Lookout Davos. Hold onto your fur hat, St. Moritz. Egyptian billionaire Samih Sawiris is on the job, and in the process of constructing a new resort complex designed to regenerate Andermatt, and compete with the big boys of Switzerland's winter destinations.
In late August, Sawiris and team laid the foundation stone for his Andermatt Swiss Alps project, which will consist of six hotels, around 20 villas, 490 apartments, a conference centre, a sports complex, an 18-hole golf course and 35,000 square metres of commercial property. The piece de resistance will be the five-star Chedi Andermatt Hotel.
Sawiris, chairman and CEO of Orascom Development noted in May "Planning is important, but I get really excited about a project when the concrete foundation is laid!"
The year-round holiday resort will be C[O.sub.2] neutral, with plans in place to use topnotch insulation and renewable energy sources. And though the complex will have 1,970...