Dream Unlimited Corp., a Canadian real estate company, announced on Monday that it has agreed to sell its Colorado ski resort, Arapahoe Basin, to Alterra Mountain Company, a leading operator of ski destinations in North America.

The deal, which is expected to close in 2024, will generate an after-tax profit of $110 million for Dream, before closing costs and adjustments.

Dream Unlimited acquired Arapahoe Basin in 1997 and expanded it from 490 to 1,428 skiable acres, making it one of the most popular and challenging ski areas in the West. The resort also features the historic A-Frame building, which was used to test a bomber escape capsule in the 1960s, and the two highest elevation restaurants in North America.

Michael Cooper, Dream’s Chief Responsible Officer, said that Arapahoe Basin has been a great investment and that he is proud of the resort’s unique and incredible culture. He added that Alterra shares the same values and will continue to foster the resort’s brand and customer experience. He also said that the sale is part of Dream’s capital management strategy and that the company will use the proceeds to repay debt, increase liquidity, and evaluate other investments.

Alterra, which owns 15 ski resorts across North America and partners with dozens more around the world, said that it is excited to welcome Arapahoe Basin to its portfolio and that it will invest in the resort’s offerings and infrastructure. Alan Henceroth, Arapahoe Basin’s Chief Operating Officer, said that he and his team will remain in charge of the resort and that they look forward to working with Alterra.

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