Alterra Mountain Company Announces Largest Single Year Investment of $344 Million for Capital Improvements

Alterra Mountain Company announces its plans to invest $344 million in capital improvements for winter 22/23, reaching over $1 billion invested in transformational changes over the past five years. This reaffirms the company’s dedication to enhance the guest experience at its 15 North American destinations and almost doubles the original financial commitment of $555 million over five years announced when the company was formed in 2018.

This year’s $344 million plan includes $237 million in large scale resort development, including $93 million in increased capacity and terrain expansion, $91 million in skier services upgrades, and $16 million in guest experience technology to improve the booking and on-site experience. The largest focus of the annual investment will support five major destinations, including the continuation of major developments at Steamboat in Colorado and Palisades Tahoe in California. In addition, significant multi-year developments will kick off at Deer Valley Resort in Utah, Mammoth Mountain in California, and Crystal Mountain in Washington.

“This historic investment is clear evidence of our commitment to deliver a premier guest experience at our North American destinations and our engagement towards the long-term future of our mountains,” said Rusty Gregory, CEO, Alterra Mountain Company. “More than ever, we continue to infuse meaningful capital into projects that will transform our base areas while significantly improving our physical and digital on-mountain offerings to ensure that our guests experience the best of the mountains.”

The highly anticipated $65 million Base-to-Base Gondola at Palisades Tahoe will be completed for the 22/23 winter season. The gondola will connect the two mountains of the resort for the first time, giving skiers and riders a brand new way to access a combined 6,000 acres of storied terrain. Together, Palisades Tahoe will become the third-largest ski area in North America. The 16-minute gondola ride will take skiers and riders between the two base areas, The Village at Palisades Tahoe and Alpine Lodge, reducing road congestion in the region and making it easier to enjoy both mountains in a single day. It is the first gondola of its kind in North America, with four terminals connecting two base areas via a climb of nearly 2,000 vertical feet, offering panoramic views of Lake Tahoe and the Sierra Nevada.

Winter 22/23 will bring Phase 2 of Steamboat’s Full Steam Ahead redevelopment with $90 million of investment to include the relocation of the lower terminal of the Christie Peak Express lift and the first leg of the Wild Blue Gondola, which will take guests to the new Greenhorn Ranch learning center at mid-mountain. Redevelopment of Steamboat Square continues with The Range Food Hall, Skeeters Ice Rink and slope-side guest amenities including new and expanded restrooms, lockers and more. Phase 1 of Steamboat’s Full Steam Ahead transformation brought significant changes in 2021, including the relocation of the lower gondola terminal, the installation of escalators and the demolition of Gondola Square to make way for the new Steamboat Square amenities. For a complete timeline of Full Steam Ahead projects, visit www.steamboat.com/fullsteamahead.

Over the next five years, $100 million in infrastructure and service advancements will be invested at Crystal Mountain. The largest investment ever made at Crystal will transform the base of one of the Pacific Northwest’s most beloved mountains with a focus on greater access, more space and significantly enhanced skier services. Work will begin this spring with a $25 million investment in additional parking and a new 25,000 sq. ft. skier services facility, called Mountain Commons. The two-story building will replace the existing skier services building and will include a new guest services and ticketing experience, retail, dining, and an expanded slope-side beach area. The project is expected to break ground in March 2022 and open for the 23/24 winter season.

Summer 2022 will see the beginning stage of ground and infrastructure work to facilitate the replacement of two key lifts, Canyon Express (Chair 16) at Canyon Lodge and Broadway Express (Chair 1) at Main Lodge. These new high-speed six-pack lifts are planned to debut in winter 23/24. In addition, Mammoth will initiate a multi-year upgrade at Woolly’s Adventure Summit by re-orienting, expanding, and lengthening the tube runs and installing a summer tubing surface for year-round fun. Future phases will include the installation of one of the longest mountain coasters in North America and the addition of adventure ropes courses and a permanent base lodge with food & beverage services. When complete, Woolly’s will become a year-round adventure center with a variety of activities for kids of all ages. Mammoth will also begin a multi-year snowmaking enhancement program that includes higher efficiency equipment to open more terrain faster in the early season. Also planned for this summer are improvements to the popular Mill Café that includes expansion of indoor dining seats, restrooms, with new furnishings and an exterior refresh. Finally, Mammoth Mountain continues to work on the planning and entitlement process for the eventual redevelopment of the Main Lodge and Mammoth Mountain Inn.

The renaissance of the Snow Park Village, which will create a premier arrival experience designed to transform the base area, is currently in the permitting process with Park City Municipal. The plans include a reimagined plaza and transit arrival with hospitality accommodations, new food and beverage options, retail, and an expansive ski beach. The project is currently planned to break ground in 2023. And new for winter 22/23, the Burns Express chairlift will debut on Deer Valley’s Wide West learning area. The new chairlift will connect the Snow Park base area to Little Baldy Mountain, offering Ski School access to more beginner teaching terrain, also providing an additional option for skiers to navigate out of the main arrival area.

Alterra Mountain Company is a family of 15 iconic year-round destinations, including the world’s largest heli-ski operation, offering the Ikon Pass, the premier season pass across the globe. The company owns and operates a range of recreation, hospitality, real estate development, food and beverage, retail, and service businesses. Headquartered in Denver, Colorado, with destinations located throughout North America, Alterra Mountain Company is rooted in the spirit of the mountains and united by a passion for outdoor adventure. Alterra Mountain Company’s family of diverse playgrounds spans six U.S. states and three Canadian provinces: Steamboat and Winter Park in Colorado; Palisades Tahoe, Mammoth Mountain, June Mountain and Big Bear Mountain Resort in California; Stratton and Sugarbush Resort in Vermont; Snowshoe in West Virginia; Tremblant in Quebec, Blue Mountain in Ontario; Crystal Mountain in Washington; Deer Valley Resort and Solitude Mountain Resort in Utah; and CMH Heli-Skiing & Summer Adventures in British Columbia. Also included in the portfolio is Alpine Aerotech, a worldwide helicopter support and maintenance service center in British Columbia, Canada. Alterra Mountain Company honors each destination’s unique character and authenticity and celebrates the legendary adventures and enduring memories they bring to everyone. For more information, please visit www.alterramtnco.com.