|
Colorado - Tue. 11/19/24 |
A Free Business Publication from Alpine Bank
|
|
View in Browser
|
|
|
| |
NEDERLAND FLOATS IDEA OF PURCHASING ELDORA MTN. RESORT
|
| |
|
|
| |
The tiny town of Nederland is considering the purchase of nearby Eldora Mountain Resort, long known for attracting Front Range winter slope sport enthusiasts looking to skip I-70 traffic to instead enjoy the 600-plus acres of skiable terrain at this local spot instead. After all, winter sports company POWDR is looking for a new owner for the spot. A key reason behind the town's potential purchase of the destination would be further expanding mountain activities to provide new community-focused events, as well as providing a means of stimulating economic growth.
As for paying for the ski area, several options have potential, and the town is "currently building a coalition of supporters, investors and partners to help create a responsible capital stack." This could include grants, public-private partnerships, crowdfunding and sponsorships, and philanthropists. The financial aspect remains a major factor in the decision-making process, with Nederland noting that the expected sale price would likely fall between $100 million and $200 million based on recent sales of other similar resorts.
|
| |
|
|
|
| |
SPIRIT AIRLINES FILES CHAPTER 11 BANKRUPTCY
|
| |
|
|
| |
|
Spirit Airlines filed for bankruptcy Monday, less than a year after a federal judge sided with the Justice Dept. and blocked its planned merger with JetBlue Airways. Spirit is the largest U.S. passenger airline to go bankrupt in more than a decade, and it reflects a reversal of fortunes for an airline that helped make travel more affordable. Spirit pioneered the nickel-and-dime approach, charging extra for everything from water to printed boarding passes. Travelers snapped up Spirit’s cheap tickets and helped it become the fastest-growing U.S. carrier. But it lost more than $2.2 billion since the beginning of 2020, nearly wiping out all of the profits it made since becoming an ultradiscounter in 2006. Spirit will continue flying through the bankruptcy proceeding.
|
| |
|
|
|
| |
CENTRAL & NORTHERN MOUNTAINS TO SEE SNOWFALL AS BIGGER STORM BUILDS
|
| |
|
|
| |
|
Light to moderate snowfall is slated to arrive in Colorado’s mountains Monday night and into Tuesday with a stronger storm potentially on its way for the week of Thanksgiving. The central mountain Gore and Mosquito ranges along with the Park and Flat Tops ranges to the northwest are favored to see the bulk of this week’s snow. Around half a foot could accumulate in those areas, though more snow is possible at the highest elevations. Temperatures are expected to drop Tuesday, going from highs of 30 and 40 degrees to daytime temperatures in the 20s or teens in valley areas. The cooler conditions could help preserve snowpack that has, so far, been trending above normal. Forecasters are warning of treacherous winter conditions during what will be one of the busiest travel periods of the year, with OpenSnow.com meteorologist Sam Collenine writing in a Monday blog post, “Start planning for very snowy road surfaces during the week of Thanksgiving.”
|
| |
|
|
|
| |
ASPEN HALL OF FAME ANNOUNCES 2025 INDUCTEES
|
| |
|
|
| |
|
The Aspen Hall of Fame has announced its 2025 inductees, honoring Bob and Ruth Wade, Paul Andersen, and Erin Fernandez-Ely for their significant contributions to the Aspen community. The inductees will be celebrated at the Aspen Hall of Fame Banquet, April 13, 2025, at the Hotel Jerome. The banquet at the Hotel Jerome will feature video profiles of the inductees, which will later be archived on the Aspen Hall of Fame website, the Aspen Historical Society, and the Pitkin County Library. Since its inception in 1986, the Aspen Hall of Fame has honored more than 100 individuals for their contributions to civic life, culture, sports, and philanthropy in Aspen. Invitations for the 2025 banquet will be mailed in late February or early March. Community members interested in attending or supporting the Hall of Fame can sign up for the mailing list or donate to aspenhalloffame.org.
