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February 20, 2007
American Selling Two More Resorts - This Makes 5 This Year
American Announces they are selling Pico and Killington to pay down debt:
MONTPELIER, Vt. --American Skiing Co. has agreed to sell Killington and Pico resorts for $83.5 million, four days after it announced the sale of Mount Snow in southern Vermont and New Hampshire's Attitash ski areas...The Park City, Utah-based American skiing said the sales of resorts in Vermont and New Hampshire for $157 million, and planned sale of Steamboat resort to Canadian resort operator Intrawest Corp. for $265 million will allow the company to repay its $190 million in bank debt and $115 million in junior debt.
The sale of Killington and Pico, which is expected to be complete in 45 days, will leave American Skiing with Sugarloaf/USA and Sunday River in Maine and The Canyons, its flagship 3,700-acre resort in Park City.
If you are interested in buying a resort, this is what we call a "Motivated Seller".
Posted by Justin at February 20, 2007 09:08 AM
