Father Time is an in-game character in the now-defunct City of Heroes MMO.
Stories of who and what he is vary.
Guardians of the Dawn Spotlight
According to "Guardians of the Dawn" #5, Father Time is actually Chronos, the Greek Titan of time itself. According to some, he created the chalet as a way to re-connect with the humans. But even though a functional ski chalet complete with ski slopes in an other-dimensional environment was impressive in and of itself, he still felt it didn't give the draw he wanted. So he created some drama.
He began sending out the call for heroes to rescue "Baby New Year" from Snaptooth. Since rescuing a "baby" doesn't really appeal to villains, Father Time said that if Baby New Year isn't freed, all time would stop.
When the "appeal" to that began to fade, he send heroes and villains out to stop an even greater threat: Lady Winter. The female ice-giant threatened to turn the Earth into a giant ball of ice out of revenge for her husband, Lord Winter.
As a reward (since saving all of time and saving the world from being frozen wasn't enough), both heroes and villains would be given special rewards, mostly in the form of special candy canes that had an obscenely high resale value at places like Wentworth's Fine Consignment and the Black Market.
To keep the appeal strong, Father Time said that he would only summon the Ski Chalet during the Holiday Season, but he was also willing to do so for other special events. Or, just... any... reason.
(One suspects he is a little lonely.)
(Check out his Paragon Wiki entry for more information.)