Steamboat Ski Area: a timeline
December 19, 2006
Steamboat SpringsSteamboat Springs — 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. — 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.
Steamboat Springs — 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.
1969 – LTV Recreational Development Inc. buys properties and begins $10 million in development of the Steamboat Village Resort.
1979 – Northwest Colorado Ski Corporation purchases the ski area from LTV, changes name to Steamboat Ski Corporation.
1989 – Kamori Kanko Co. Ltd. purchases Steamboat Ski and Resort Corp.
1997- American Skiing Company purchases Steamboat from Kamori International. ASC becomes a publicly traded company. About five years later, a former Ski Corp. executive shared the information that giant Canadian winter resort operator, Intrawest, had been out-bid for Steamboat by about $200,000.
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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 with the Muelers 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 plans to sell the Steamboat Ski Area. ASC retained the investment banking firm Bear Stearns & Company to market the sale of the ski resort.
Dec. 19, 2006 -Intrawest and ASC announce “definitive agreement” to sell the Steamboat Ski Area and related assets for $265 million.