STEAMBOAT SKI RESORT ANNOUNCES MAJOR REDEVELOPMENT

STEAMBOAT SKI RESORT ANNOUNCES MAJOR REDEVELOPMENT

New Plaza Expansion Expected to Break Ground in April 2021

Steamboat Springs, CO- February 10, 2021 – Steamboat Ski & Resort Corporation announces plans to embark on a significant investment in on-mountain improvements and redevelopment of the base area to create a world-class guest experience that matches the resort’s long recognized industry excellence. The Gondola Square redesign compliments plans for on-mountain development with both projects having been part of the resort’s Master Development Plan that was most recently amended and approved in Summer 2019.

Initial plans have been submitted to the City of Steamboat Springs to transform Steamboat’s Gondola Square into a multi-use, amenity-rich plaza creating an easy-to-navigate resort core complete with additional dining and après, shopping, entertainment and welcoming gathering places for guests to enjoy year-round. Guests will now be able to fully experience the fun, family atmosphere Steamboat is known for with a reimagined arrival experience that eliminates multiple levels of cumbersome stairs. Easy and direct access to additional open space and an expanded plaza area adjacent to the snow will invoke the area’s Western-rooted hospitality in the heart of the resort.

The redeveloped plaza is expected to break ground in April 2021, following the resort’s close of the winter season, complementing already slated work to move the Gondola to a nearby on-snow location. In place of the current Gondola building, the plaza will be expanded, and plans may include an ice rink, communal gathering spaces, outdoor seating and fire pits to enhance the mountain experience. The buildings around the new plaza will include a combination of resort owned and independently owned restaurants and retail outlets, as well as additional lodging options. The overall improvements plan, including on-mountain and base area enhancements, is anticipated to occur over the next three years.

“The reimagined plaza, in combination with exciting on-mountain projects, solves long-overdue needs for Steamboat’s base area,” said Rob Perlman, president and COO for Steamboat Ski & Resort Corporation. “We are thrilled that our parent company, Alterra Mountain Company, recognizes the importance of investing in, and reimagining, the future of Steamboat Ski Resort and supports this incredible multi-year investment. This is the biggest proposed project since the resort first opened in 1963, and it will benefit visitors and the entire Yampa Valley community, which have been so supportive of the resort through the years.”

During the pre-planning and permitting phases of these proposed projects, the resort and development partners have worked closely with the City of Steamboat Springs to reinforce the community collaboration for the future of the resort.

“Redevelopment of Steamboat’s base area has been on the community’s wish list for a long time,” said Gary Suiter, City Manager for the City of Steamboat Springs. “City staff looks forward to working with the high-quality team selected for this project as it moves through the development review process and becomes reality.”

“We have selected East West Partners to work with on this project in order to tap into their extensive and valued ski resort experience to develop a shared and thoughtful resort vision that keeps Steamboat’s future authentic to its Western hospitality and Olympic roots,” said Bryan Elliott, Chief Development Officer, Alterra Mountain Company.

Early concept renderings for the proposed project will soon be available at www.steamboat.com/FullSteamAhead and showcase the initial ideas submitted for approval during this permitting process. These conceptual plans will be further developed over the next several months and are not final until approved by the City of Steamboat Springs; aspects of the project may change during the process. The development team will be submitting master redevelopment plans beginning in mid-February through the summer for various aspects of the project.

About Steamboat Ski & Resort Company

With six peaks, nearly 3,000 acres of terrain, abundant Champagne Powder® snow, unmatched Olympic heritage, and genuine western friendliness, Steamboat is home to some of the greatest skiing and riding in North America. Combine that with a stunning downtown right in the middle of the Rocky Mountains and countless choices for shopping, dining, and off-mountain adventure for the perfect winter getaway. For more information visit: https://www.steamboat.com/.

About Alterra Mountain Company

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 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 in Colorado; Squaw Valley Alpine Meadows, 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.

About East West Partners

East West Partners is devoted to building, selling, managing and supporting high-quality real estate and life experiences with a focus on innovation, sustainability and community. Since 1986, the firm has developed and sold over $7 billion of residential and commercial real estate across the country. East West Partners is one of only two companies to have received three Urban Land Institute Awards for Excellence for their projects – Beaver Creek Village in Beaver Creek, Colo.; and Union Station Neighborhood and Riverfront Park, both in Denver, Colo.  East West Partners was named the No. 1 Large Company in the Denver Post’s 2019 Colorado Top Workplaces Awards. For more information on East West Partners, visit www.ewpartners.com