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Industry News 11/13/2019

Alterra Mountain Company Acquires Sugarbush Resort in Vermont


Expanding the Company’s Family of Destinations to 15

Alterra Mountain Company announces that it has entered into an agreement to purchase Sugarbush Resort in Vermont, which will bring the company’s total to 15 year-round mountain destinations throughout North America, including the world’s largest heli-skiing operation.

Founded in 1958, Sugarbush Resort is a year-round mountain destination located in the scenic Mad River Valley of Vermont with two distinct mountains - Mt. Ellen and Lincoln Peak - that are joined by a two-mile high-speed quad. Sugarbush also has a fully appointed health and recreation club, multiple lodging properties, and the Sugarbush Resort Golf Club with an 18-hole Robert Trent Jones Sr.-designed golf course. It is also a popular destination for weddings and conferences.

“Sugarbush Resort is a premier East Coast mountain destination and we are excited to expand the Alterra Mountain Company family in the Northeast, with Sugarbush joining Stratton in Vermont,” said Rusty Gregory, Chief Executive Officer, Alterra Mountain Company. “Sugarbush has been a partner on the Ikon Pass since its inception and we look forward to the opportunities ahead.”

Win Smith will stay on as President and COO of Sugarbush Resort and will oversee daily operations of the destination and future capital improvement plans.

“Having been a family-owned resort for nearly two decades, we were keen to find the right next owner of Sugarbush Resort. We are delighted that Sugarbush will join the Alterra Mountain Company family, knowing that Alterra Mountain Company will continue to maintain our culture, values and commitment to our community, while bringing additional capital and other resources to make Sugarbush even better in the years ahead,” said Win Smith, CEO of Summit Ventures NE, LLC.

Since 2001, Sugarbush has invested $74 million in mountain improvements including seven new lifts, significant upgrades to its snowmaking system, and the revitalization of the Lincoln Peak Base area, complete with the Clay Brook Hotel and Residences and the Gate House Lodge, two skier services buildings, the Farmhouse and Schoolhouse, and new slopeside residences.

Sugarbush Resort Ikon Pass access will remain the same for winter 2019/2020, with 7-day access on the Ikon Pass and 5-day access with blackouts on the Ikon Base Pass.

The transaction is expected to close in the first quarter of 2020, and is subject to certain closing conditions, including regulatory approvals. Terms of the transaction were not disclosed. More details will be released once the transaction has closed.

Alterra Mountain Company’s destinations offer premium ski, snowboard and all-season activities for those who seek adventure, freedom, and fun in the great outdoors. Alterra Mountain Company mountain destinations are spread throughout six states and three Canadian provinces: Steamboat and Winter Park Resort in Colorado; Squaw Valley Alpine Meadows, Mammoth Mountain, June Mountain and Big Bear Mountain Resort in California; Stratton 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. Alterra Mountain Company was created when affiliates of KSL Capital Partners, owners of Squaw Valley Alpine Meadows, and affiliates of Henry Crown and Company purchased Intrawest, Mammoth Resorts, Deer Valley Resort in 2017, plus Solitude Mountain Resort and Crystal Mountain in 2018.

At each destination, Alterra Mountain Company leaders are empowered to be decisive, creative, and bold in order to retain each mountain’s authentic character. Recognizing the innate value of the unique culture found at each of the mountain communities, Alterra Mountain Company’s goal is to preserve, sustain and support its two most important resources: the mountains and the people who live and play in them.

In January 2018, Alterra Mountain Company introduced the Ikon Pass for winter 2018/2019, the new standard in season passes. The Ikon Pass now offers skiers and riders access to 41 mountain destinations throughout the Americas, Europe, Australia, New Zealand, and Japan, including 14 Alterra Mountain Company destinations, plus 27 global partner destinations.

About Alterra Mountain Company
Alterra Mountain Company is a family of 14 iconic year-round destinations, including the world’s largest heli-ski operation, offering the Ikon Pass, the new standard in season passes. 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 across the continent, 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 Resort in Colorado; Squaw Valley Alpine Meadows, Mammoth Mountain, June Mountain and Big Bear Mountain Resort in California; Stratton 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.

About Ikon Pass
The Ikon Pass is the new standard in season passes, connecting the most iconic mountains across the Americas, Europe, Australia, New Zealand, Japan and Chile, delivering authentic, memorable snow adventures. Brought to you by Alterra Mountain Company, the Ikon Pass unlocks access to a community of diverse destinations to ski and ride, including Aspen Snowmass, Steamboat, Winter Park Resort, Copper Mountain, Arapahoe Basin Ski Area, and Eldora Mountain Resort in Colorado; Squaw Valley Alpine Meadows, Mammoth Mountain, June Mountain and Big Bear Mountain Resort in California; Jackson Hole Mountain Resort in Wyoming; Big Sky Resort in Montana; Stratton, Killington and Sugarbush Resort in Vermont; Snowshoe in West Virginia; Boyne Highlands and Boyne Mountain in Michigan; Crystal Mountain and The Summit at Snoqualmie in Washington; Tremblant in Quebec and Blue Mountain in Ontario, Canada; SkiBig3 in Alberta, Canada; Revelstoke Mountain Resort and Cypress Mountain in British Columbia, Canada; Sunday River and Sugarloaf in Maine; Loon Mountain in New Hampshire; Taos Ski Valley, New Mexico; Deer Valley Resort, Solitude Mountain Resort, Brighton Resort, Alta Ski Area, and Snowbird in Utah; Zermatt in Switzerland; Thredbo and Mt Buller in Australia; Coronet Peak, The Remarkables, Mt Hutt in New Zealand; Niseko United in Japan, and Valle Nevado in Chile. Special offers are available at CMH Heli-Skiing & Summer Adventures, the world’s largest heli-skiing and heli-accessed hiking operation. For more information on the Ikon Pass, please visit www.ikonpass.com.

About Sugarbush Resort
Located in the beautiful Mad River Valley of Vermont, Sugarbush is a four-season resort. Founded in 1958, Sugarbush is known for its varied terrain which extends over 4,000 acres. Skiing and riding occur on 111 trails and 28 wooded areas. Sugarbush’s vertical is 2,600 feet and averages 250 inches of snow each year. In the summer season, Sugarbush is a wedding and conference destination and features activities such as lift accessed mountain biking, disc golf, children’s summer camps, hiking and tennis. It also has an 18-hole Robert Trent Jones golf course.
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