Alterra Announces Nearly $500 Million In Capital Projects For The 2023-24 Season
Alterra Mountain Company, a premier mountain operating company, has announced a $500 million capital investment program focused on improving the guest and employee experience across its portfolio of destinations in the coming year. This follows the completion of more than $1 billion in capital improvements over the first five years of the company's operation, double the original financial commitment of $555 million announced at its inception.
The investment plan for the next year includes $400 million for lifts, snowmaking, summer adventures, guest amenities, and resort infrastructure, $50 million for employee housing, and $40 million for technology upgrades to improve the guest experience. Alterra has recently completed three significant projects, including the Base to Base Gondola, which transformed Palisades Tahoe into the largest ski area in California, the Greenhorn Ranch Learning Center in Steamboat, and the first stage of the Wild Blue Gondola, which will ultimately become the longest and fastest gondola in North America.
A close up shot of the new Steamboat gondola cabins. Credit: Steamboat Resort.
With an eye toward providing all guests with options that suit their tastes, Alterra has committed to investing in the transformation of its base areas and on-mountain amenities, including food and beverage offerings and skier services. Steamboat’s Full Steam Ahead project will conclude in the 2023-24 winter season with the addition of 655 acres of expert terrain in Mahogany Ridge and Fish Creek Canyon, making it the second-largest ski resort in Colorado. Crystal Mountain will feature a new 25,000 sq. ft. skier services facility, called Mountain Commons, offering new guest services and ticketing experience, retail, dining, and an expanded slope-side beach area. Snowshoe is planning to replace Shavers Center with a new design concept featuring enhanced skier services, including food and beverage and après offerings, and other year-round activities.
In addition, the company has significant plans to enhance the base area offerings at Deer Valley Resort, Winter Park Resort, Palisades Tahoe, and Mammoth Mountain in the coming years.
The company is also focused on increasing lift and terrain capacity, completing the installation of six lifts prior to the 2022-23 winter season, and investing in an additional eight lifts this year. The much-anticipated Wild Blue Gondola at Steamboat will increase out-of-base capacity by nearly double, while Snowshoe will replace the Powder Monkey lift with a fixed-grip quad that will increase uphill capacity in the Basin area and improve access to its Western Territory.
Alterra is also making sizable investments in beginner terrain and racing facilities, adding free racing courses to each of its mountain destinations in partnership with Mikaela Shiffrin, U.S. Ski and Snowboard, and Outside Interactive, Inc., owner of NASTAR. Alterra and its partners hope to invite and ignite the next generation of ski-race champions.
Jared Smith, President & CEO of Alterra Mountain Company, said that the company has established itself as a leader in the outdoor industry and intends to continue innovating by investing in large-scale projects that will deliver differentiated guest experiences. "These projects, and our investments in the years ahead, demonstrate our unwavering commitment to evolving our destinations to better serve our guests and to improving the experience our employees can expect when living and working in our mountain communities," he added.
See the full press release here.
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