|
| |
|
|
|
| |
MIND SPRINGS UNDER NEW MANAGEMENT
|
| |
|
|
| |
|
The Mind Springs Board of Directors have signed a management agreement with Larkin Health System that establishes Larkin’s current president as Mind Springs’ interim chief executive officer. Larkin Health President Nicholas D. Torres said they aim to make West Springs Hospital and Mind Springs resources that provide the community the services it needs, without fail. Torres added that those efforts to “turn things around” will eventually include a rebrand. Former Mind Springs CEO and Board Member John Sheehan “graciously stepped down to pave the way for the new leadership team.” Mind Springs Health Board Treasurer Carol Skubic added that Larkin’s industry experience will be a major benefit to the only psychiatric hospital on the Western Slope. The Florida-based health care system operates two acute care hospitals, one behavioral health facility and a residency training program across 29 specialties, including psychiatry.
|
| |
|
|
|
| |
VYO OPENS 25TH SEASON WITH FREE CONCERT IN DELTA: CLASSICS BY CANDLELIGHT
|
| |
|
|
| |
The Valley Youth Orchestra opens their 25th season on Saturday, Nov. 23 at 7 p.m. with a free concert at the Delta Performing Arts Center, located at 822 Grand Ave., in Delta. The VYO will perform well known classics by Vivaldi, Tchaikovsky and Beethoven along with fun and imaginative winter-inspired pieces. In celebration of their 25th anniversary, the VYO is commissioning a string orchestra composition for each of their three concerts.
The first piece is composed by local composer, Nathan Howe. The piece entitled Gathering, will be performed as a combined finale by all musicians. This melody is based on a Dutch tune from the early 1600’s and is used in the traditional hymn We Gather Together. Nathan formerly taught choir and orchestra in Ft. Morgan. He is also a member of the Valley Symphony Association Chorus. A raffle will also be held during the concert that includes a package worth $6,000 from Alexander Orthodontics in Montrose. There will be additional items available for the raffle and winners must be present at the concert to claim their items. Visit valleyyouthorchestra.org for more information about the VYO and their upcoming performances.
|
| |
|
|
|
| |
THE CYCLE EFFECT IN EAGLE COUNTY WINS NATIONAL AWARD
|
| |
|
|
| |
Tam and Brett Donelson started The Cycle Effect in Eagle County with a plan to empower girls through mountain biking. Eleven years later, the nonprofit serves over 1,000 girls and women across five Western Slope counties, and the Donelsons have plans to triple the organization’s reach in the next three years. On Sept. 28, The Cycle Effect joined the ninth class of Everyday Hero Award recipients at the espnW: Women + Sports Summit 2024, receiving $15,000 for its work empowering women and girls through mountain biking.
The Cycle Effect has several types of programs: Girls Mountain Bike & Mentorship Program, for girls 10- to 18; The Cycle Effect+ program, for more experienced riders who want to challenge themselves; a junior coaching program for high school riders who want to share their expertise and get real-world job experience; and Mujeres y Pedales (Women and Pedals), a bilingual program for women 18 and older. Currently, The Cycle Effect serves over 1,000 girls and women across Eagle, Summit, Routt, Mesa and Garfield Counties. The Cycle Effect is currently fundraising to support the program’s expansion, with every dollar donated through Dec. 31 matched 100 percent.
|
| |
|
|
|
| |
STEAMBOAT RESORT OFFERS 'KIDS SKI FREE WEEK' IN DECEMBER
|
| |
|
|
| |
|
Kids under age 12 can ski for free at Steamboat Resort for a week in December, according to a news release sent by the resort Monday. Free lift tickets for young skiers will be available each day between Dec. 7-13 with no other purchase necessary, according to the resort. Rentals and lessons are not included. The week of free skiing for kids 12 and under is part of a larger Alterra Mountain Co. campaign offering the same option at 15 of its resorts in North America including Deer Valley resort in Utah, Tremblant in Quebec and Mammoth Mountain in California. Steamboat Resort Communications Director Loryn Duke said Monday it is the first time that Alterra has offered the Kids Ski Free Week option at any of its North American resorts.
