The candy itself is made with a few cups of beer, along with tons of sugar and corn syrup, but I also had to simmer a cup of beer down to a syrupy reduction. It was supposed to reduce to a teaspoon of an extract-type of flavor, but I ended up with a few tablespoons even with some extra time on the stovetop. I tasted it and it sure was strong, so I'm sure it was fine.
The candy was cooked to a temperature of 245 degrees (hot!) and quickly poured into a buttered pan. I set the pretzel rods on top and then hoped for the best.
Success! I don't know why I was worried. It even came out of the pan in one neat chunk of gooeyness. The beer taste is very subtle. I think it's more of an aftertaste. Pleasant though.
Really, this is too many caramels for half a dozen guys. I will need to share with others.