned out differently. Vitek may have underestimated Switzerland’s direct-democratic system. In any case, his «those who pay are in charge» mentality did not go down well on the Haute Plateau. The years-long disputes between Vitek and the municipality have now reached a new climax.

In spring, the CMA Group announced that Vitek was withdrawing as an investor and that the sale would be completed before the start of the winter season. Now, shortly before the start of the season, the municipal government is wondering what will happen to the ski lifts. Vitek himself declines to publicly comment on his possible retreat.

There are many empty apartments in Crans-Montana during the off-season because most of them are second homes.

The power play has begun.

To understand how this situation came about, the communal president, Nicolas Féraud, and the director of tourism, Bruno Huggler, tell us what has happened since last spring’s announcement. Because shortly afterwards, a strange list made the rounds in the village.

It not only listed the key figures of CMA operations, but also the sales prices for all of the company’s assets. In addition to the ski lifts, this includes parking lots, restaurants on the slopes, a clinic, a real estate agency, a ski school and a sports store. Cost of the portfolio: 225 million francs.

Nicolas Féraud, communal president of Crans-Montana.

Féraud is certain that this list was deliberately disseminated, even if it seems more like a PowerPoint presentation with photos than professional sales documentation. The municipalities of Crans-Montana, Lens and Icogne, on whose territory the ski resort is located, already signaled their interest in buying back the ski lifts, the parking garages and possibly also the mountain restaurants last year.

So the goal is to return to the old model, when the municipal governments ran the ski lifts themselves but failed to develop them further? «Not at all,» Féraud counters. «We would set up an operating company with a new investor. The municipalities should not be the main owners of the ski lifts.» Because, in his view, ski lifts must be run as a business and not by the public sector.

So Vitek wants to sell, and the municipalities are interested—if it were not for the price of 80 million francs for the ski lifts alone. In order to check whether this price is realistic, the municipality had the ski lifts’ worth estimated by an external, independent company. The price they determined is well below 80 million francs. «The CMA would have to accommodate us. The citizens of our communities would not accept such a high price,» says Féraud.

In the 2020 annual report of Vitek’s company CPIPG, the CMA Group was valued at 67 million euros. The following year, this number fell to only 50 million euros. The company seems to be living off its substance. Philippe Magistretti, chairman of the board of directors of the CMA Group and Vitek's proconsul, explains the large difference between the reported value and the targeted sales price with CPIPG’s conservative valuation methods.

Bruno Huggler, tourism director in Crans-Montana.

«We’ve had a lot of investors come to us who are willing to pay 80 million francs for the ski lifts,» Magistretti says. «We are confident that we will be able to complete the sale before the winter season begins.» The power play has apparently begun.

The municipality’s president Féraud, however, is not impressed by this. Although he emphasizes that it is in the interest of the municipality to have more say regarding the ski lifts again—because of the many jobs involved and in order to develop the region holistically—but not at any price. It is questionable whether investors are really lining up in the face of rising interest rates and a looming recession. Tourism director Huggler says: «Buying the ski lifts is not enough. Every ski resort needs continuous renewal of transport facilities. In addition, the 2027 World Ski Championships are coming up.» According to him, additional investments are therefore unavoidable.

T urbulence on the Haute Plateau

It is not the first time that tensions arose between the investor Vitek and the municipalities on the Haute Plateau. This even went so far that the CMA stopped the operation of the ski lifts in 2018, despite ideal snow conditions, because the municipality did not comply with an allegedly agreed payment to Vitek.

The next scandal was not long in coming. In 2021, the CMA withdrew from the Crans-Montana Tourism Association. The reason was long-standing disagreements between Magistretti and Jean-Daniel Clivaz, the president of the tourism association. «The CMA’s strategic plans don’t align with the vision of the tourism association and the community,» Magistretti says. «I don’t share the opinion that large-scale investments in the existing transportation facilities are needed. But I’m certainly in favor of expanding the ski resort.»

Since then, the situation has only worsened. At the beginning of 2022, for instance, the CMA proposed that the municipalities should lease the ski lifts from Vitek in order to have more of a say. At the same time, the CMA parted ways with general manager Maxime Fournier because of differing views on the direction of the ski lifts.

