Ski Corp. for sale
American Skiing Company looking to reduce debt
Tuesday, May 29, 2001
Steamboat Springs — Officials of the American Skiing Company announced Wednesday their intent to sell Steamboat Ski and Resort Corp. commonly called Ski Corp. as part of a strategic plan to improve its capital structure.
American Skiing CEO B.J. Fair said his company has retained Credit Suisse First Boston to assist with marketing it Steamboat properties, which includes the Steamboat Grand Hotel.
There is no buyer identified. Typically, when publicly traded companies are sold, the seller is obligated to maximize value for its shareholders, which can mean a sale to the highest bidder.
Fair said he is hopeful of a sale by the end of calendar 2001. The sale of the resort may also include other real estate assets at Steamboat.
American Skiing developed the Steamboat Grand Hotel and opened it in October 2000. The hotel is marketed on a sale of quarter-shares basis, and as many as half of those shares remain unsold.
Steamboat has developable land in a parking lot immediately south of the Silver Bullet Gondola Building. There is also a large parcel of land near the ski area's remote parking lot that could be included in a sale.
To reach Tom Ross call 871-4210 or e-mail: tross@steamboatpilot.com
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