Steamboat ski area still seeks buyer
September 21, 2001
Steamboat Springs — An executive of the Steamboat Ski & Resort Corp. said this week that site visits from prospective buyers of the Steamboat Ski Area are continuing.
Vice President of Marketing Andy Wirth said the visits by representatives of companies who have demonstrated a serious interest in acquiring the ski area still fit within the timeframe laid out by the board of directors of American Skiing Company, the owner of the Steamboat Ski Area.
American Skiing announced its plans to sell Steamboat in late May as part of its corporate reorganization.
The proceeds from the sale of Steamboat are intended to get ASC out from under heavy debt.
ASC officials have said that ski areas typically sell in early fall, allowing a closing by mid to late December, when lift ticket sales begin to generate new revenue stream. The effort to sell Steamboat is being managed by the investment banking firm, Credit Suisse First Boston.
Among the services CSFB provides American Skiing is pre-screening interested buyers before they sign a confidentiality statement and are given access to Steamboat Ski & Resort corp. financials.
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Ski corp. and American Skiing officials will not name the companies expressing interest in purchasing Steamboat, nor will they discuss the number of site visits being conducted.
The site visits consist of a presentation of about 2.5 hours by Steamboat executives followed by a tour of ski area facilities and a question and answer session.
The presentations are being made in a conference room at the Steamboat Grand Hotel where the ski area’s current advertising campaign and collateral printed pieces are on display.
The visiting executives are also shown a videotape that contains footage of national media coverage the ski area has received in recent years.