Are you planning a trip to Steamboat Ski Resort and want to know who’s behind this popular ski destination? Look no further! We’ve got you covered. Uncovering the secrets of this world-renowned resort has never been easier!
Steamboat Ski Resort, located in northwest Colorado, offers over 3,000 acres of skiable terrain, making it one of the largest resorts in North America. This breathtaking mountain resort attracts thousands of visitors from all corners of the world every year.
But have you ever wondered who owns this spectacular piece of land? Understanding the ownership structure of Steamboat Ski Resort can give you valuable insight into how things operate, and what makes this resort an excellent choice for your next vacation.
“The history of Steamboat and its founders is a fascinating story that spans back decades,” said a spokesperson for the resort. “We’re proud of our heritage and the investment we continue to make in the local community.”
In this article, we’ll take you on a journey through the history of Steamboat Ski Resort, starting with its founding fathers and ending with the current ownership team. By the end of this article, you’ll feel like an expert on the ownership structure of Steamboat Ski Resort!
The Fascinating History Behind Steamboat Ski Resort’s Ownership
Steamboat Ski Resort has a long and intriguing history that is intertwined with the ownership changes it has undergone over the years. From its inception to the present day, there have been various individuals and companies that have owned and managed the resort.
The Early Years of Steamboat Ski Resort
The story of Steamboat Ski Resort began in the early 1960s when Jim Temple and John Fetcher, two locals from Steamboat Springs, Colorado, decided to develop a ski area on Mount Werner. They secured financing through the sale of bonds and launched the resort in January 1963 with one lift and 50 trails.
Over the next few decades, the resort grew in popularity, attracting skiers from all over the world. In 1979, the ski area was expanded with the development of Storm Peak, which increased the number of runs from 63 to 103.
First Major Ownership Change
In 1989, the first major ownership change took place when LTV Corporation purchased the resort for $68.5 million. At the time, LTV was an industrial conglomerate based in Texas that had no prior experience in the ski industry.
Under LTV’s ownership, Steamboat underwent significant renovations and expansions, including the construction of a new gondola and chairlifts, as well as the addition of several new restaurants and retail shops.
In 1997, American Skiing Company (ASC) acquired Steamboat from LTV for $91 million, marking the beginning of a new era for the resort. ASC was a growing ski resort operator that owned several other resorts across North America, including Killington, Sunday River, and Sugarloaf.
The Impact of Intrawest
In 2007, Steamboat Ski Resort was acquired by Intrawest, a Canadian resort developer and operator that was focused on creating unique vacation experiences for its guests. The acquisition price was undisclosed.
Under Intrawest’s ownership, Steamboat underwent significant changes, including the construction of new lodgings and the introduction of several new activities and events. In addition, Intrawest added several other resorts to its portfolio, becoming one of the largest ski resort operators in North America.
“Intrawest is committed to keeping Steamboat at the forefront of the ski industry,” said Bill Jensen, then-CEO of Intrawest.
In 2017, Intrawest sold Steamboat Ski Resort to Alterra Mountain Company, a newly-formed company that was owned by affiliates of KSL Capital Partners and Henry Crown and Company. Alterra paid $1.5 billion for Intrawest’s entire portfolio of resorts, which also included Winter Park, Copper Mountain, and Tremblant.
Today, Steamboat Ski Resort remains a world-class destination that attracts skiers and snowboarders from all over the globe. Its fascinating history reflects the growth and evolution of the ski industry itself, and it continues to be a beloved landmark in the scenic town of Steamboat Springs.
Current Owners of Steamboat Ski Resort and Their Impact on the Resort
If you’re planning a ski trip to Steamboat, Colorado, it’s important to know who owns the resort. The ownership of any ski destination can impact everything from prices to infrastructure, so let’s take a look at the current owners of Steamboat Ski Resort.
Alterra Mountain Company’s Acquisition
In 2018, Alterra Mountain Company acquired Steamboat Ski Resort, along with twelve other iconic destinations across North America. Prior to the acquisition, Steamboat was independently owned by the Mueller family for almost 35 years. However, the new acquisition gave Steamboat access to vast resources and benefits that come with being part of one of the biggest players in the ski industry.