Philippe Magistretti, chairman of the board of directors of the CMA Group.

His successor, Maxime Cottet, was also suspended for three weeks at the beginning of November – shortly before the start of the season. «To prepare CMA for the challenges, I asked the general manager to isolate himself from the company for three weeks to come up with an action plan,» Magistretti says. «This also gives him an opportunity to rethink his position in the company.»

In a holiday destination, such turbulence can have devastating consequences. An important factor in the success of a ski resort is the smooth cooperation between the owners of ski lifts, the municipalities, the tourist associations, hoteliers and other service providers. This requires a common strategy. «For many years, we have repeatedly approached the cable car companies with strategic considerations for the entire region. But the CMA Group has tried to dictate its own vision to us from the beginning,» says Féraud.

Crafty businessman

It is possible that the people in Crans-Montana failed to realize that Vitek is a shrewd businessman who sometimes resorts unscrupulous methods. He proved this in his early days, when he founded a company in Slovakia after the collapse of the Soviet Union in the early 1990s. The company traded in coupons that the government had given to citizens free of charge for the purpose of privatizing state-owned enterprises.

Vitek then entered the real estate business, specializing in office and retail space. Last year, he bought the Viennese real estate groups Immofinanz and Immo S , increasing his real estate portfolio from 11 to 20.9 billion euros. His company CPIPG operates in the Czech Republic, Germany, Poland and other Central European countries.

The trial surrounding the Luxembourg real estate company Orco (now CPI FIM SA) also caused a stir. Vitek is accused of having secretly taken control of the company with the help of straw men. The lawsuit was dismissed in the USA for the time being. The Luxembourg regulator for market abuse, however, has already issued a fine of 1.5 million dollars to Vitek. For the billionaire, this is nothing – just like buying a ski resort. His engagement in Crans-Montana comprises only 0.5% of CPIPG’s assets.

Vitek is reported to have said that Crans-Montana accounted for less than 2% of his fortune, but caused 80% of all his headaches. Whether another investor will soon appear on the scene to relieve him of his pain remains an open question.

Montana used to be a tranquil mountain village. Later it merged with the neighboring communes of Chermignon, Mollens (VS) and Randogne.

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Crans-Montana: la justice valaisanne classe l’enquête contre Radovan Vitek

Ouverte en fin d’année 2018, l’enquête contre l’ancien propriétaire des remontées mécaniques de crans-montana a été classée par le ministère public valaisan..

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Zářijový Forbes přináší unikátního průvodce světem investic 2024. O rady jsme požádali nejlepší, nejvlivnější a největší investory Česka. Ty, kteří řídí family officy těch nejbohatších. Dozvíte se, jak se na peníze, složené úročení a nesložené utrácení dívají oni. Špičkoví investoři Jan Barta, Jakub Čanda a Jan Hájek v mimořádném rozhovoru o tom, kam oni sami dávají peníze. Správkyně miliardového jmění J&T […]

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Radovan Vitek

• The largest real estate tycoon in the Czech Republic and since last year also in Central Europe. The majority of his real estate portfolio consists of offices, but he also owns shopping centers, hotels and apartments in Germany, Poland, Italy and Croatia, for example.
• Last year he gradually took over two important competitors in Austria: Immofinanz and S Immo. As a result the value of the assets of his CPIPG group increased by 63 percent to 23 billion euros and the company's net worth, as measured by the EPRA NAV indicator, increased to eight billion euros.
• The most valuable item in Vítka's real estate portfolio has long been office buildings in Berlin.
• In recent years, he and his wife Maria have invested significantly in the race track in Velká Chuchle, which they own.

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La justice valaisanne classe l'enquête contre Radovan Vitek, ancien propriétaire des Remontées mécaniques de Crans-Montana-Aminona

"L’enquête n’a pas mis en évidence une quelconque infraction pénale", a confirmé vendredi la procureure générale du canton du Valais, Béatrice Pilloud, suite à une information publiée dans 24 Heures et la Tribune de Genève.

