Switzerland agreed to buy F-35 jet fighters to park on a remote runway. Then the U.S. zeroed in on the Wangs, who owned the rustic hotel next door.

Since 1974, the Valbella Inn has been a four-star winter hideaway in Lenzerheide, one of the Alps’ most beloved ski areas. But the summer of 2022 saw it expand and transform into Valbella Resort ...