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Box 450 Bethel ME 04217
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Phone: 207-824-8100 Fax: 207-824-5158
News and information
Contacts:
Skip King, American Skiing Company, 207-318-7067 or 207-824-5020
Mike Lane, Steamboat, 970-871-6111
Pam Cruickshank, Okemo Mountain Resort, 802-228-1947
Dyke Shaw, Mount Sunapee Resort 603-763-2356
Date: 1 February 2002
Release: Immediate
American Skiing Company to sell Steamboat Resort to
Okemo owners' investment group
NEWRY, Maine (1 February, 2002) - American Skiing Company (NYSE: SKI) announced
today that it has entered into a definitive agreement to sell its Steamboat ski
resort in Steamboat Springs, Colorado, to Triple Peaks, LLC, a consortium of
investors led by Tim and Diane Mueller, the owners of Vermont's Okemo Mountain
Resort and operators of Mount Sunapee Resort in New Hampshire.
Triple Peaks, LLC will pay approximately $91.4 million for the resort and
associated real estate. American Skiing Company's Steamboat Grand Resort Hotel
and Conference Center will not be included in the sale, which is targeted to
close in March.
Located in the heart of the Rocky Mountains in Steamboat Springs, Colorado,
Steamboat is recognized as one of the premier ski resort destinations in the
world. The resort and town are famous for their authentic western atmosphere,
champagne powder and world-class terrain. With 25 lifts and 142 trails spread
over 2,939 acres, Steamboat is one of the country's most popular resorts,
recording more than 1 million skier/rider visits annually.
"The sale of Steamboat is a fundamental component of the restructuring plan for
the Company," said BJ Fair, president and CEO of American Skiing Company. "The
closing of this sale will be a major milestone, will significantly reduce our
debt and allow us to focus on our core business going forward."
Fair said that although the timeline for completion of the sale shifted from the
Company's original goal due to tightened financial markets after September 11,
the Company and Triple Peaks remained focused on its completion.
The Muellers have personal ties to Colorado. Tim Meuller spent part of his
childhood in Littleton and, since 1996, the Muellers have participated in real
estate and golf development at the Catamount Ranch and Club near Steamboat
Springs.
"It is with great excitement that we look forward to our involvement at
Steamboat and in the community of Steamboat Springs," said Tim Mueller. "We see
Triple Peaks, LLC, as a unique opportunity to offer three of the country's
finest resorts to our family of skiers and riders, while building on our values
of tradition, heritage and community."
Diane Mueller added, "providing guests with the highest quality resorts is our
number one priority. We feel that Okemo, Mount Sunapee and Steamboat complement
each other. They are the best in their individual markets and each resort will
build upon the attributes of the mountain and community."
Steamboat will continue to honor American Skiing Company multi-resort ticket
products through the remainder of the 2001-2002 ski season.
Since May, American Skiing Company has closed and funded a financial
restructuring that raised additional capital and restructured some of its debts
and aggressively reduced its real estate inventory.
About the Muellers, Okemo and Sunapee Resorts
Tim and Diane Mueller are the owners of Okemo Mountain Resort in Ludlow,
Vermont, one of the largest and most successful ski and golf resorts in the
East; and operators of Mount Sunapee Resort in Newbury, New Hampshire, known for
its pristine location, friendly environment, diverse trail system and family
appeal. By reinvesting in the infrastructure of the mountain and by recognizing
the potential of the staff, both Okemo and Mount Sunapee have received national
acclaim in both the snow sports and golf industries.
About American Skiing Company:
Headquartered in Newry, Maine, American Skiing Company is the largest operator
of alpine ski, snowboard and golf resorts in the United States. Its resorts
include Killington and Mount Snow in Vermont; Sunday River and Sugarloaf/USA in
Maine; Attitash Bear Peak in New Hampshire; Steamboat in Colorado; The Canyons
in Utah; and Heavenly in California/Nevada. More information is available on the
Company's Web site, www.peaks.com.
This document contains both historical and forward-looking statements. All
statements other than statements of historical fact are, or may be deemed to be,
forward-looking statements within the meaning of Section 27A of the Securities
Act of 1933 and Section 21E of the Securities Exchange Act of 1934. These
forward-looking statements are not based on historical facts, but rather reflect
American Skiing Company's current expectations concerning future results and
events. Similarly, statements that describe our objectives, plans or goals are
or may be forward looking statements. Such forward-looking statements involve a
number of risks and uncertainties. In addition to factors discussed above, other
factors that could cause actual results, performances or achievements to differ
materially from those projected include, but are not limited to, the following:
failure to fully implement the restructuring plan outlined in Company press
releases and documents on file with the Securities Exchange Commission; the
Company's substantial leverage; and other factors listed from time-to-time in
American Skiing Company's documents filed by the Company with the Securities
Exchange Commission. The forward looking statements included in this document
are made only as of the date of this document and under section 27A of the
Securities Act and section 21E of the Securities Exchange Act, we do not have or
undertake any obligation to publicly update any forward-looking statements to
reflect subsequent events or circumstances.
www.peaks.com