Pace of sales at Steamboat Grand increasing

14 quartershares closed in February

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— Evidence has begun to show up at the Routt County Courthouse that American Skiing Co.'s latest push to sell interval ownerships in the Steamboat Grand is producing results.
Fourteen transactions totaling approximately $750,000 closed in early February.
ASC announced in December 2002 that it had hired a new 15-person sales staff and would begin selling eighth-share interests instead of the quartershares it had marketed since the hotel opened in October 2000.
An ASC executive said the company had closed $37 million in sales as of December 2001.
Sales languished throughout 2002 with only a trickle closing.
The most recent momentum has come about as a result of ASC renegotiating the terms of a loan with Textron Corp.
The loan originally funded construction of the hotel. The new terms established a marketing budget to reinvigorate sales.
ASC's difficulties in selling condominium units in its resort hotel go back to early 2001.
Former ASC executive Jenny Ochtera said in December the company had determined that the previous quartershare prices, ranging into the hundreds of thousands of dollars, forced the Grand to compete with whole ownership properties in the elite ski-in/ski-out market segment.
Ochtera, who was vice president of sales for ASC's real estate division, left the company after the first of the year.
Records at the Routt County Courthouse showed American Skiing Co. closed 49 different transactions involving interval ownership at the Steamboat Grand Hotel during the four-month period from Jan. 1 to April 30, 2001.
Those transactions, ranging from quartershares to multiples of quarter shares, totaled $6.6 million.
However, sales came to a halt in late spring when liens placed on the hotel by its building contractor effectively took the units off the market until late July.
Another burst of activity came between Oct. 11 and 17, 2001, when five quartershares valued at a total of $941,900 were recorded. Those individual sales prices ranged between $134,500 and $217,500.


To reach Tom Ross call 871-4205 or
e-mail tross@steamboatpilot.com

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