Deer Valley owner raises $3 billion to improve properties, acquire new ones
The private equity firm that owns Deer Valley Resort and Ikon Pass recently brought in new investors.
In 2017, KSL Capital Partners formed Alterra Mountain Company through a joint venture with Henry Crown & Company, which owns Aspen Skiing Co.
The firm now has a portfolio that includes Deer Valley, Solitude, Steamboat and Palisades Tahoe. It’s also the distributor of the Ikon Pass, which offers access to over 50 resorts worldwide.
KSL Capital announced this week it raised $3 billion as part of a continuation fund for Alterra Mountain Company. Axios reports the proceeds “will be used to continue building out existing properties, including hotels and villages, plus possible property acquisitions.”
KSL Capital CEO Eric Resnick said the transaction allows them “to provide a significant return of capital to those existing investors who desired liquidity while welcoming a new set of investors who share our excitement about the future of Alterra.”
The investors include a diverse group of state and county pension funds, corporate pension funds, sovereign wealth funds, endowments, foundations and insurance companies.
Park City is the site of one the company’s major development efforts. Along with more than doubling terrain and expanding to a new base area along U.S. Highway 40, Deer Valley is also working to develop a new village at its existing Snow Park base.