Kitzbühel (German: [ˈkɪtsbyːl] , also: [ˈkɪtsbyːəl] ; Bavarian: [ˈkxɪtsb̥ɪxɪ]) is a medieval town situated in the Kitzbühel Alps along the river Kitzbüheler Ache in Tyrol, Austria, about 100 km (62 mi) east of the state capital Innsbruck and is the administrative centre of the Kitzbühel district (Bezirk). Kitzbühel is one of the most famous and exclusive ski resorts in the world and is frequented by the international high society. The world's hardest ski race Hahnenkamm Races is a yearly event that attracts the attention of ski fans around the world. Kitzbühel real estate continuously ranks among the world's most expensive. The proximity to Munich has made it a preferred location for vacation homes among the German elite.