|
| |
|
|
|
| |
SKI LIFT UPGRADES COMING TO SOME COLORADO RESORTS
|
| |
|
|
| |
From new chairlifts to mountain expansions, the upcoming ski season promises improved or upgraded experiences at a few of Colorado’s top resorts. Here are some of the highlights for the 2024-25 season:
- Snowmass Ski Area is adding a new high-speed quad chairlift, Coney Express, across from the Snowmass Mall. This new chairlift replaces the Coney Glade Lift to get skiers to terrain faster on what is billed as the “most life-served” vertical drop of any resort in the country.
- At Copper Mountain, there will be an upgrade to the Timberline Express Chairlift. The existing four-person lift is being replaced with a high-speed six-pack chairlift to increase uphill capacity.
- Wolf Creek Ski Area, in southwestern Colorado, has announced the installation of RFID gates at the Tumbler Lift and a new lift cable at the Nova Lift. Radio Frequency Identification (RFID) technology is used to “read” a tag from a distance.
- Purgatory Resort in Durango is upgrading its Hermosa Park Express Lift #3 to improve access to the back of the mountain and increase uphill capacity.
- Keystone Resort’s new Bergman Express offers lift service to over 500 acres of terrain in the Bergman and Erickson Bowls. Previously, these areas were accessible only by hiking and riding, leaving them underutilized.
- Sunlight Mountain Resort in Glenwood Springs has been planning upgrades by replacing its Primo and Segundo chairlifts, so if retro lifts are your thing, head up this season for a final ride on these lifts that previously carried Aspen skiers in the 1950s and 60s. The new lifts will debut for the 2025-26 ski season.
|
| |
|
|
|
| |
WORKPLACE FLEXIBILITY IS HELPING AMERICANS TAKE LONGER TRIPS THIS HOLIDAY SEASON
|
| |
|
|
| |
About 49 percent of employed American travelers are “laptop luggers” — those who plan to work at some point on their holiday vacation — up from 34 percent last year, according to the Deloitte holiday travel survey. This flexibility allows workers to take trips they might not otherwise, or stretch their trips for longer.
- While there are more laptop luggers across most age groups and income levels, Gen Zers, which Deloitte defines as those born between 1997 and 2012, and high earners make up the highest shares, at 58 percent and 52 percent, respectively.
- Deloitte polled 4,074 American adults in September. Of that group, 2,005 were identified as holiday travelers.
- In the third quarter, 51 percent of surveyed job seekers said the ability to work from wherever they want is a top reason for remote jobs, up from 40.8 percent in the first quarter of 2022.
- High earners are driving holiday travel and spending trends this year. When it comes to holiday travel, 52 percent of shoppers with incomes of $100,000 or more said they can “easily afford” that expense. That is the highest share compared with mid- to low-income groups.
- Among generational groups, millennials, or those born between 1980 and 1996, have the highest budgets and longest travel planned. Millennials plan to take about 2.6 trips over the course of the holiday season and spend on average $3,927.
- More than 4 in 5 holiday travelers, 83 percent, are finding ways to save money this holiday season, such as driving instead of flying.
|
| |
|
|
|
| |
NEARLY 80 MILLION AMERICANS EXPECTED TO TRAVEL OVER THANKSGIVING
|
| |
|
|
| |
AAA projects 79.9 million travelers will head 50 miles or more from home over the Thanksgiving holiday travel period. For the first time, AAA’s forecast includes the Tuesday before and the Monday after Thanksgiving Day to better capture the flow of holiday travelers. This year’s projection of nearly 80 million travelers is an increase of 1.7 million people compared to last year and 2 million more than in 2019.