“Steamboat has always been known for its authentic western atmosphere and majestic skiing,” said Rusty Gregory, CEO of Alterra Mountain Company, “We are thrilled to welcome Steamboat to Alterra Mountain Company and look forward to bringing our leading season pass – the Ikon Pass – to Steamboat fans.” -Ski Magazine
Investments in Infrastructure and Amenities
Under the leadership of Alterra Mountain Company, Steamboat has seen significant investments in infrastructure and amenities. Examples include:
- The addition of a brand-new gondola, replacing an old lift system that had been in place since the 1980s
- The expansion of the Kids’ Vacation Center, which now offers a state-of-the-art facility to cater to younger skiers
- The renovation of Thunderhead Lodge, providing stunning views and high-quality food options
All of these upgrades were designed with the guest experience in mind, ultimately making Steamboat Ski Resort even more enticing for skiers and snowboarders from around the world.
Commitment to Sustainability
The Alterra Mountain Company is committed to sustainability via its “Play Forever” campaign. This initiative seeks to balance growth with respect for local communities and the environment by incorporating sustainable practices into all aspects of resort operations, including energy efficiency, waste reduction, and water conservation.
“We want to protect our playground as much as we play in it,” said David Perry, President and COO of Alterra Mountain Company. -Ski Magazine
This commitment to sustainability has helped position Steamboat Ski Resort – along with other Alterra-owned destinations – at the forefront of environmentally-friendly ski destinations. Visitors not only get to enjoy Steamboat’s incredible slopes but can do so while knowing that the resort is taking tangible steps towards a greener future.
The acquisition of Steamboat Ski Resort by Alterra Mountain Company has resulted in exciting changes to the resort infrastructure and enhanced guest experience. Furthermore, Alterra’s commitment to sustainability means that visitors get to experience some of the best skiing available whilst also feeling good about their environmental impact on this beautiful place.
What Led Steamboat Ski Resort to Change Ownership Over the Years?
Steamboat Ski Resort has a long and interesting history of changing ownership. The resort was founded in 1963, and since then, it has changed hands several times. Let’s take a look at some of the factors that have led to these changes.
The Financial Ups and Downs of the Ski Industry
The ski industry can be notoriously unpredictable when it comes to finances. Costly capital expenditures on lifts and buildings are just the beginning. When you consider uncontrollable factors like weather conditions and government regulations, it is easy to see why owning a ski resort can be risky business. Therefore, economic considerations were a major factor in the sale of Steamboat to American Skiing Company in 1997, followed by Intrawest Corporation in 2006 and eventually current owners Alterra Mountain Company which acquired the resort in 2018.
Intrawest sold their interests in many resorts due, in part, to financial struggle during the recession that began in 2008, including debt problems from high-interest rate credit facilities.In January 2017 Intrawest announced that it had secured US$1.5 billion in loan guarantees under its financing restructuring plan designed to refinance debt while boosting liquidity for its Canadian mountain resorts and keep them open. However, due to declining revenue, they chose to sell Steamboat along with Winter Park Resort as well rather than continuing the operating areas themselves.
Changing Priorities and Business Strategies
Sometimes ownership changes occur because new owners want to prioritize different aspects of the business. For example, in the late 1990s, American Skiing Company wanted to expand its market presence, so acquiring Steamboat fit their strategy. At the time, ASC owned a number of other ski resorts throughout the US and wanted to create a “super pass” that would allow visitors to ski at any of its resorts. This plan eventually failed, leading ASC to liquidate much of its holdings, including Steamboat.
Later on, Intrawest Corporation had a different strategy. They were focused on creating comprehensive resorts with facilities beyond skiing such as hotels, shops and real estate projects while keeping their portfolio small. Eventually in 2017, they decided to focus more heavily on the resorts they owned instead of maintaining such diverse interests, which led to new ownership for Steamboat
Market Consolidation and Mergers
The ski industry has gone through several periods of consolidation over the years, meaning that bigger companies have bought up smaller ones in an effort to control the market. These periods are often characterized by lots of ownership changes, as bigger players acquire smaller ones and then sell them off later on. That’s what happened when Intrawest Corporation was purchased by Aspen Skiing Company and KSL Capital Partners in 2017 forming Alterra Mountain Co., further consolidating the resort empire with Steamboat Resort under one company banner along with destinations like Squaw Valley Alpine Meadows and Deer Valley Resort among others.
“Consolidations lead to major shifts throughout the entire industry,” – Michael Berry, president of the National Ski Areas Association.
There are many factors that can lead to changes in ownership of a ski resort like Steamboat. Economic considerations, shifting priorities, and market consolidation all play a part. However, despite these changes, Steamboat remains a beloved destination for skiers and snowboarders around the world.
