Swiss voters in the mountainous canton of Graubuenden shot down a proposal to bid for the 2022 Winter Olympics in a referendum.

Voters in the eastern province, which is home to the ski resorts of St. Moritz, Klosters, Arosa and Davos, today rejected the proposal with 52.7 percent against. The turnout was about 59 percent.

The project had a price tag of 2.46 billion Swiss francs ($2.6 billion) and had been touted as a tool for boosting the region’s “infrastructure, economy and tourism, as well as global publicity,” according to the committee pushing for the Olympic bid.

The Swiss frequently vote on planned public spending and often favor frugality. International Olympic Committee President Jacques Rogge said the region would be a favorite to win the bid if voters decide to back it, according to an Feb. 24 interview in Blick newspaper.

Related: Davos and St. Moritz mull 2022 Winter Olympics bid, but locals aren’t charmed

–Editors: Zoe Schneeweiss, Jonas Bergman

To contact the reporter on this story: Catherine Bosley in Zurich at cbosley1@bloomberg.net

To contact the editor responsible for this story: Craig Stirling at cstirling1@bloomberg.net

Photo Credit: For now, Davos would have to be happy with WEF. World Economic Forum / Flickr.com