Thanksgiving Travelers by Mode
- By Car: AAA projects a record 71.7 million people will travel by car over Thanksgiving – that’s an additional 1.3 million travelers on the road compared to last year. This year’s number also surpasses pre-pandemic numbers when 70.6 million people drove to their Thanksgiving destinations in 2019. Gas prices are lower this Thanksgiving season compared to 2023. The national average last Thanksgiving Day was $3.26. Falling oil prices this autumn may help push the national average below $3 a gallon for the first time since 2021.
- By Air: Thanksgiving air travel is also expected to set a new record. AAA projects 5.84 million people will fly domestically this holiday. That’s an increase of 2 percent compared to last year and a nearly 11 percent increase over 2019.
- By Other Modes: Nearly 2.3 million people are expected to travel by other modes of transportation, including buses, cruises, and trains. This category is seeing an increase of almost 9 percent compared to last year and an 18 percent jump over 2019. Domestic and international cruise bookings are up 20 percent compared to last Thanksgiving.
|
| |
|
|
|
| |
MAKING RENT: GEN Z VS. MILLENNIALS AT THE SAME AGE
|
| |
|
|
| |
Three out of five Gen Z renters — those born between 1997 and 2012 — spend more than 30 percent of their income on rent, according to recent research from Zillow. Overall, the number of Gen Z renters who paid more than a third of their income to housing in 2022 — in other words, those who were “rent-burdened” — was down slightly from the number of millennials who found themselves in the same boat in 2012. In some cities, though, there was an uptick in rent-burdened young people from a decade before. Here are the top five cities where more members of Gen Z are rent burdened as of 2022 than their millennial counterparts were 10 years prior:
- Houston
• Gen Z median gross annual income (2022): $38,457
• Gen Z median monthly gross rent (2022): $1,225
• Percentage of rent-burdened Gen Zers (2022): 66 percent
• Percentage of rent-burdened millennials (2012): 54 percent
- San Antonio
• Gen Z median gross annual income (2022): $37,100
• Gen Z median monthly gross rent (2022): $1,215
• Percentage of rent-burdened Gen Zers (2022): 66 percent
• Percentage of rent-burdened millennials (2012): 59 percent
- Denver
• Gen Z median gross annual income (2022): $60,000
• Gen Z median monthly gross rent (2022): $1,730
• Percentage of rent-burdened Gen Zers (2022): 61 percent
• Percentage of rent-burdened millennials (2012): 55 percent
- San Diego
• Gen Z median gross annual income (2022): $55,000
• Gen Z median monthly gross rent (2022): $2,148
• Percentage of rent-burdened Gen Zers (2022): 73 percent
• Percentage of rent-burdened millennials (2012): 67 percent
- Minneapolis
• Gen Z median gross annual income (2022): $42,090
• Gen Z median monthly gross rent (2022): $1,370
• Percentage of rent-burdened Gen Zers (2022): 62 percent
• Percentage of rent-burdened millennials (2012): 56 percent
|
| |
|
|
|
|
|
| |
|
MARKET UPDATE - 11/18/2024 Close
|
| |
|
(Courtesy of Alpine Bank Wealth Management*)
|
| |
|
Canadian dollar (per U.S. dollar)
|
| |
|
|
|
|
Mexican peso (per U.S. dollar)
|
| |
|
|
|
|
30-year fixed mortgage rate (Freddie Mac 11/14/2024)
|
| |
|
|
|
|
|
*Not FDIC insured. May lose value. Not guaranteed by the bank.
|
| |
|
| |
Alpine Bank is an independent, employee-owned organization with headquarters in Glenwood Springs and banking offices across Colorado's Western Slope, mountains and Front Range. Alpine Bank serves customers with retail, business, wealth management*, mortgage and electronic banking services. Learn more at alpinebank.com.
*Alpine Bank Wealth Management services are not FDIC insured, may lose value and are not guaranteed by the bank.
|
| |
|
|
| |
| Make changes to your subscription or unsubscribe here. |
| © 2025 Alpine Bank. |
| |
|
|