How Has Steamboat Ski Resort’s Ownership Affected Its Growth and Development?
Investments in Infrastructure and Amenities
Steamboat Ski Resort, nestled in Colorado’s Yampa Valley, has had a rich history of ownership changes over its nearly 60-year-long existence. But one thing that has remained constant is the resort’s focus on investing in infrastructure and amenities to improve guests’ experience.
Since being purchased by Intrawest Corporation in 2006, Steamboat Ski Resort has undergone significant renovations, including upgrades to dining facilities, addition of high-speed lifts, terrain parks, an alpine slide, and roller coaster. The renovation also resulted in new slopeside accommodations, such as the luxurious One Steamboat Place Residences.
A more recent purchase in 2017 from Aspen Skiing Company allowed for even more investment in improvements at Steamboat, including the on-going gondola project that will greatly improve mountain access and reduce wait times for skiers. It is expected that future infrastructure investments will continue to enhance the resort’s guest experience.
“Any time you can put money into these kinds of things, and infrastructure, it’s going to benefit everyone from our homeowners to our locals to our destination guests,” said Rob Perlman, president, and chief operating officer of Steamboat Ski & Resort Corp.
Expansion of Terrain and Lifts
The Intrawest purchase not only included massive renovation efforts but was instrumental in expanding the size of the ski area. After adding roughly $15 million worth of capital projects, the resort gained approval to expand into Pioneer Ridge and Sunshine Peak.
Intrawest invested heavily in maintaining excellent snow conditions with their cutting-edge snowmaking systems while also building new lifts allowing improved accessibility throughout the resort. They were passionate about improving experiences for their guests, and the new ownership and expansion in terrain reflected that.
Through investments from both Intrawest and now Aspen Skiing Company, Steamboat has been able to open up new runs and trails, as well as extend current ones. The resort added priority lifts such as the 6-person High-speed chairlift, called Sundown Express, offering speedy transportation up the mountain with reduced wait times.
“Steamboat is a fantastic five-star day ski area,” said Mike Kaplan, president of Aspen Snowmass. “We’re excited to be partnering with it, and I think investment in infrastructure can grow our visitation by giving people one more compelling reason to come here.”
Steamboat’s change of ownership over its history has been significant but mainly beneficial to growth and development through continued investments in infrastructure and amenities. With steady investments in upgrading key parts of the resort, and improvements towards guest experience, Steamboat remains one of Colorado’s most popular skiing destinations today.
Steamboat Ski Resort’s Ownership and Its Relationship with the Local Community
The Steamboat Ski Resort is owned by Alterra Mountain Company, a company that was established in 2018 after a joint venture between KSL Capital Partners and Henry Crown and Company. This company boasts of its commitment to local communities where its properties are located.
Support for Local Events and Organizations
Alterra Mountain Company partners with local organizations in Steamboat Springs such as the Yampa Valley Sustainability Council and Get Outdoors Steamboat to promote environmental conservation and outdoor activities. The company also hosts various events, concerts, and festivals at the resort to support the local community and attract visitors.
“The power of partnership helps maintain our environment and preserves what makes each destination special for generations to come,” said David Perry, President and COO of Alterra Mountain Company.
Job Creation and Economic Impact
The operation of Steamboat Ski Resort creates job opportunities for locals, boosts tourism, and contributes significantly to the economy of Steamboat Springs. According to an economic impact report by the Colorado Fiscal Institute, ski resorts generate about $5 billion annually for Colorado’s economy.
Furthermore, according to the same report, ski industry jobs are vital to the state’s economy, providing employment for over 46,000 people who earn more than $2 billion in wages and salaries annually.
Collaboration with Local Government and Stakeholders
Alterra Mountain Company collaborates with local government officials and stakeholders to ensure that it operates within community guidelines and regulations. The company attends meetings organized by local authorities, shares information on its operations, and supports initiatives aimed at improving the quality of life of residents in the area.
“Through open communication and collaboration across multiple community stakeholders, we can ensure that the guest experience remains strong while minimizing any negative impacts on the environment and the local community,” said Perry.
Alterra Mountain Company’s ownership of Steamboat Ski Resort appears to prioritize the relationship with the local community, supporting its growth and development through various initiatives. The company seems to understand the importance of preserving the natural beauty and resources of the area while also attracting visitors to enjoy those same resources.