A la mi-novembre 2018, le parquet valaisan avait ouvert une enquête préliminaire sur la transaction de 2016 sur CMA Immobilier, en raison de soupçons d'infractions pénales. Ceux-ci portaient notamment sur une augmentation de capital suspicieuse, diluant la part des collectivités publiques, rappellent les deux journaux.

Nouveau propriétaire

Le groupe américain Vail Resorts a annoncé le rachat de CMA fin novembre 2023. L'opération a été finalisée début mai dernier. Vail Resorts détient désormais 84% des parts de CMA.

Vail Resorts a également acheté 100% des parts de la société anonyme SportLife, qui exploite l'une des écoles de ski de la station. Le groupe a encore acquis onze restaurants de la station. La valorisation de ces activités s'élève à 118,5 millions de francs, selon le groupe, qui affirme vouloir investir environ 30 millions de francs ces cinq prochaines années sur le Haut-Plateau.

>> Revoir le sujet du 19h30 après l'annonce de rachat :

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Côte D’Azur Sotheby’s International Realty: restored to perfection

Côte d’azur sotheby’s international realty has redeveloped one of the most iconic buildings in the french riviera, the palais maeterlinck.

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With sweeping, uninterrupted views of the Mediterranean Sea and all the excitement of Nice and Cap Ferrat on either side, there was never any doubt that when the Palais Maeterlinck Hotel shut its doors in 2008, it would not lie unclaimed for long. But nobody could have guessed that visionary developer Radovan Vitek and Côte D’Azur Sotheby’s International Realty were going to step in and restore the property, not only as a local landmark, but also as the luxury residence that foreign buyers have been hankering for.

According to Peter Illovsky, President of Côte D’Azur Sotheby’s International Realty, the company recognised a severe shortage of truly exclusive properties in the area, so they took it on as a challenge. “We have recognised a need for high-quality properties in this region because often clients come to the French Riviera, they invest in a house, and then have to spend two to three years renovating it,” he says.

You might cross paths with another resident, but they will be equally rich or equally famous as you

“The result is that often there are clients that don’t want to wait three years before they can enjoy their property. There is a trend emerging for faster transactions. People want to relax immediately, so we are trying to solve this problem by producing properties that can be inhabited immediately. All of our projects will have functioning kitchens; they will be equipped with towels – I always say that all our clients need to do is bring their toothbrushes. If they buy a house in March, they can already enjoy it for the summer.”

A rich heritage And all the better if the toothbrush is resting in the palatial marble bathrooms of an iconic local landmark such as the Maeterlinck. Luxuriously redeveloped into spacious holiday apartments, the property maintains all of the charm that attracted Count de Milléant in the 1920s. The French aristocrat came with the dream of building a casino on the cliffs between Nice and Cap Ferrat. Though his project – the Castellamare – never materialised, it was enough for others to realise the potential of such an exquisite location.

Nobel Prize-winning author Count Maurice Maeterlinck acquired the property shortly afterwards and transformed it into a private residence known as Orlamonde, which quickly became a hub for international personalities flocking to the Riviera for a bit of glamour. It was not until much later that it became the four-star hotel known as Palais Maeterlinck, which survived until 2008.

For weaker souls, the challenges of redeveloping a building so steeped in history might have been daunting, but not for Vitek and Illovsky, who relished the opportunity to bring the landmark palace back to life. “There was no pressure,” says Illovsky. “The Côte D’Azur Sotheby’s International Realty brand is already a significant name, recognised worldwide. For us it is natural to be associated to unique and exclusive projects – it goes hand in hand with our brand. Radovan already has a few properties on the French Riviera. He spends his summers in between his boat and the houses he has in the Provence and the Côte D’Azur, so he understands the lack of quality housing in the region. He also understands the need to solve some of the problems that the foreign buyers are facing in the French Riviera.”

