Exhibit 10.26



           Amendment No. 1 to the Employment Agreement by and between
               Booth Creek Ski Holdings, Inc. and Timothy H. Beck

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               AMENDMENT  NO.1,  dated January 8, 2002, to Employment  Agreement
         dated  July 1, 1997  ("Agreement")  between  Booth Creek Ski  Holdings,
         Inc.,  a   Delaware   corporation   ("Company")  and  Timothy  H.  Beck
         ("Executive").  Capitalized  terms  not otherwise  defined herein shall
         have the respective meanings given them in the Agreement.

               The parties amend the Agreement as follows:

               1.  Paragraph 3 is deleted in its entirety and replaced  with the
         following:

                   "Unless earlier terminated as provided  herein, the "Term of
         Employment,"  as  that  phrase  is used in this  Agreement,  shall be a
         period  commencing  July 1,  1997 and  ending  November  1,  2003."

               2.  Paragraph 5 is amended to read as follows:

                   "5.  Intentionally deleted."

               3.  Paragraph  4.b is amended by inserting  "or 8(h)" between the
         words "8(f)" and "hereof".

               4.  Paragraph 7 is amended to read as follows:

                   "7.  Right  to  Purchase  Property.   Executive  shall  have
         the right to  purchase  one  residential  parcel  from  Company  at the
         Northstar Resort at Company's basis therein as of the date hereof.  The
         residential parcel shall be selected by Executive,  subject to approval
         of Company,  such approval not to be unreasonably withheld and shall be
         either a 1/2 acre site in development  parcel O or an  approximately  2
         acre site in the area known as Porcupine Hill."

               5.  Clauses  (3)  and  (4) of  Paragraph  8.f  are  deleted,  the
         definition  of Change in Control is now set forth in paragraph 8(h) and
         the period at the end of Paragraph 8.g is replaced with "; or".

               6.  The following is added as Paragraph 8.h:

                   "h.  60  days'  notice  from   Executive   given  within  six
         months  after the date that  Company  notifies  Executive  that CIBC WG
         Argosy  Merchant Fund 2, L.L.C.,  John Hancock Life Insurance  Company,
         and their affiliates  together own beneficially  Booth Creek Ski Group,
         Inc., a Delaware  corporation  ("Parent"),  capital stock (assuming any
         currently  exercisable rights to acquire Parent capital stock have been
         exercised)  entitling  them to cast less than a  majority  of the votes
         entitled  to be cast on any  matter  upon  which a holder of a share of
         stock of a  Delaware  corporation  of which  only one class of stock is
         outstanding would be entitled to vote,  treating any Parent outstanding
         nonvoting  stock that is convertible  into Parent voting stock as if it
         had been so converted ("Change in Control")."

               7.  Paragraph 9.c is amended to read as follows:

                   "c.  Intentionally deleted."

               8.  The  first  sentence  of  Paragraph  9.d  is  amended to read
         as follows:

                   "If  the  Term  of  Employment  is  terminated  by  Company
         pursuant to Paragraph 8.e or by Executive  pursuant to Paragraph 8.f or
         8.h,  Company  shall  provide  to  Executive  salary  continuation  and
         continuation  of health  insurance  coverage and  disability  insurance
         coverage at the same levels and at the same times provided to Executive
         prior to such termination for a period of eighteen (18) months."

               9.  Paragraphs  10.b  through  f are  deleted  and the  following
         substituted therefor:

                   "b.   Executive   covenants   and   agrees   that  (i) for so
         long as Executive shall be employed by Company or any business  concern
         controlling,  controlled  by, or under  common  control with Company or
         East West Partners, Inc. or any affiliate thereof,  including East West
         Resort Development V, L.P., L.L.L.P,  (collectively,  "Companies") (the
         "Employment Period") and (ii) if the Executive's  employment shall have
         been terminated during the Term of Employment (x) by either Company for
         Cause, (y) by Executive in breach of this Agreement, or (z) pursuant to
         paragraphs  8. e, f, or h,  and,  in the  case of this  subclause  (z),
         Company shall be in compliance  with  paragraph  9.d, then for one year
         after termination of such employment,  Executive shall not, directly or
         indirectly,  as  principal,   partner,  agent,  employee,   independent
         contractor, stockholder, or otherwise, anywhere in the United States or
         Canada,  engage or attempt to engage in any ski resort  business or ski
         resort  real  estate  development  business  or within 50 miles of Lake
         Tahoe any business  activity of the kind being  conducted or planned to
         be conducted by any of the Companies.  The foregoing shall not prohibit
         Executive,  together with Executive's spouse and children,  from owning
         beneficially  any publicly traded  security,  so long as the beneficial
         ownership by all of them,  when combined with the beneficial  ownership
         of such publicly  traded security of any person (as the term is used in
         Section 13(d) of the  Securities  Exchange Act of 1934) of which any of
         them is a member,  shall  constitute  less than 5% of the class of such
         publicly  traded  security or Executive  from  returning to or joining,
         after the end of the Term of Employment,  Sno.engineering  or any other
         resort  planning  company,  so long  as no ski  area  operator  has any
         financial  interest in such  company.  Notwithstanding  this  paragraph
         10.b,  Executive may commence seeking other  employment if Company,  at
         least 90 days before the end of the Term of Employment,  shall not have
         offered to Executive in writing to continue to employ  Executive for at
         least two years,  on terms no less  favorable than those existing as of
         the time of such offer.
<PAGE>