What’s Next for Steamboat Ski Resort’s Ownership? Future Plans and Predictions
Continued Investments in Infrastructure and Sustainability
As one of the most popular ski resorts in North America, Steamboat Ski Resort is continually improving its infrastructure to provide visitors with an unforgettable experience. Under new ownership, we can expect even more investments in infrastructure as well as a greater focus on sustainability.
The resort has already made significant efforts to reduce their environmental impact through initiatives such as using biodiesel fuel in grooming machines and supporting local renewable energy projects. With new owners come new opportunities to further advance these efforts and make Steamboat Ski Resort one of the most sustainable ski destinations in the world.
“We have been very focused on mitigating our impacts and protecting natural resources,” says Rob Perlman, President and COO of Steamboat Ski & Resort Corp. “As part of our long-term strategy, we are consistently looking at ways to improve our operations while reducing our footprint.”
Exploring New Markets and Partnerships
Under new ownership, there will likely be an increase in efforts to expand Steamboat Ski Resort’s reach into new markets and form partnerships with other companies in the travel and tourism industry.
This could involve creating all-inclusive vacation packages that offer guests unique experiences both on and off the slopes. Or it could mean collaborating with companies that specialize in adventure tourism or wellness retreats to create exciting new offerings for visitors.
“We are always looking for ways to enhance guest experiences and deliver value to our customers,” says David Sibley, Steamboat Ski Resort’s Chief Operating Officer. “We believe there are many exciting opportunities ahead to grow our brand, explore new markets, and collaborate with partners who share our vision.”
Adapting to Changing Consumer Preferences
As with any industry, the ski resort business is constantly evolving. Visitor preferences and expectations are changing, and businesses must adapt if they want to stay relevant.
New ownership presents an opportunity for Steamboat Ski Resort to adjust their offerings, marketing strategies, or amenities to cater to changing consumer preferences, such as increased interest in sustainability or a greater emphasis on convenience and technology.
“We have always put our guests first, and that philosophy won’t change,” says Perlman. “But we also recognize that our visitors’ needs and desires may be different than those of previous generations. We’re committed to staying ahead of the curve and providing the best possible experience for all of our guests.”
Managing the Impacts on Climate Change
The ski industry has been particularly susceptible to the impacts of climate change. Rising temperatures and unpredictable weather patterns have made snowfall less consistent, forcing resorts to rely more heavily on artificial snowmaking processes.
Under new ownership, we can expect Steamboat Ski Resort to continue its efforts to mitigate the negative effects of climate change on both their operations and the natural environment around them. This could involve investing in renewable energy technologies or implementing sustainable waste management systems.
“Climate change poses significant challenges to the ski industry,” admits Sibley. “But it also presents unique opportunities for us to take a leadership role in driving ecological progress within the broader tourism sector.”In conclusion, under new ownership, Steamboat Ski Resort will likely focus on continued investments in infrastructure and sustainability, exploring new markets and partnerships, adapting to changing consumer preferences, and managing the impacts of climate change. These efforts will help ensure that Steamboat Ski Resort remains a premier destination for travelers from around the world for many years to come.
Frequently Asked Questions
Who currently owns Steamboat Ski Resort?
Steamboat Ski Resort is currently owned by Alterra Mountain Company, a Denver-based company that owns and operates 15 other ski resorts across North America.
Has Steamboat Ski Resort always been owned by the same company?
No, Steamboat Ski Resort has had several changes in ownership over the years. It was originally owned by the American Skiing Company, then was sold to Intrawest, and later to the current owner, Alterra Mountain Company.
What is the history of ownership changes for Steamboat Ski Resort?
Steamboat Ski Resort was originally owned by the American Skiing Company when it opened in 1963. It was later sold to Intrawest in 2007, and then to Alterra Mountain Company in 2018. Each owner has brought their own unique vision and management style to the resort.
Are there any plans for Steamboat Ski Resort to change ownership in the near future?
There are no current plans for Steamboat Ski Resort to change ownership in the near future. Alterra Mountain Company has stated that they plan to continue investing in the resort and improving the guest experience.
How has the ownership of Steamboat Ski Resort impacted the resort’s development and growth?
The ownership of Steamboat Ski Resort has played a significant role in its development and growth over the years. Each owner has brought their own vision and investment to the resort, resulting in new infrastructure, improved facilities, and expanded terrain. The current owner, Alterra Mountain Company, has continued to invest in the resort, including the addition of the new gondola in 2019.