From Bond to billions: How Andermatt is becoming one of the most talked about ski resorts in the Alps

Until recently, the ski resort of Andermatt in Switzerland was best known for the time that James Bond arrived by Aston Martin in Goldfinger. Now, there’s another man in town with the Midas touch. He’s turning Andermatt into the mountains’ fastest-growing playground and, since 2010, property prices have more than tripled.

Egyptian businessman Samih Sawiris, 67, first visited Andermatt in 2005 when it was a simple military garrison town, albeit with two excellent ski peaks: the ‘steep and deep’ Gemsstock, which is north facing and exceptionally reliable for snow, and, on the opposite side of the Ursern Valley, the sunnier and gentler Nätschen ski area. The former offers advanced skiers some of the most rewarding black and red runs in all of Europe, whereas the latter is ideal for intermediates and there’s a long easy blue that serves beginners. All bases are covered, therefore. It’s only two hours’ drive from Milan and half that from Zurich — and there’s a train station, too.

Seeing the potential, Mr Sawiris purchased a large chunk of land and built Andermatt’s first luxury hotel, The Chedi, which opened its doors in December 2013 and thrust this sleepy enclave (population 1,200 at the time, now about 1,600) into the international limelight. East meets Alps in this low-lit and enigmatic 123-bedroom lair designed by the acclaimed Jean-Michel Gathy. It boasts one of the finest spas in the world, not to mention a 16½ft-tall tower of local cheeses in the breakfast room and more fireplaces than Hades.

Finally, some 50 years after 007 stopped by to fill up his DB5 with petrol, Andermatt had accommodation fit for a Bond villain — and it proved a game changer. Big-bucks tourism has accelerated and, last summer, it hosted the annual meeting of the Supercar Owners Circle. Equally cinematic is The Chedi’s Michelin star-awarded Japanese restaurant, located at the top of the Gütsch cable car with panoramic views. Lunchers swap their ski boots for slippers to come inside and sit down to a £135 bento box. At 7,900ft, you’d probably need to be in an ANA Dreamliner to eat sushi at greater altitude. Alongside The Japanese at Gütsch is the western, but no less haute Restaurant Markus Neff (also a one-star winner), where a regional spin is put on classic French cuisine.

With Andermatt’s luxury credentials established, Mr Sawaris has gone about building a more affordable four-star hotel, the Radisson Blu (which opened in 2018), and is constructing 650 apartments in the newly christened Andermatt Reuss village, just across the railway tracks from The Chedi. A basic studio in this complex, which blends modern and traditional architecture, starts from about £295,000, whereas, at the higher end, three-bedroom apartments reach more than £1.2 million. The average price per square metre is £17,120, reflecting an 11% rise on the previous year. Sales have been boosted by legal exemptions allowing foreigners to purchase property, unlike in other parts of Switzerland.

Further developments by Mr Sawiris include the linking of the Andermatt and Sedrun ski areas (totalling a combined 75 miles of skiable terrain) by the Schnee-hüenerstock Express railway, a beautiful new 650-seat concert hall and an 18-hole, par-72 championship golf course nestled in the rugged landscape in an attempt to lure visitors year round.

In 2022, Mr Sawiris’s companies Andermatt Swiss Alps and Orascom Development sold a majority stake in the ski areas to Vail Resorts Inc, the American giant that owns and operates more than 40 mountain resorts across the US, Canada, Australia and now Switzerland (Vail Resorts has also acquired Crans-Montana — Roger Moore’s old haunt).

The company has pledged to invest £135 million into Andermatt’s slopes and infrastructure and smart new lifts have already been installed. Vail’s Epic Pass — which allows holders to ski or snowboard for the full season across the world — means that many visitors from over the Atlantic are descending on Andermatt. Although Vail Resorts brings investment and experience, there have been local complaints at other venues that the pass structure caters for wealthy international guests and reduces access for nearby residents. At the same time, the cost of living in these places has increased. This is true of Andermatt, where the population has soared more than 30% since The Chedi opened and property prices have doubled. A six-day ski pass last season was £320, £25 more than before Vail Resorts’ acquisition.

The locals I spoke to, however, were convinced of the opportunities Mr Sawiris’s and Vail’s investments have brought. Bear in mind that in 1999, when the Swiss army largely withdrew its troops from the area, having used it for training for more than a century (it was intended to become Switzerland’s wartime headquarters were the country ever invaded), 30% of the region’s jobs disappeared in an instant. When Mr Sawiris presented his vision, 96% of residents agreed to the ambitious development.

Marcel Wenger is the owner of Restaurant Adler, one of the town’s traditional restaurants along the dog-legging main street. He was born in Andermatt and says that ‘although it is growing, it has retained its special personality. It’s never going to be [big like] Zermatt, St Moritz or Gstaad. We have new lifts and slopes, and a nice new golf course; the only thing missing are houses for all the employees. A lot have to live in Hospental [two miles away], which isn’t far, but it would be better if they could all live in Andermatt. The old town is perfectly charming, but the new part — Andermatt Reuss — has no charm at the moment. Once construction finishes, however, I think this will get better’.

During my most recent stay — my fourth visit to Andermatt — I dined at Fondue-Burg in Hospental. You can imagine what’s on the menu. Sacha Ercolani is the owner and he’s melting cheese for lots of international visitors. ‘My clients are mainly from the US, Canada, the UAE and UK,’ says the restaurateur, who is from Lucerne originally, but learned to ski in Andermatt as a child. ‘The town is growing, but it will never have 4,000 beds. It remains a boutique destination that’s cosy and well laid out. There is now a great spirit of optimism and sustainable growth here and I’m happy to be part of it. It’s providing more work, more money and a better quality of life. Andermatt has always had the air, the fresh water, the beautiful Nature. Now, thanks to Sawiris, we now also have great hotels and restaurants and excellent infrastructure.’

One area where Andermatt has been lacking is the après ski. Apart from a couple of wine bars, a late night ex-pat pub called Pinte and, until two years ago, a train-carriage bar serving skiers at the end of the afternoon at the same time as transferring them from the lifts at Disentis through the Oberalp Pass and back to Andermatt (I pray for its return), there wasn’t much to do as the sun set behind the giant dentures in the sky until The Cotton Club’s opening last season.

A mainstay of Ibiza, Zakynthos and Sardinia, it inhabited a big Perspex dome on Andermatt’s golf course, and had a kind of Mediterranean warmth, laying on Champagne-fuelled afternoons of dancing on tables and exceptional sushi. It’s likely not returning this season, due to a financial dispute with Mr Sawiris. Andermatt, however, has promised to announce a new Michelin-starred offering and a bunch of ritzy boutiques in the coming weeks.

For decades, Andermatt was a secret among ski bums: a quiet, inexpensive resort with exceptional snow and thrilling runs, but with no one with whom to share it. The place was a world away from the pomp of Zermatt, Klosters and St Moritz. Then everything changed. Farmers, barracks and basic guesthouses found themselves at the heart of a £1.5 billion development project and the locals appear very happy with this transition. The party has arrived and there’s something for everyone.