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July 10, 2024 6 min read
Nestled in the rugged mountains just 67 miles northwest of Denver, Winter Park Resort has long been revered as one of Colorado's quintessential ski destinations. With over 3,000 skiable acres of terrain, the sprawling resort stands as one of the largest in the Centennial State and a beloved winter playground for families, powderhounds, and anyone craving an authentic Rocky Mountain experience.
While most skiers and riders just care about hitting the slopes, the story behind Winter Park's ownership is a fascinating journey through Denver's entrepreneurial history and the business intricacies of the modern ski industry. So who exactly owns this world-class resort today and how did they come to acquire such a prized possession? Let's take a look.
The origins of what would become Winter Park Resort trace back to 1939 when the City of Denver purchased land near the current base area to create a winter sports park akin to its city parks system. Operated by the city from the 1940s through the 1970s, the no-frills ski area grew in popularity as an affordable “local's mountain” just a couple hours from downtown Denver.
The resort's big break came in 1978 when Denver's government inked an operating agreement with the City Park Ski Areas company, run by George Howse Jr. and Steve Chaput. These astute entrepreneurs immediately started pumping funds into major upgrades and expansions, like lodging, snow-making infrastructure, and new lifts. Over the next 24 years, they transformed Winter Park into a booming full-service resort.
With the resort needing further investment to remain competitive, Howse Jr. and Chaput sold Winter Park in 2002 to the ski industry titans at Intrawest. The Vancouver-based company was renowned throughout the ‘90s and 2000s for acquiring and transforming massive ski areas into internationally renowned destination resorts.
Under Intrawest's stewardship, Winter Park flourished into one of Colorado's most complete resorts. Major capital improvements included new high-speed lifts and gondolas, base villages anchored by slopeside hotels, and the construction of amenities, like the Village Cabriolet open-air lift and Ice Trail alpine skating rink.
While Intrawest invested heavily in elevating Winter Park's profile, its expansion strategy also added massive debt that brought its ski resort empire to its knees during the Great Recession. They were ultimately forced to sell off their properties one by one, with Winter Park going to the new joint venture Intrawest/Fortress in 2017.
When Intrawest/Fortress ran into further financial troubles in 2021, the surprising new buyer of Winter Park emerged as the City and County of Denver itself - coming full circle to its original municipal ownership roots. Denver had maintained a perpetual option to repurchase the resort, written into their original 1978 operating agreement, which gave them a golden opportunity.
However, the city immediately flipped Winter Park to Alterra Mountain Company in a newly created 50/50 lease operating partnership. Alterra, created in 2018 by affiliates of the Arlberg Group and KSL Capital Partners, is a powerful skiing industry looking to challenge Vail Resorts as the dominant ski resort operator.
In addition to Winter Park, Alterra's portfolio includes Steamboat, Deer Valley, Mammoth Mountain, and the entire Ikon Pass network of 47 destinations across 5 continents and 4 countries. Their deep pockets and industry experience have allowed Winter Park to continue upgrading its infrastructure and amenities, including the brand new Snöloft boutique hotel opening in 2023.
Today, Winter Park enjoys the benefits of Alterra's financial backing and industry connections combined with the municipal stakes of Denver itself. It's a unique public-private partnership that aims to allow one of Colorado's largest ski areas to thrive long into the future while ensuring the local public maintains some direct ownership.
The ownership narrative of Winter Park Resort reflects its transition from a humble local ski hill into one of Colorado's premier destination resorts. Each new era of ownership ushered in higher investment and ambition for the resort's expansion.
Under the City of Denver's initial ownership in the mid-20th century, Winter Park remained a modest and affordable community ski area focused on serving locals. It wasn't until Denver partnered with private operators, like Howse Jr. and Chaput in the 1970s, that major growth initiatives, like lodging and new lifts, took shape.
