Steamboat On The Block In Good Times

July 16th, 2006 at 07:53am Post Staff 3

STEAMBOAT SPRINGS, COLORADO (Post Time News)--American Skiing Company, determined to take advantage of a very good year at Steamboat Ski Resort, officially put the property up for sale in a filing with the Securities and Exchange Commission.

“Steamboat’s status as a world-renowned destination resort, combined with the financial performance generated by its tremendous management team and dedicated staff, have positioned the resort for success well into the future,” said American Skiing Company’s chief executive officer and president BJ Fair. “American Skiing Company is coming off its second straight record year which has created a number of opportunities for us to pursue. Given current positive market conditions and Steamboat’s outstanding performance, the Board has decided to review potential alternatives with respect to Steamboat and engage financial advisors to assist in that process. Our intent is to drive the maximum value for the Company’s stakeholders.”

The company also includes The Canyons in Utah; Killington/Pico and Mount Snow in Vermont; Sunday River and Sugarloaf in Maine; and Attitash in New Hampshire.

Back in March 2006, Steamboat resort executives denied and/or downplayed rumors of the resort’s sale. But Oak Hill Capital Partners, the Texas-based company that controls American Skiing Company, is an investment firm controlled by the Bass family known to flip properties for profit. Oak Hill has poured some $180 million into American Skiing Company since 1999 and is now looking to re-coup some of that investment in one of the West’s most prominent ski brands. Oak Hill partnerships are set up for that purpose, with some funds requiring a minimum of $10 million in investment. The portfolio that includes American Skiing Company is diversified and deep.

One intriguing wrinkle in the mix is the presence in Colorado of Tim and Diane Muller, now the owners of Crested Butte Resort— and Okemo in Vermont. The Muellers were part of the Triple Peaks Group that tried to buy Steamboat four years ago but are better positioned now, geographically at least, to take another run at the resort. Intrawest Corp. has already passed at least once on Steamboat because the resort does not provide adequate opportunities for its development ambitions.

SOURCE: American Skiing Company

American Skiing Company Reviewing Strategic
Options For Steamboat Ski Resort
PARK CITY, UT — Park City, Utah - American Skiing Company (OTCBB, AESK), one of the largest operators of alpine ski, snowboard and golf resorts in the United States, today announced that its Board of Directors has retained investment advisors to initiate a strategic review of business options for the Steamboat Ski and Resort Corporation in Colorado, including the potential sale of the resort.
“Steamboat’s status as a world-renowned destination resort, combined with the financial performance generated by its tremendous management team and dedicated staff, have positioned the resort for success well into the future,” said BJ Fair, American Skiing Company’s CEO and President. “American Skiing Company is coming off its second straight record year which has created a number of opportunities for us to pursue. Given current positive market conditions and Steamboat’s outstanding performance, the Board has decided to review potential alternatives with respect to Steamboat and engage financial advisors to assist in that process. Our intent is to drive the maximum value for the Company’s stakeholders,” Fair continued.
Steamboat, known for its genuine, western friendly atmosphere, family appeal, real western town and champagne powder, is consistently ranked the #1 family resort in the West. With one of the strongest and most recognizable brands in the ski industry, the resort has built a very loyal customer base allowing it to record over a million skier visits per year. The readers of SKI magazine traditionally rank Steamboat among the top ten resorts in North America.
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.

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