Ownership history of the Steamboat Ski Area


Ownership history of the Steamboat Ski Area

Jan. 12, 1963
-- Storm Mountain, under local ownership, opens for business with one double chairlift, Bear Claw and Poma lift. Receipts for the first day were $13.75.

-- LTV Recreational Development Inc. buys properties and begins $10 million in development of the Steamboat Village Resort.

-- Northwest Colorado Ski Corporation purchases the ski area from LTV, changes name to Steamboat Ski Corporation.

-- Kamori Kanko Co. Ltd. purchases Steamboat Ski and Resort Corp.

-- American Skiing Company purchases Steamboat from Kamori International. ASC becomes a publicly traded company.

May 2001
-- American Skiing Company announced it had retained an investment banking firm to handle the sale of the Steamboat Ski Area as part of its company-wide financial restructuring.

October 2001
-- Tim and Diane Mueller, owners of the Okemo Mountain Resort in Ludlow, Vt., confirmed they had formed an investment group to pursue the purchase of Steamboat. They had a financial interest in the Catamount Ranch and Club development south of Steamboat Springs.

February 2002
-- The Muellers came to Steamboat to announce the signing of a contract to purchase the ski area for $91.4 million.

March 2002
-- American Skiing Company backed out of the deal on closing day, announcing it would instead sell Heavenly Mountain Resort near Lake Tahoe, Calif., to Vail Resorts.

April 2002
-- Triple Peaks LLC and the Muellers sued American Skiing Company to seek to have their purchase contract for Steamboat enforced.

July 2004
-- American Skiing Company announced it had reached a cash settlement with Triple Peaks, effectively ending the protracted legal action over the abandoned sale. ASC had set aside $5 million as a contingency against just such a settlement. The Muellers had already moved on, purchasing Crested Butte Mountain Resort.

July 14, 2006
-- American Skiing Company officials announce their plans to sell the Steamboat Ski Area. ASC has retained the investment banking firm Bear Stearns & Company to market the sale of the ski resort.


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