Today we announced that we plan to invest approximately $83 million to $93 million in capital improvements across Vail, Beaver Creek, Breckenridge, Keystone and Heavenly, and an additional $30 million at Northstar-at-Tahoe, plus an additional $4 million to $6 million of "maintenance capital" at Northstar, for the 2011-2012 ski and snowboard season.
This investment is a reflection of our commitment to continually reinvesting in our resorts to create the experience of a lifetime our guests. We are currently receiving the highest guest satisfaction scores in the Company's history, representing significant increases over last year's record guest satisfaction performance, and we intend to continue to build upon that success with these investments.
Our capital expenditure plan for calendar year 2011 focuses on high-profile, high-return projects that underscore the commitment we have to our guests. Construction of the proposed capital improvement projects will begin this spring and summer, with completion expected prior to the start of the 2011-2012 winter season.
2011-2012 capital improvements include:
· A new on-mountain fine dining restaurant at Vail close to Mid-Vail at the base of the Look Ma trail
· A new high speed quad chairlift to replace the existing fixed grip lift in the Rose Bowl at Beaver Creek
· Upgrades and additions of new functionality in a second generation release of the Epic Mix application
· Further investments in marketing initiatives including customer relationship marketing (CRM) systems
· New family programming at Keystone to build on this year's successful efforts to reestablish Keystone as a premier family mountain
· Renovations at certain owned lodging properties
· New retail store build-outs across certain resorts
· A new high-speed lift at Northstar, serving expanded terrain and new ski runs adjacent to the existing Backside lift expanding skiable terrain at the resort by 10%
· A new 500-seat state-of-the-art on-mountain skier restaurant at the top of the Zephyr Express lift at Northstar
· Enhancements to the base village at Northstar in conjunction with the introduction of new tenants
Our total capital investments at Northstar will total approximately $30 million. As you can see, we have elected to take an aggressive approach with our first-time investments at Northstar. The resort already offers a comprehensive experience not otherwise found on the North Shore of Lake Tahoe, and we intend to further widen the gap with more family friendly terrain, more grooming and snowmaking, a best-in-class on-mountain dining experience, and a village experience that is far superior to any other destinations in the region. This will be the first of many steps to elevate Northstar to offer the exceptional guest experience found at Heavenly on the South Shore, and our other mountain resorts in Colorado.