Alterra Mountain Co. has laid off an undisclosed number of employees, according to a report published August 14. The cuts primarily affect full-time, year-round team members across several departments, including corporate services.
Kristin Rust, vice president of communications for Alterra, stated that the changes included open roles that the company chose not to fill. These changes were spread across Denver, remote employees, and some of the company's resorts.
Alterra, which is owned by KSL Capital Partners, maintains its headquarters at Zeppelin Station in Denver's RiNo neighborhood. The company has been scouting for a new headquarters in both Denver and Salt Lake City, though it has not announced a final decision.
Previously, the Downtown Denver Development Authority extended a $7 million loan to help with relocation and renovation costs for a move to Upper Downtown. Additionally, the Colorado Office of Economic Development and International Trade approved a $1 million grant and a $1 million loan on July 27 to prevent the company from relocating to Utah.
The company was also awarded up to $1.9 million in Job Growth Incentive Tax Credits under the name Project Odysseus. These credits are tied to the creation of 106 net new jobs with an average annual wage of $131,071 over the next 8 years.
OEDIT spokeswoman Alissa Johnson noted that because these tax credits are performance-based and paid in arrears, the company must create net new jobs above a set baseline to earn them. This implies Alterra would need to restore any jobs cut this week before claiming such credits if they proceed with a relocation.
Alterra Mountain Co. manages 19 mountain destinations in North America, including the Solitude and Deer Valley resorts in Utah, as well as the Steamboat Springs, Winter Park, and Arapahoe Basin resorts in Colorado.