                   "c.   Executive  covenants  and  agrees  that,  during  the
         Employment Period,  and for two years thereafter,  Executive shall not,
         directly  or  indirectly,  solicit  any  officer  or  management  level
         employee of any of the Companies to leave such  employment or to engage
         in any activity  that  Executive  would be prevented  from  engaging in
         under this paragraph 10.

                   "d.   Executive  covenants  and  agrees  that,  during  the
         Employment Period and, for any subsequent period during which paragraph
         10.b shall be in effect,  Executive shall not,  directly or indirectly,
         seek to persuade any vendor,  customer,  or other person doing business
         with any of the  Companies  to  cease,  reduce,  or not  increase  such
         business.

                   "e.   Executive  covenants  and  agrees  that,  during  the
         Employment  Period,  and for one year  thereafter,  Executive shall not
         disparage  any of the  Companies or any of the  personnel of any of the
         Companies or reveal any information that might impair the reputation or
         goodwill  of any of them,  except  that this  paragraph  10.e shall not
         prohibit Executive from enforcing his rights hereunder.

                   "f.   Executive   recognizes   that   the   foregoing
         limitations  are  reasonable  and  properly  required  for the adequate
         protection  of the business of the Companies and that in the event that
         any  territorial  or time  limitation is deemed in  arbitration or by a
         court with proper jurisdiction to be unreasonable,  Executive agrees to
         request,  and to submit to, the reduction of said  territorial  or time
         limitation  to such an area or period as shall be deemed  reasonable by
         such court. If Executive  shall breach any of the foregoing  covenants,
         then the time limitation thereof shall be extended for a period of time
         during  which such breach shall  occur.  The  existence of any claim or
         cause of action by  Executive  against  any of the  Companies,  if any,
         whether  predicated  upon  this  Agreement  or  otherwise,   shall  not
         constitute a defense to the  enforcement  of the  foregoing  covenants.
         Executive  agrees  that a remedy at law for any breach or  proposed  or
         attempted breach of any of the provisions of this paragraph 10 shall be
         inadequate  and that the  Companies  shall be  entitled  to  injunctive
         relief with respect to such breach or proposed or attempted  breach, in
         addition to any other remedy it might have.
<PAGE>

                   "g.   Executive   agrees   that   the  provisions   of  this
         paragraph  10 shall inure to the benefit of and be  enforceable  by any
         person  with  whom  or  into  which  either   Company  shall  merge  or
         consolidate,  regardless  whether such Company shall be the survivor of
         such  transaction,  or to any person acquiring all or substantially all
         of either Company's or Parent's assets or business."

               10. The address for notices to Company is changed to the
         following:

                           Christopher P. Ryman
                           1000 S. Frontage Road West, Suite 100
                           Vail, CO  81657
                           Telephone:  (970) 476-4030
                           Telecopier:  (970) 479-0291

                           with a copy to:

                           Michael D. Beck
                           Loeb & Loeb LLP
                           345 Park Avenue
                           New York NY  10154-0037
                           Telephone:  212-407-4920
                           Telecopier:  212-407-4990

               Except as set forth above, the Agreement remains in full force
         and effect.

               IN WITNESS WHEREOF,  the parties have signed this Agreement on
         the date first stated above.


         BOOTH CREEK SKI HOLDINGS, INC.



         By:     / s / Christopher P. Ryman            / s / Timothy H. Beck
         ----------------------------------            ---------------------
         Christopher P. Ryman, President               Timothy H. Beck