Projects at Steamboat, Winter Park part of $555M five-year plan for Alterra Mountain Co. | SteamboatToday.com

Projects at Steamboat, Winter Park part of $555M five-year plan for Alterra Mountain Co.

Skiers walk on the promenade at the base of Steamboat Ski Area in 2017.

Alterra Mountain Co. plans to spend more than half a billion dollars on its 12 ski resorts in its first five years as a resort operator, including $130 million in a spending spree this year that includes a new gondola for Winter Park and a restaurant expansion at Steamboat.

The five-year strategy for $555 million in improvements comes as Alterra Mountain Co. peddles its new Ikon Pass in hopes of replicating the success of Vail Resorts’ Epic Pass. Vail Resorts sold 750,000 passes last year, enabling the company to make $150 million in capital improvements at its 11 destination resorts this year.

Alterra just started selling its first Ikon Pass last week. So where’s this money coming from?

That would be the deep pockets of Denver equity fund KSL Capital Partners and the Crown family, which owns Aspen Skiing Co. The two partners joined last year to pay $1.7 billion for Intrawest’s stable of resorts and then bought California’s Mammoth Mountain and Utah’s Deer Valley.

Read more from The Denver Post.