Eldora Mountain Resort (EMR) was listed for sale in August 2024, and the town of Nederland has been exploring the option of buying the ski resort, which may cost as much as $200 million. The resort is currently owned by Powdr, a company that owns and operates ski resorts in the U.S. and Canada. In an open letter written in August by Brent Tregaskis, the general manager of Eldora, Tregaskis said that Powdr has been selling ski resorts to make more room for investments in national park adventure experiences.
Nederland has developed a Frequently Asked Questions page and has been discussing the potential purchase at Board of Trustee meetings. The Board of Trustees meeting on January 7 laid out the next phase of the potential acquisition, which is conducting a thorough investigation into the potential risks. A primary objective is determining whether EMR “can sustainably operate under an enterprise-fund model without impacting the town’s general fund.”
The board believes the best method to acquire EMR and maintain the business is to keep the funds completely separate from the town’s general fund. After consulting with municipal bond advisers, the trustees would seek enterprise fund bonds to maintain EMR as a separate entity. The trustees think they can acquire the debt to pay for the resort. The profit from EMR would be used to pay down the debt creating a “layer of protection” to ensure Nederland’s “essential services and resources are not jeopardized.”
The trustees are seeking assistance in three primary areas related to the acquisition and management of the business. The town is seeking a bond underwriter to lay out financing terms and structure. The second is consulting a lawyer to ensure the bond revenue structure is “legally sound and meets statutory requirements.” The trustees are also seeking an expert in employment law to help draft employee contracts while ensuring compliance through the transition process.
Nederland’s FAQ also mentions the importance of “due diligence” in analyzing the profitability of the resort. Tregaskis described Eldora in his letter as having “strong visitation, an amazing community of staff and guests, and great potential.” Tregaskis also said it “should be a very attractive purchase” because it is profitable and “significant” upgrades in snowmaking, lodges, and trails have been made within the last year.
Tregaskis wrote in his letter that Powdr would retain ownership of Copper Mountain, a resort in Frisco, Colorado, and Snowbird, in Utah. The company has already sold Killington Resort in Vermont and is looking for buyers for Silverstar Mountain Resort in British Columbia and Mt. Bachelor in Oregon.
The Nederland trustees have not said whether Eldora would continue to be included on the Ikon pass. The Nederland FAQ page states that nine ski resorts are owned by small towns in Colorado, including Winter Park Resort (owned by the town of Winter Park) and Ski Cooper (owned by the town of Leadville).
No specific timeline has been laid out for Nederland and the potential acquisition of Eldora Mountain. The town trustees direct the public to the FAQ page for the latest updates.
