Wednesday, October 24, 2001
Steamboat Springs American Skiing Company, owner of the Steamboat Ski Area, is preparing to auction off unsold units in its resort hotel at a New Hampshire ski area.
Technically, the property is being sold by Grand Summit Resort Properties, Inc., a division of ASC. The condominiums are among remaining unsold units at its Grand Summit Resort Hotel and Conference Center, slopeside at the Attitash ski area. Attitash is near Bartlett, N.H.
Although its appearance is different, the Grand Summit at Attitash was built and marketed based on a similar concept to the Steamboat Grand Hotel. Both are marketed on a quartershare basis, a form of timeshare or interval ownership.
The quartershare ownership plan offers buyers warranty-deed ownership of 13 rotating weeks of use each year. American Skiing says it has 167 quartershares available at Attitash. Of the total, it intends to sell 50 at absolute auction, implying there is no minimum bid.
Earlier this year, ASC sold the development rights to its Grand Summit Hotel in Heavenly, Calif., to the Marriott chain. The Steamboat Grand has 232 units representing more than 900 quartershares. The company reports they are roughly half sold. However, sales lost momentum last spring when the original contractors on the hotel filed liens against ASC while the amount of money they were owned was in dispute. The liens were cleared up in late summer.
Keenan Auction Company of Portland, Maine, and Paul McInnis, Inc. of North Hampton, New Hampshire, will manage the Nov. 3 auction at Attitash. It begins at 11 a.m.
Bidders must put up a $2,500 deposit in order to take part and will be required to provide 10 percent of the purchase price on auction day.
The balance of the sale price will be due within 45 days.