Alterra Mountain Company Announces $181 Million in Capital Improvements for the 2019/2020 Winter Season

The Investment is Part of $555 Million Improvement Plan Through
2022/2023

DENVER–(BUSINESS WIRE)–Alterra
Mountain Company
announces its plans to invest $181 million in
capital improvements across its 14 North American mountain destinations
for the upcoming year. Marquee 2019/2020 projects aimed at enhancing the
guest experience include new high-speed lifts at Squaw Valley Alpine
Meadows and Winter Park, direct to lift access at Deer Valley Resort, an
expansive renovation of the Bobbie Burns lodge at CMH Heli-Skiing &
Summer Adventures, and an upgrade of Steamboat’s gondola.

This year’s $181 million plan includes $32.3 million towards improved
gondolas and lifts, a $27.1 million investment in innovation to offer
customer-friendly technology, $8.3 million towards state-of-the-art
snowmaking, $6.2 million dedicated to expanded dining experiences, $6.3
million in summer activity investments, and nearly $10 million in
planning efforts to unlock future potential terrain and lift expansions,
base area developments, new dining facilities, and four-season activity
offerings.

These capital projects are part of an ambitious improvement plan
totaling more than half a billion dollars through the 2022/2023 season,
focused on elevating the guest experience at all destinations, after an
initial $170 million investment for the 2018/2019 season.

Alterra Mountain Company’s unique year-round mountain destinations
offer skiers, riders and summer visitors of all ages from all over the
world special, memorable experiences, and each aspect of our business
plays a part in bringing the guest back year after year and inspiring a
lifelong love of the mountains,” said Rusty Gregory, Chief Executive
Officer, Alterra Mountain Company. “We are committed to investing in
everything from lifts to snowmaking to creative dining experiences, and
technology that weaves it all together for a seamless visit.”

Significant improvements for the 2019/2020 season include:

Squaw Valley Alpine Meadows, California

Squaw Valley Alpine Meadows will replace the Hot Wheels lift at Alpine
Meadows with a new high-speed quad with an extended second leg to the
ridge, granting skiers and riders quicker access to the Alpine and
Sherwood areas. New surface lifts at High Camp at Squaw Valley will
improve connectivity with High Camp facilities and enhance the beginner
experience.

Deer Valley Resort, Utah

Deer Valley Resort will have direct-to-lift access for winter 19/20
after an investment in RFID technology. This will streamline and speed
up the on-mountain experience, and Ikon Pass holders will no longer have
to visit the ticket window, giving skiers more time on the mountain.

Steamboat, Colorado

Steamboat is planning a $15 million replacement of its gondola this
year. The new gondola will follow the same alignment, taking skiers and
riders out of the base area and up to the Thunderhead Lodge, and will
significantly reduce ride times. In addition, new level-walk-in cabins
will boost uphill capacity by nearly 30%, up to 3,600 skiers per hour,
providing skiers and riders more time on the mountain.

CMH Heli-Skiing & Summer Adventures, British
Columbia, Canada

The beloved Bobbie Burns lodge in British Columbia will experience a
$6.4 million ($8.4 million CAD) renovation, the largest infrastructure
project that CMH has undertaken since 2002, with a complete redesign and
modernization of existing guest rooms. In addition, the construction of
a new wing will increase the number of single rooms, bringing the lodge
capacity to 37 guests in winter, and enable CMH to offer a four-person
private heli-skiing program starting in December 2019. Nearly $1 million
($1.2 million CAD) will be spent on run development throughout CMH’s
heli-ski tenures. For summer 2019, guests will be able to navigate
canyon ledges and glacier-fed waterfalls on the new Zillmer Canyon Via
Ferrata, launching at CMH Cariboos.

Mammoth Mountain, California

Mammoth Mountain will undergo a $10 million second phase renovation of
its busy Canyon Lodge, focusing on expanded restaurants and skier
service improvements. The popular Mill restaurant will also undergo
renovations, adding 50+ seats to the dining area. Significant upgrades
to snowmaking will bolster Mammoth’s reputation for early-November
openings, and supplement its natural snow and high-elevation advantages
with greater early-season coverage.

Winter Park Resort, Colorado

Winter Park Resort will replace the Sunnyside lift at Mary Jane,
currently a fixed triple lift, with a new Leitner-Poma detachable
high-speed six-pack, increasing uphill capacity by 800 people per hour
and reducing the ride time from eight minutes to 3.8 minutes. The new
lift will improve skier transit out of Parsenn Bowl and through the
Lunch Rock area. Winter Park will also reinforce its summer activities
by adding new bike trails, rope courses, and climbing walls.

Tremblant, Quebec, Canada

A $4 million snowmaking upgrade and expansion will contribute
significantly to greater consistency of early-season openings with
high-quality conditions, building upon Tremblant’s reputation as the
premier ski destination in the region and preparing the destination for
future planned expansions. Phase II of a major $7 million renovation of
the Grand Manitou at Tremblant will include refreshes to dining spaces
and other interior and exterior renovations.

Stratton, Vermont

Stratton’s debut in the world of mountain biking will begin with the
construction of a completely new mountain biking park and trail network,
complete with green, blue, and black trails, as well as various features.

Snowshoe, West Virginia

Alterra Mountain Company is increasing its investment in mountain
biking, constructing new bike trails and features at Snowshoe, which is
consistently ranked among the top mountain biking destinations in the
region. Snowshoe will play host to the final round of the 2019 Mountain
Bike World Cup in September 2019.

Big Bear Mountain Resort, California

Big Bear Mountain Resort will expand its bike park, increase parking
capacity for guests, and make notable improvements in skier services and
dining facilities to the base area.

Blue Mountain, Ontario, Canada

To offer unique outdoor family experiences, an elevated forest adventure
course, including tree houses, bounce nets, and slides, will be
constructed for family summer fun.

Alterra Mountain Company’s multi-destination pass product, the Ikon
Pass, will go on sale on Tuesday, March 5, 2019 for the 2019/2020 winter
season, offering skiers and riders access to 38 mountain destinations
across North America, Japan, Australia, New Zealand and Chile. Ikon
Passes can be purchased at www.ikonpass.com.

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 and retail 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. 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 North America, 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 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 Mountain 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; Deer Valley Resort, Solitude Mountain Resort, Brighton
Resort, Alta Ski Area, and Snowbird in Utah; Thredbo 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,
visit www.ikonpass.com.

Contacts

The Ashima Group
Amelie Bruzat
amelie@theashimagroup.com

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