American Skiing to sell Steamboat
American Skiing Company announced Tuesday it will sell Steamboat Ski and Resort Corporation to Steamboat Acquisition Corporation, an affiliate of Intrawest ULC, for $265 million.
Steamboat, in Steamboat Springs, Colo., will become the 11th mountain resort owned by the Vancouver-based company.
The purchase price includes approximately $4 million in assumed debt. Proceeds from the sale will by used to repay debt and outstanding revolver balances, American Skiing said.
“The proceeds of this transaction will reduce outstanding debt and allow us to focus on opportunities in our portfolio of resorts and their related real estate,” said B.J. Fair, president and CEO of American Skiing.
According to a statement released by American Skiing, the sale will include all resort-owned operations and real estate as well as the commercial core of the Steamboat Grand Hotel Condominiums and the company’s interest in the Walton Pond Apartments complex.
Sale of the nation’s eighth most visited ski resort is expected to be complete by the end of March 2007.
Other American Skiing properties include Attitash in New Hampshire, Killington, Pico and Mount Snow in Vermont, Sunday River and Sugarloaf/USA in Maine and the Canyons in Utah. – TRACIE STONE