American Skiing selling ski areas
The Associated Press
Aspen, CO Colorado
SALT LAKE CITY ” American Skiing Co. said Friday it agreed to sell Vermont’s Mount Snow and New Hampshire’s Attitash ski areas to Peak Resorts Inc. of Missouri.
American Skiing will sell the two resorts along with Grand Summit Hotels at both locations for $73.5 million, said Dave Hirasawa, the company’s investor-relations manager.
Peak Resorts also will assume $2 million in debt and other liabilities at Mount Snow and Attitash, the company said.
The purchase will give Eureka, Mo.-based Peak Resorts its first major ski areas. That company operates half a dozen tiny ski areas in Missouri, Ohio, Kentucky and New Hampshire.
American Skiing, based in Park City, Utah, said it will use the money to reduce debt and for working capital.
The sale is set for the end of April and will leave American Skiing with six resorts in the Northeast, Colorado and Utah.
American Skiing is in negotiations to sell Colorado’s Steamboat Springs resort by March, Hirasawa said. No buyer has been announced.
American Skiing has been investing heavily in The Canyons, its flagship 3,500-acre resort in Park City, which added terrain and lifts this winter. It also owns Killington and Pico, neighbors in central Vermont, and Maine’s Sunday River and Sugarloaf/USA.
The company said Mount Snow, the closest major Vermont resort to the New York City metro area, is the fifth most popular eastern U.S. ski area. It has an 18-hole golf course.
Attitash is a smaller, 280-acre ski hill in the heart of New Hampshire’s Mount Washington Valley. It has a water park and alpine slide.
Both resorts sit partly on national forest land, and the sale will require the consent of the U.S. Forest Service. Stockholder approval also will be required.
Hirasawa said the sale also is subject to an antitrust review by the U.S. Justice Department.
Executives at Peak Resorts Inc. didn’t immediately return a phone message seeking comment.
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U.S. Forest Service ready to make happy campers with the opening of facilities in the Aspen-Sopris Ranger District.