More than luxury That is not to say that redeveloping the property was easy. Vitek’s team decided to drastically reduce the number of apartments on the property in order to foster a truly exclusive community. “We have a trend toward fewer proprietors and bigger apartments. This translates to higher purchasing budgets and a higher quality client, with more wealth,” explains Illovsky. “It was a major decision we made to reduce the number of apartments from 27 to 19 larger ones. This proved to be a wise decision, when immediately two early clients bought two in one go, to make bigger units. We realised that the trend is certainly shifting towards bigger units. So far, we are down from 19 units to 17 units, unless further buyers purchase two apartments in one go.”

With fewer clients and a higher budget, the Palais Maeterlinck project evolved from a high-end apartment complex to an ultra-luxurious collection of serviced properties. “There will really be a community created on a very high level,” said Illovsky, explaining why they have decided to offer services like 24-hour security, with a guard, video surveillance of the boundaries and access, a concierge service on-site and a complimentary management service to help organise cleaning, laundry, grocery services and whatever other needs proprietors might have.

“It was really a well-planned strategy to turn the project from something nice and luxurious, but to something beyond that, on the highest standard of what the French Riviera can offer. It is a refuge, where residents will come to rest and recharge their batteries when they feel tired or overworked. And there is a lot of privacy. You might cross paths with another resident, but they will be equally rich or equally famous as you. So this security and protection of our resident’s privacy is key to the success of Palais Maeterlinck. Even if you are Madonna or Jacques Chirac, you will not be admitted except through the concierge.”

Experience the region But buyers don’t come looking only for luxury when shopping for a Riviera base. Illovsky, who has vast experience in the region, understands that better than anyone, though is the first to admit that Palais Maeterlinck is a unique project in many ways. “The typical Côte D’Azur Sotheby’s International Realty customer is different from the customers looking to buy property at the Palais Maeterlinck,” he explains. “The customer for Sotheby’s International Realty can be anyone; a German industrialist or a Russian millionaire. We have several agencies operating around the French Riviera we can really help these diverse clients find the right property.

“The Palais Maeterlinck client is one that most likely already possesses a property somewhere, maybe in Cannes, Saint Tropez, or Tuscany or Spain, but they want to have a base on the French Riviera, to come quickly, to leave quickly and spend some time without any worries. They will never arrive at their holiday home to find that there has been a leak – that happens often when you return to a seasonal property after a few months. The proprietor can spend a few days or a few months, and then leave safe in the knowledge that everything will be taken care of in their absence. It is almost like a hotel service at a very exclusive level.”

Though Palais Maeterlinck is by no means the only property being developed by Sotheby’s, it is the most exclusive. “It is completely waterfront,” says Illovsky. “There are no other buildings such as the Palais Maeterlinck in the French Riviera, without a road or a footpath that separates it from the sea. We are really exclusively below the road. It is on the tip of a cap, with an uninterrupted view of more than 180 degrees. The Palais Maeterlinck is also within walking distance of Nice and Villefranche, and all those amenities.”

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Affaire judiciaire à Crans-Montana – Radovan Vitek ne sera pas poursuivi en Valais

L’enquête contre le multimilliardaire tchèque et ancien propriétaire des remontées de la station a été classée. À l’étranger, en revanche, il a essuyé de lourds échecs.

Crans-Montana pensait sans doute ne plus trop entendre parler de Radovan Vitek. Depuis la vente des remontées mécaniques de la station valaisanne au géant américain Vail Resorts en fin d’année dernière, l’histoire tourmentée avec le multimilliardaire tchèque et magnat de l’immobilier a pris fin. Mais l’ancien patron du domaine skiable est, aux dernières nouvelles, toujours domicilié à Crans-Montana où il bénéficie d’un forfait fiscal. Et certaines décisions le remettent en lumière: nous avons en effet appris qu’il ne sera pas inquiété par la justice valaisanne.

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Cyprus court freezes Czech businessman's assets worth CZK 13 billion

Real estate developer radovan vítek is being sued by business partners from europe and the u.s..

A Cypriot court has ordered banks to freeze Czech billionaire Radovan Vítek's assets worth CZK 13 billion, the German economic daily  Handelsblatt reports .

The case concerns Vítek's investment and real estate company Czech Property Investments (CPI) and his disputes with former partners from the Czech Republic, Switzerland, and the U.S., Handelsblatt writes.

