LUXURY STEAMBOAT MOUNTAINSIDE CONDOMINIUMS TO BE SOLD AT AUCTION

     Outstanding  mountain  real estate  values await buyers at Steamboat  Grand
Resort  Hotel &  Condominiums  auction.  This  exclusive  property is  Steamboat
Springs'  only AAA Four Diamond  Resort,  offering  world-class  facilities  and
amenities, just steps from the base of renowned Steamboat Ski Resort.

PARK CITY, UT- Grand Summit Resort Properties, Inc. (GSRP), a subsidiary of
American Skiing Company (ASC), announced today that more than 200 of the finest
fractional-share units in Colorado and over 30 whole ownership condominiums will
be made available during a March 18, 2006 auction of remaining developer
inventory at the acclaimed Steamboat Grand Resort Hotel & Condominiums.

"Steamboat is truly among the finest mountain vacation destinations in the
world, with a unique heritage and brand that includes genuine western
friendliness and of course its legendary champagne powder," said B.J. Fair,
president and chief executive officer of ASC. "The Steamboat Grand Resort Hotel
& Condominiums is at the heart of the Steamboat experience and is one of the
newest, most luxurious condominium properties in Steamboat. By making these
units available at auction rather than through traditional sales, we expect to
create exceptional savings for our buyers."

Located at the base of legendary Steamboat Ski Resort, the Steamboat Grand
Resort Hotel & Condominiums is Steamboat's only AAA Four Diamond Resort. The
resort hotel includes a full-service spa and fitness center, an outdoor heated
pool, two large whirlpool spas and 17,000 square feet of indoor/outdoor
convention space. The Cabin, the Steamboat Grand's signature dining experience,
has earned the prestigious Wine Spectator Award of Excellence for four
consecutive years.

GSRP has determined that public auction is the most timely and cost-effective
method of accelerating the sellout of the property. The auction allows GSRP to
reduce marketing and carrying costs and sell a significant amount of inventory
in a very short period of time. GSRP can then pass on savings to its buyers in
the form of discounted prices at the auction. Of the inventory offered, 100
units will be offered absolute, selling to the highest bidders regardless of
price. Buyers may choose from a wide selection of floor plans with studios,
one-, two- and three-bedroom units and penthouse residences available. All units
are elegantly furnished and owners will have access to all of the amenities
provided by the resort hotel.

The auction will be the largest ski condominium auction of its kind. GSRP has
contracted with the Keenan Auction Company to facilitate and manage this
auction. Interested buyers may bid on site, on-line, by proxy or by telephone.
The Internet bidding component, a pioneering effort between the Keenan Auction
Company and Proxibid.com, is a multi-parcel real estate Internet bidding program
that is capable of handling the entire inventory of units being offered on
auction day. The auction represents an excellent opportunity for bidders
worldwide to purchase extraordinary mountainside real estate at auction prices.

The condominiums are just steps away from the world-renown Steamboat Ski Resort,
which historically has been ranked as the top family resort in the West by SKI
Magazine. With close to 3,000 acres of diverse skiing terrain, Steamboat is
renowned for its legendary Champagne Powder(R) snow, genuine friendliness, and
tree skiing. The resort has averaged more than one million skier visits annually
for the past decade and is one of the most easily accessed mountain resorts with
its non-stop jet service from eight major cities. With 65 percent of the units
already sold, the auction presents a rare chance to gain ownership in the
mountainside property that Conde Nast Traveler recognized in its "Top 50 Ski
Resorts in North America" in the December 2005 issue.

A Web site designed specifically for the event, www.steamboatgrandauction.com,
provides potential bidders with auction and resort information including: a
property information package, brochure, condominium documents, unit floor plans,
available unit charts, photos, virtual tours and Internet bidding information.
In addition, the Auction Information Center is now open at the Steamboat Grand
Resort Hotel & Condominiums. For early previews, interested parties may call
877-754-4647.

Grand Summit Resort Properties, Inc. is a division of American Skiing Company
This release is for informational purposes only. It is not a paid advertisement,
nor a solicitation or offer to sell units. Interested parties are encouraged to
obtain more information from the resources listed above or to visit the
Steamboat Grand Resort Hotel & Condominiums to learn more. GSRP reserves the
right to postpone, cancel or modify any aspect of the offering, auction, auction
date and/or auction terms in its sole and absolute discretion, and with or
without notice.

About American Skiing Company (OTCBB: AESK)
Headquartered in Park City, Utah, American Skiing Company is one of the largest
operators of alpine ski, snowboard and golf resorts in the United States. Its
resorts include Steamboat in Colorado; The Canyons in Utah; Killington and Mount
Snow in Vermont; Sunday River and Sugarloaf/USA in Maine; and Attitash in New
Hampshire. More information is available on the company's Web site,
www.peaks.com.

About Keenan Auction Company
Since 1972, the Keenan Auction Company has conducted more than 4,600 auctions.
The New England based firm specializes in ski area condominium auctions as well
as representing the legal and financial communities. In 2001, the Keenan team
successfully sold at auction the remaining inventory of 167 fractional-share
condominiums in the Grand Summit Resort Hotel at the Attitash/Bear Peak ski
resort in New Hampshire. The company has a long relationship within the ski
industry. In addition to having sold four eastern ski resorts at auction, until
recently, Keenan was one of the largest ski retailers in the East, owning six
ski shops and conducting several exposition-style ski sales annually under the
Keenan's and Tuckerman Outfitters names. More information is available on the
company's Web site, www.keenanauction.com.

This press release contains both historical and forward-looking statements. All
statements other than statements of historical facts are, or may be deemed to
be, forward-looking statements within the meaning of Section 27A of the
Securities Act of 1933, as amended (the "Securities Act") and Section 21E of the
Securities Exchange Act of 1934, as amended (the "Exchange Act"). 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 the Company's objectives, plans or
goals are or may be forward-looking statements. Such forward-looking statements
involve a number of risks and uncertainties. American Skiing Company has tried
wherever possible to identify such statements by using words such as
"anticipate," "assume," "believe," "expect," "intend," "plan," and words and
terms similar in substance in connection with any discussion of operating or
financial performance. 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: changes in
regional and national business and economic conditions affecting our real estate
segment; negative impact on demand for our products resulting from terrorism and
availability of air travel (including the effect of airline bankruptcies);
changes to federal, state and local regulations affecting both our resort
operating and real estate segments; and other factors listed from time to time
in our documents we have filed with the Securities and Exchange Commission. The
Company cautions the reader that this list is not exhaustive. The Company
operates in a changing business environment and new risks arise from time to
time. The forward-looking statements included in this press release are made
only as of the date of this press release and under Section 27A of the
Securities Act and Section 21E of the Exchange Act, American Skiing Company does
not have or undertake any obligation to publicly update any forward-looking
statements to reflect subsequent events or circumstances.

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