Intrawest's acquisition exemplified how deeper corporate pockets and resources supercharged Winter Park's transformation into a full-fledged destination with base villages, hotels, amenities, and a global marketing footprint. Overall skier visits grew significantly through this development phase.
The resort's ownership at any given period directly impacted the extent and pace of infrastructure upgrades to enhance the on-mountain experience. Chronically underfunded under early municipal ownership, Winter Park's lifts and facilities remained fairly stagnant for decades.
It wasn't until the tenures of entrepreneurial operators, like City Park Ski Areas and Intrawest, that major investments in high-speed lifts, gondolas, restaurants, and snowmaking systems modernized the mountain's uphill capacity and efficiency. The current Alterra/Denver partnership has continued this infrastructure renaissance with recent projects.
An interesting dynamic of Winter Park's ownership is the resort's deep ties to the local Denver community that have persisted through all regimes. As a city-owned asset for decades, there was inherent accountability to provide an affordable skiing amenity for Denver residents.
Subsequent owners made community engagement a priority as well by maintaining a "local's mountain" culture and preserving access/benefits for Front Range skiers. Today's unique municipal co-ownership model ensures the City and County of Denver maintain a direct stake in Winter Park's community impact.
The future seems quite bright and stable for Winter Park's current ownership structure. Alterra Mountain Company is well-capitalized and has demonstrated a commitment to investing in the resort's infrastructure, services, and overall experience.
Meanwhile, Denver's 50% municipal stake and perpetual operating rights contractually tie the city to the resort's long-term success. This balanced public-private partnership model creates aligned incentives to take a sustainable, measured approach to properly managing growth and preserving Winter Park's authentic spirit.
While there's no indication of any near-term change, Alterra could potentially buy out Denver's ownership stake altogether at some point, or outside investors could acquire a portion of Alterra's interests. The ski resort ownership world has proven anything can happen during mergers and acquisitions.
However, any future ownership shifts would presumably maintain Alterra's operational control given their positive long-term investment outlook for Winter Park. Denver's municipality would also likely fight to preserve some ownership stake to protect public interests.
No matter who sits atop the ownership structure, Winter Park Resort seems poised to continue its thoughtful development and expansion as one of Colorado's premier skiing and riding destinations for years to come.
Expect more capital projects, like new lift infrastructure, revamped base facilities, and lodging/real estate expansions, to keep enhancing the guest experience. At the same time, a balanced approach seems likely to preserve Winter Park's beloved down-to-earth culture and backcountry adventure spirit.
Sensible real estate/lodging development within the base areas provides long-term revenue streams for ownership groups to reinvest in the resort experience itself. But any overreach into radical expansion or overdevelopment could risk overcrowding and straying from Winter Park's roots.
While Winter Park Resort's ownership has changed hands multiple times over its 80+ year history, one thing has remained constant - its identity as an authentic, world-class ski destination that Denver-area locals can truly call their own.
From its humble beginnings as a municipal-run city park in the 1940s to the entrepreneurial expansion efforts of private operators through the turn of the century, Winter Park has continually evolved to meet skiers' desires for better lifts, more terrain, enhanced amenities, and a lively base village experience. Yet it has managed to avoid becoming an overbuilt, commercialized megaresort by maintaining its laid-back, down-to-earth vibe.
Today's unique ownership model creates an intriguing public-private partnership. Alterra Mountain Company handles day-to-day operations while the City and County of Denver maintain a 50% stake - honoring Winter Park's deep community roots. This balanced approach aims to fuel continued infrastructure upgrades and sustainable growth while preserving the resort's “local's mountain” identity and ski bum charm. Its unique narrative reflects skiing's evolution from community recreation to big business while holding true to its core experience that matters most - providing epic snow-filled adventures in a breathtaking Rocky Mountain setting.
Now that you know more about Winter Park, check out Powder Addicts. Be sure to view their Winter Park, Colorado Ski Resort Map Blanket if you are a fan of this resort. It is the perfect way to show off your love for skiing at this location!