The publication writes that Vítek, who also has real estate interests in Germany, is known for his unorthodox business methods.

"The Czech businessman has created a real estate empire. His former business partners sued him, and a court in Cyprus has now agreed with their complaint," wrote Handelsblatt, which published the story on its website Monday evening. The publication added that he was "probably the largest property owner in Central Europe."

‼️ Kyperský soud nařídil bankám zmrazit českému miliardáři Radovanu Vítkovi majetek v hodnotÄ› 13 miliard korun, uvádí to 🇩🇪 ekonomický deník @handelsblatt . https://t.co/XsCph6kVmC — iROZHLAS.cz (@iROZHLAScz) May 2, 2023

The news was picked up on Tuesday by Der Spiegel magazine.

According to Handelsblatt, Vítek's former partners have been filing lawsuits against the Czech investor in the U.S., Luxembourg, and Cyprus since 2015 for defrauding them through shell companies when building CPI. A court in Cyprus recently ordered banks to freeze part of Vítek's assets, the publication said.

• CPI is the largest owner of shopping centers in the Czech Republic, the largest operator of hotels, and the second largest owner of apartments, according to the Realtiari server .
• Radovan was previously implicated in the Pandora Papers , a global investigation to uncover money laundering associated with real estate purchases in France .

Handelsblatt reports that the deadline for Vítek's lawyers to present arguments expired at the end of April. Judges will decide by summer whether the mogul's assets will remain frozen until the conclusion of the court case, Handelsblatt added. It lists Czech-Swiss citizen Jiří Diviš as one of the plaintiffs in the suit.

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Czech billionaire’s CPI sold CZK 14 bn in perpetual bonds a day before CZK 70 bn lawsuit filed in NY

Czech billionaire developer Radovan Vítek’s CPI Property Group completed the sale this week of 550 million euros (CZK 14 billion crowns) in 4.9% bonds, a day before a CZK 70 billion lawsuit was filed against the him, the company and others in a US District court in New York over alleged fraud.

Perpetuity bonds are associated with a higher risk for investors because their settlement in the event of the issuing company’s collapse take place only after senior creditors, such as banks or holders of conventional bonds, are paid.

On Wednesday, a New York New York hedge fund and Czech investment firm, Kingstown Capital Management LP and Investhold Ltd., filed a lawsuit accusing Vítek of engaging in a racketeering scheme spanning a decade.

Vítek’s CPI said in a statement it categorically denies the allegations in the lawsuit filed by Kingstown and Investhold. It said CPI Property Group and related entities are currently engaged in litigation initiated by Kingstown in Luxembourg.

“The filing of the complaint in the United States is merely another attempt by Kingstown to seek inappropriate remedies and to exert unlawful pressure” on CPI, the company said in a statement published on its website.

Investhold is an offshore vehicles of Marek Čmejla, a Czech citizen, and Jiří Diviš, a Swiss citizen of Czech origin. They claim Vítek used a web of shell companies and “straw owners” to gain control of a Luxembourg-based real estate development company in which a Kingstown unit held a substantial interest. The CPI founder then sold the most valuable assets at “distressed prices” to entities he secretly controlled, the lawsuit alleges.

In this regard, “Mr. Čmejla and Mr. Diviš were convicted of fraud and money laundering in Switzerland in 2013,” CPI said.

“In the local Czech press, Investhold has in the past claimed that it had a partnership with our primary shareholder, Mr. Radovan Vitek. This position has no merit. The claims are further based on the allegations that Mr. Vitek engaged in certain financial transactions, but there is no factual basis or grounds for these claims. Neither is there any basis for plaintiffs’ claim that Mr. Vitek engaged in criminal activity.”

Vitek is worth about $2.3 billion, according to the Bloomberg Billionaires Index. His company CPI Property Group SA is also named in the suit, filed under the RICO racketeering act, as are J&T Banka, Milada Malá (Vítek’s mother), former Orco CEO Jean-Francois Ott. Kingstown is owned by two Czech entrepreneurs: Marek Čmejla and Swiss citizen Jiří Diviš.

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