CapEx 09 - 10

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Overview
Over $315 million has been invested in on- and off-mountain improvements and amenities at Crested Butte Mountain Resort (CBMR) since Tim and Diane Mueller purchased the ski area in 2004. Under the new ownership of CNL lifestyle properties, with the Mueller’s still at the operational helm, the 2009-2010 season is no exception. The Muellers remain committed to evolving the resort in a responsible manner that answers the needs of a growing community and an increasing number of visitors, while respecting the surrounding native environment. With this in mind, CBMR remains focused on improving the overall guest experience.

Improvements for 09-10
The Ice Bar Restaurant Remodel
The Ice Bar restaurant remodel will nearly double the size of the existing space increasing the capacity to 63 in the dining room, 12-15 in the lounge and 20 at the outside bar. The existing deck will also be expanded. The new design of the restaurant will feature a simple, subtle and understated feel with rustic undertones and an intimate setting. The building will be completed in November 2009. Serving gourmet lunches of upscale regional American Cuisine with French influences and exotic drinks at a bar made completely out of ice, CBMR’s Ice Bar is a one-of-a-kind on-mountain experience. Sip on a specialty beverage at the end of the day on the large sunny deck, and enjoy the beautiful vistas. The Ice Bar is located on the mountain at the base of the Twister Lift and is open for lunch and evening Last Tracks dinners – a gourmet meal followed by skiing or riding down the mountain after dark. Sleighride Dinners will also be operated out of the Ice Bar this coming season. Reservations required for Last Tracks and Sleighride dinners and recommended for lunch.

Adventure Park
New this year, CBMR introduces the base area Adventure Park complete with year-round ice-skating, bungee trampolines and a climbing wall. The skating rink is made from Super-Glide® synthetic ice and represents the first synthetic ice-skating facility in Colorado. Super-Glide synthetic ice is a high-tech skating surface created by skaters, and the rink was recycled from the American Museum of Natural History in New York, where it was part of a display on climate change. The bungee trampolines provide a turbo-charged, gravity-defying ride up to 30 feet in the air, while the Climbing Pinnacle features a 28-foot, 6-route tower with auto-belay. The Adventure Park will be open year-round.

Lift-Served Tubing 
The resort will add a lift-served tubing hill to the Adventure Park scene for winter. Located at the base of the mountain, the Tubing Hill will be re-graded featuring a new tow lift and multiple tubing lanes.

Ski and Ride School Beginner Learning Area 
The Ski and Ride School boasts a new beginner learning area for the upcoming season. The current kids’ area will be re-graded and expanded to include beginners of all ages. Both adult and children’s ski school lessons will operate out of the same area, making the morning drop-off seamless and stress-free.

Outpost Building Upgrades 
The Outpost Building, located at the base of CBMR, will be upgraded with new paint, expanded restrooms and interior enhancements. The Outpost Building serves as a base area warming hut and gathering place.

Past Five Year Capital Overview
Improvements over the past five years, since the Muellers initially took ownership of CBMR in 2004, include: a new base area village called Mountaineer Square; new lodging (Elevation Hotel & Spa, Lodge at Mountaineer Square); expanded DC Terrain Park; snow igloos – solid snow structures – set up in the kids’ play area outside of Camp CB and as cocktail hotspots near the Ice Bar restaurant; new snowmaking and grooming; a lift system expansion; the Treasury Center remodel; a new children’s facility called Camp CB; the introduction of the Mountain Sports Team accessible to a wide variety of athletes from kids enjoying local recreational programs to driven student athletes and the addition of the Outpost Building Day Lodge.

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