...unless it's a investor relations play.
At some point in the next 5-6 or so years, KSL Capital and Henry Crown and Co. will seek to have a "liquidity event" to cash out of the deal. That is how it is structured, and as a substantial P.E. firm in this niche, it is how KSL's principals and their investors make their money. Let's just say, I'm reasonably close to this one. There are very high expectations.
By that time, particularly if the liquidity play is an IPO, Alterra absolutely must have a brand that is recognizable along with a mission and vision that is understood and makes sense. I am "pretty close" to somebody who is leading the team that is working on this challenge. Keep the individual resorts identities, but have those destination visitors very much aligned with being part of that portfolio of resorts. An "Alterra customer". So they choose to visit, year round and vacation....regardless of the cost savings of an Ikon pass. The target customer is not really the people who are obsessed with their daily lift cost being as low as possible. The business will not succeed based on that, and based solely on Ikon pass sales. The model depends on people knowing what Alterra is, and what to expect and rely on at an Alterra property. And Alterra knowing more about you that VR ever has, or ever will.
So "disagree' as you would like. I am guessing that you do not have a stake with KSL in the funds supporting Alterra, or you might have a different view. The good news for Alterra is that most people do think it's a fairly new venture with a lot of time to make more, bigger acquisitions and pull this all together. Unlike we on this site who act like it's "always been there....." Year two of the Ikon pass; that's it. Portfolio of resorts not close to being complete. $5Bil plus in cash ready to be deployed. Many smart people working on this.
But yes, TODAY, most skiers would not care about Alterra. Once it really unfolds, minds may change, for that target market. Think about it this way, their business is being build to cater to the top 15%-20% of destination resort spenders in the sport. And to dominate that niche. Not easy, and breaking new ground.
Meanwhile when most {or some} the 2.5% of Americans who ski, I actually would say 1% at the very most, see Alterra as being Ikon and Ikon as being something hated by locals in resort towns....if they really are tuned in. Right now Ikon, Epic, same thing, different resorts.
So there is branding, marketing, PR and goodwill work all to be undertaken, underway, an soon to accelerate. Still not sure the pass swag made sense, at all.
I think I'll retreat again from the topic of Alterra.