Winter 2025/2026 was one of the harder seasons the Roaring Fork Valley has seen in years, marked by record-low snowpack and a meaningful pullback in international travel. Frias Properties of Aspen Snowmass grew revenue and outperformed the broader market anyway. Here is what happened, and why.
Quick facts
- Season: 2025/2026 winter (November through April)
- Result: Frias grew guest-booked revenue year over year and outperformed the Aspen Snowmass market on RevPAR
- Average daily rate: more than 20% above the Aspen Snowmass market average
- Market conditions: record-low snowpack across the Roaring Fork Valley, a meaningful decline in international travel (including from Canada, historically a top-five international segment), and a March pullback in Colorado mountain bookings
- Company background: independently owned, operating in Aspen and Snowmass Village since 1974, with more than 170 properties across both communities
A season with real headwinds
The Roaring Fork Valley entered the season with snowpack at roughly half its historical median, among the lowest on record. International travel to the U.S. softened through the back half of 2025, and Canadian visitation, usually one of the market's largest international segments, dropped sharply. By March, bookings across Colorado's mountain destinations had contracted as well.
Against that backdrop, Frias grew bookings and revenue year over year, increased average daily rate, and delivered revenue-per-available-room above the broader Aspen Snowmass market for the full November-through-April season. Average daily rate ran more than 20% above the market average for the season, a premium the company sustained without moving away from its core guest base.
Where the results came from
Frias attributes the season's performance to three areas of long-term investment: technology, tenure, and team.
- Technology. Dynamic pricing and revenue optimization tools let the company respond to real-time demand rather than react after the fact, which mattered in a season where booking windows compressed and conditions shifted week to week. Partnerships with Streamline, Bluetent, Wheelhouse, and Breezeway give Frias the infrastructure to manage a 170-plus property portfolio across Aspen and Snowmass Village with consistency.
- Tenure. More than five decades of continuous operation in this market means relationships with guests, owners, and community partners that are difficult for national platforms or newer entrants to replicate. A meaningful share of winter bookings came through direct and referral channels, a reflection of guests who return to Frias specifically rather than booking wherever inventory happens to be listed.
- Team. A full-service concierge operation, 24/7 local support, and dedicated property management staff across both Aspen and Snowmass Village kept rate integrity intact even as demand softened elsewhere in the market.
"This was a season that tested every operator in the valley," said Tim Clark, Managing Partner/Owner of Frias Properties of Aspen Snowmass. "What it showed us is that the investments we've made over the past several years in revenue management technology, guest services, and our local team are paying off in ways that matter when conditions get difficult. We didn't chase volume at the expense of rate. We focused on the guests and owners who choose Frias because of what we offer beyond the inventory itself, and the results reflect that."
Looking toward winter 2026/2027
Early bookings for the 2026/2027 winter season are tracking ahead of where they stood at this point last year. That season will also be shaped in part by the previously announced temporary closure of Aspen/Pitkin County Airport beginning in April 2027, a factor Frias is already building into owner and guest communications.
"Aspen Snowmass remains one of the premier mountain destinations in the world, and that doesn't change based on a single snow year," added Ben Wolff, General Manager of Frias Properties of Aspen Snowmass. "Our owners and guests understand that, and so do we. We're focused on building on this season's results and continuing to be the most trusted name in vacation rentals in this market."
Frias Properties of Aspen Snowmass has managed vacation rentals and residential properties in Aspen and Snowmass Village since 1974. With more than 170 properties across both communities, Frias offers full-service property management, concierge guest services, and local expertise as the Roaring Fork Valley's longest-tenured independent vacation rental operator. Learn more at FriasProperties.com or call 970.920.2000.