Alterra Mountain Company has entered into an agreement to purchase Schweitzer Mountian Resort from owner and developer MKM Trust. schweitzer The transaction is expected to close later in 2023 and is subject to closing conditions such as regulatory approvals. Terms of the transaction were not disclosed.
Tom Chasse, who has been with Schweitzer since 2006, will stay on as president and CEO of the resort, overseeing daily operations as well as future capital improvement plans.
“Since becoming an Ikon Pass partner in 2021, we’ve had the good fortune of learning how Alterra Mountain Company has quickly evolved into an industry leader,” said Chasse. “The company’s commitment to preserving the authenticity of their mountain communities while investing in the overall mountain experience is what we’re most looking forward to as the newest member of the Alterra family.”
Plans include the development of the new Schweitzer Creek Village portal, which will add approximately 1,400 parking spots with access to the new Creekside Quad lift and, eventually, a new day lodge and other skier amenities.
In the last 10 years, Schweitzer has invested more than $100 million in capital improvements, including terrain expansion, new lifts, a new on-mountain lodge, and a 31-unit boutique hotel.
With 2,900 skiable acres, Schweitzer is the largest ski area in Idaho and Washington. It is located near Sandpoint, 80 miles from Spokane, Wash., in the Selkirk Mountains.
“With an incredible mountain in one of the most beautiful settings in the country and a world-class operating team, Schweitzer has everything we look for in a destination,” said Alterra Mountain Company president and CEO Jared Smith. “The mountain has been a valued partner on the Ikon Pass for several seasons, so we’ve been able to see the exceptional team, community, and opportunities for continued investment up close.”
The acquisition will bring Alterra’s portfolio up to 17 North American mountain resorts.
MKM Trust will retain non-ski operations real estate holdings, and will continue to lead future real estate development projects at Schweitzer.
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