American Skiing announces promotion
October 7, 2005
Steamboat Springs — With the release of its year-end financial report about two weeks away, American Skiing Co. has announced the promotion of Stan Hansen to senior vice president of real estate.
Hansen was president and managing director of Mount Snow ski area in Vermont.
ASC spokesman Dave Hira–sawa said Hansen’s promotion to a position that had been unfilled does not signal an impending development push by the parent company of Steamboat Ski & Resort Corp.
“This does not mean a return to a Grand Summit (Hotel) type of strategy,” Hirasawa said. Instead, Hansen will be responsible for ensuring that the real estate assets the company holds are being effectively managed, Hirasawa said. His role also will include development planning.
Hansen joined ASC in 1997 after the company acquired Heav–enly Ski Resort in Calif–ornia. He guided the South Lake Tahoe Redevelopment Project, which included two Marriott Hotels. ASC subsequently sold Heavenly to Vail Resorts.
“We expect Stan to bring together the right mix of investors, joint venture partners and developers to maximize the potential of our real estate assets,” ASC President and CEO B.J. Fair said.
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ASC’s fiscal year concluded at the end of July, and the Securities and Exchange Com–mission allows the company 90 days to file its 12-month report. The timing of its fiscal year allows the year-end report to encompass one full ski season, Hirasawa pointed out, and this report should give a comprehensive look at how the company performed during the year that began in August 2004.
ASC announced this week that it paid a fee of $5,600 to obtain a waiver after it missed its Sept. 30 target for reducing debt attributed to its subsidiary, Grand Summit Resort Properties. ASC was to have reduced the balance on a loan from Textron Financial Corp. to $10 million. The outstanding balance stood at $10.26 million at the end of last month.
“The facility with Textron has a schedule of what the loan amount should be over time. We weren’t at the balance we needed to be at,” Hirasawa said. “But we’re in pretty close contact with our lenders, and it wasn’t a surprise to anyone.”
Hirasawa said it’s important to note that the company’s structure is such that none of its resort assets are pledged to the GSRP loan. Most of the collateral is represented by unsold inventory at the Steamboat Grand Resort Hotel.
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