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July 18, 2006

Tired of $75 Lift Tickets? Pony up $100M+ and Buy Steamboat

The Boston Glob has an article stating that American is putting Steamboat on the Market:

STEAMBOAT SPRINGS, Colo. --American Skiing Co. said Friday it is looking to sell the Steamboat Springs ski area, five years after putting the resort on the market and then backing out of a deal at the last minute.

Park City, Utah-based American Skiing confirmed it has retained Bear Stearns & Company to market the sale. The company owns eight ski areas in Maine, Vermont, New Hampshire, Colorado and Utah.

"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's CEO and president who was in Steamboat Springs to meet with employees Friday. "Our intent is to drive the maximum value for the company's stakeholders."

The company last tried to sell the Steamboat Ski and Resort Corp. as part of a financial reorganization in 2001. The sale to Triple Peaks LLC for $91.4 million was scheduled to go through in March 2002, but American Skiing backed out.

Interesting.

Posted by Justin at July 18, 2006 03:36 PM

Comments

Let's hope for a well qualified owner like the Muellers from Okemo for the Steamboat Ski area. When that happens the town will celebrate like Mardi Gras.

Posted by: Steamboat Springs blog at July 25, 2006 09:59 PM