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Saturday 8 August 2026 · Vol. 018 · 3 min read · Capital Links Editorial

The Alpine Off-Season Bet

Chamonix now generates as much as 40% of its lift revenue between May and October, in a business that used to shut its lifts the day the snow melted and wait five months for the next season to start.

Alpine resort village in summer with still chairlift cables running above green slopes and chalets
The mountain no longer closes when the snow goes. Summer is now the second season. · Capital Links

Today's Run Down

  • -Chamonix now generates as much as 40% of its lift revenue between May and October.
  • -US ski areas running summer operations grew from 84 to 109 over the past decade.
  • -Mountain biking is doing most of the heavy lifting, alongside a wellness layer that didn't really exist at these altitudes a decade ago.
  • -The takeaway: the resorts pulling real revenue out of summer are treating it as its own business with its own guest logic, not a bolt-on to winter.

1. The Trend Report

The Alpine Off-Season Bet

For decades the alpine model carried a five-month hole in it: the lifts stopped the day the snow melted and nobody expected otherwise. That assumption is now the exception rather than the rule.

The number of US ski areas running summer operations went from 84 to 109 over the past decade, and average revenue per area rose from $3.8 million to $6.4 million in that stretch. It isn't a side hustle bolted onto winter anymore, it's resorts genuinely rebuilding themselves as year-round businesses, because relying on snowfall alone had quietly become a real balance-sheet risk rather than just a seasonal inconvenience.

2. The Numbers

40%

Share of Chamonix's lift revenue now generated between May and October, in a business that used to shut its lifts the day the snow melted

Alpine resort village in green summer conditions with an idle chairlift
The off-season is no longer off.

Revenue Per Area

Average revenue per summer-operating US ski area rose from $3.8 million to $6.4 million over the same decade.

Visitor Mix

Summer visitors spend less per day than winter visitors do, roughly $148 against $350 in Whistler's case, but they account for around 60% of total annual visits against winter's 40%.

Summer Revenue Share

Summer accounted for only 11.4% of total annual revenue across US mountains running warm-weather operations last season, and some resorts have actually seen summer revenue decline since the Covid-era peak.

3. The Business Model / Opportunity

Where the Money's Actually Coming From

Chairlifts and gondolas, once purely a winter asset, now run scenic and bike-park routes through the warmer months. Alpine coasters and mountain slides have become repeat-visit attractions rather than one-and-done novelties. High-altitude wellness, including spas, retreats and cold exposure, has moved from a nice-to-have amenity to a standalone booking reason on its own.

One Whistler property owner reported that electric mountain biking and guided hiking alone generated 35% of the hotel's annual income outside ski season.

The results are mixed across the industry, though. Building the lifts and trails turns out to be the easier part. Convincing guests to treat a ski resort as a genuine summer destination, rather than somewhere they happen to visit off-season because it's familiar, is proving to be the harder problem for most operators.

Operator Takeaway: The resorts pulling real revenue out of summer aren't the ones that added a few bike trails and called it diversification. They're treating summer as its own business with its own guest logic, which is a large part of why Chamonix is pulling 40% of lift revenue from it while plenty of competitors are still stuck in single digits.

4. Quick Hits

  • Mountain Biking

    Bike parks are the anchor product. They are what justify running lifts, staff and patrol through the warm months at all.

  • Lifts All Year

    Chairlifts and gondolas, once purely a winter asset, now run scenic and bike-park routes through the warmer months.

  • Alpine Coasters

    Alpine coasters and mountain slides have become repeat-visit attractions rather than one-and-done novelties.

  • High-Altitude Wellness

    Spas, retreats and cold exposure have moved from a nice-to-have amenity to a standalone booking reason on its own at altitude.

5. The Takeaway

Summer as Its Own Business

Summer is not a discounted version of winter. The operators making money from it staff it, price it and market it as a separate business with a separate guest.

That is a large part of why Chamonix is pulling 40% of lift revenue from it while plenty of competitors are still stuck in single digits. The lifts, lodges and car parks cost the same to maintain whether they're running six months or twelve. Summer is about getting a lot more use out of infrastructure that used to sit dormant for half the year.

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