A tiny Colorado town has approved a $120 million purchase of a ski resort on the Ikon Pass

Ski runs weave through the mountain at Eldora Mountain Resort. The town of Nederland is closing in on a deal to purchase a popular ski area on the Front Range.
Town of Nederland/Courtesy photo

A small Colorado town of about 1,500 people is closing in on a deal to purchase a popular ski area on the Front Range.

Nederland’s board of trustees voted unanimously Tuesday night to approve an asset purchase agreement outlining a $120 million price tag for the purchase of Eldora Mountain Resort. The trustees also unanimously approved a transition services agreement.

“This is really exciting,” Nederland Mayor Billy Giblin said. “It is just the beginning of an exciting process and, as trustees, we’ve been doing this for the past year. The dedication to a thorough evaluation of this has been incredibly serious. We’ve really taken this on as the future of our town.”

The prospect of a town purchasing a resort is a rare, but not unprecedented, occurrence in the ski industry, which has been dominated in recent years by corporate consolidation headed by multi-resort giants Vail Resorts and Alterra Mountain Co. 

There are a number of other government-owned ski resorts in Colorado, including Ski Cooper, which is owned by Lake County; Howelsen Hill Ski Area, which is owned by Steamboat Springs; and Winter Park Resort, which is owned by the city and county of Denver.

Eldora is owned by POWDR, a self-described “adventure lifestyle company,” which also owns six other ski resorts, including Copper Mountain in Colorado, the Woodward action sports franchise, and heli skiing and rafting operations. 

Nederland officials began talks with POWDR back in 2024, before entering into a non-binding “term sheet,” which outlined the negotiation and purchase process with the private company, last July.

Nederland Town Manager Jon Cain explained during the meeting Tuesday that the town intends to purchase Eldora with municipal bonds backed by the resort’s lift ticket, rental and food and beverage revenues. Cain said the resort will be run through an enterprise fund, or a self-supporting fund, where revenues are required to cover all costs.

In coordination with consultants and experts, the town has done its “due diligence” over the past several months, including an assessment of the resort’s physical condition and financial performance, to prepare for the purchase, he said.

“The purchase can be completed without using any property taxes, sales taxes or our general funds,” Cain said. “It keeps the responsibility for repayment limited to Eldora and the business of Eldora and its ability to generate revenue.”

Prior to his retirement last year, Eldora General Manager Brent Tregaskis in a letter assured potential buyers that “Eldora is profitable — with strong visitation, an amazing community of staff and guests, and great potential — and should be a very attractive purchase.” 

Tregaskis explained that POWDR has sold resorts, “to balance its ski business with new ventures in the National Parks sector and with its Woodward action-sports brand, in alignment with its founder’s and stakeholders’ goals.”

The asset purchase agreement approved Tuesday outlines the public benefits of acquiring the resort and Nederland’s intent to purchase the land, contracts and equipment, including lifts, lodges and snowmaking facilities associated with the resort.

The agreement also outlines key closing conditions, including that the U.S. Forest Service would have to issue a new special-use permit to the town and that the town would have to complete an agreement with Alterra to remain on the Ikon Pass. 

To ensure a smooth transition, POWDR has also agreed to provide advisory services to the town for two years, which is outlined in the transition services agreement.

“The goal is to maintain continuous operations under local ownership, reinvest revenues into the mountain and surrounding community and preserve Eldora’s role as a regional gateway for outdoor recreation,” Cain said.

In the case of a bad snow year, there are plans for a $10 million reserve fund, also funded by resort operations, to help cover the debt repayments, according to a frequently asked questions document on Nederland’s website.

Should the purchase go through, all of Eldora’s employees would become town employees, though the FAQ states that some details, such as what benefits employees will receive, are still being worked out.

While another FAQ states that “ensuring accessibility and affordability for locals will be a major priority,” Nederland has not yet announced any discounted rates or other benefits for residents. 

Once the town pays off its debt, the FAQs state that it could dedicate profits from the resort toward sidewalks, roads and other town projects.

Cain noted that due to a non-disclosure agreement with POWDR there are certain elements of Eldora’s operations and the town’s due diligence process that cannot be discussed publicly. He said the next step in the process involves the trustees approving a bond ordinance, likely at its Feb. 20 meeting.

“Mostly, I’m excited about the community connection part of it,” Giblin said, adding that the Eldora purchase will allow the town to “make operational decisions with a community focus, instead of just what brings in more dollars.”