18 replies to this topic

[spark's]

I heard the new's this mourning... http://www.chron.com...fn/4413847.html

[Carl]

Wow!
Cha-ching! $$$$$$$$$

Carl

[skierdude9450]

That's probably a good thing that Intrawest bought it. Steamboat needed some on mountain improvements that ASC would never have done.

I wonder if next year's Rocky Mountain SuperPass will be good at Steamboat?

[skier2]

I just hope that they don't decide to rip-out the gondola village and replace it with one of their character-less, apres-ski-less, attractive yet cheaply constructed and monstrous villages. I hope they maintain the character of the mountain.

[skierdude9450]

No, I don't think they will. I'm sure that they will develop the Thunderhead base.

[liftmech]

Should be interesting, as always. We currently share a few things with WP, so I imagine we'll do the same with the 'boat. I would think that the SuperPass will extend northward next season. When I find out more (that I'm allowed to share, that is ) I'll post it.

[liftmech]

NEWS RELEASE
FOR IMMEDIATE RELEASE
INTRAWEST ULC ANNOUNCES AGREEMENT TO ACQUIRE
STEAMBOAT SKI & RESORT CORPORATION IN COLORADO
The Legendary Steamboat Ski Resort Joins Intrawest’s Portfolio of World-Class
Experiential Destination Resorts
Vancouver, BC. – December 19, 2006 – Intrawest ULC, a world leader in experiential destination resorts, today announced that Steamboat Acquisition Corporation, an affiliated company, has signed a purchase and sale agreement with American Skiing Company to acquire Steamboat Ski & Resort Corporation in Steamboat Springs, Colorado. With the successful completion of the acquisition, Intrawest will add Steamboat’s iconic brand and legendary ski and snowboard terrain to the company’s portfolio of world-class four-season resorts.
“The acquisition of Steamboat represents another milestone in our long-term strategy to develop, market, operate and provide our customers with access to the world’s premier network of experiential destination resorts,” said Alex Wasilov, president and chief operating officer at Intrawest. “This acquisition marks the resurgence in our strategy to grow through acquisitions and to leverage our platform to enhance value for our customers throughout the Intrawest network of resorts.”
Along with an additional 3,498 acres of mountain terrain that falls under a long-term special use permit from the U.S. Forest Service, Intrawest will acquire fee owned real estate including certain developable parcels along with development rights, 13 dining venues, the commercial core and management of the Steamboat Grand Resort Hotel and Condominiums, Steamboat Central Reservations and employee housing. The transaction is subject to certain governmental and regulatory approvals.
Steamboat first began operating in 1963, and has grown into one of North America’s largest mountain resorts. Today, Steamboat with its famed Champagne Powder® snow, provides more than one million visitors each winter with access to six peaks offering 164 named trails for all levels of abilities serviced by 20 lifts and a vertical rise of 3,600 feet. Upgraded service and improvements to the Steamboat/Hayden Airport, combined with increased air service through the resort’s direct flight program continue to advance the strategy to make Steamboat the most accessible resort in Colorado. The readers of SKI Magazine have named Steamboat as the #1 Family Resort in the West the past four years in a row.
- more -
Intrawest ULC Announces Agreement To Acquire Steamboat Ski & Resort Corporation
Page 2 of 2
“Steamboat is a phenomenal resort and this is a very exciting transaction for everyone involved,” said Hugh Smythe, president of Intrawest Mountain Resorts. “Steamboat’s success has been built on a powerful combination of a solid and long-tenured management team led by Chris Diamond, a dedicated employee base, a supportive community and access to some of the region’s most legendary terrain.”
“We look forward to working with the entire Steamboat team and the local community to connect with the resort’s unique culture and traditions,” said David Barry, chief operating officer of Intrawest U.S. Mountain Resorts. “Steamboat is off to a terrific start this winter season with a variety of on-mountain improvements and renovations to the on-mountain restaurants. With the combination of the heritage of Steamboat and Intrawest’s proven ability for operating and developing four-season resorts, we will be able to provide our guests from Colorado, and around the world, with access to three of the West’s premier mountain resort destinations—Copper Mountain, Winter Park and now Steamboat.”
The closing of the acquisition is expected to take place by the end of the 2006/07 ski season.
Bear Stearns and Main Street Advisors acted as financial advisors to American Skiing Company in connection with the transaction. Goodwin Procter LLP acted as legal advisor to American Skiing Company and Skadden, Arps, Slate, Meagher & Flom LLP and Jacobs Chase Frick Kleinkopf & Kelley LLC acted as legal advisors to Intrawest.

[Nordo]

Sure am glad to hear that ASC should soon be on their way out... pending gov't approval. Hopefully things go through this time (unlike with the Muellers). Steamboat has been in sore need of new management ever since the first day that Les Otten bought the place.

[Lift Dinosaur]

As the bumper sticker used to say "More 'Boat, Less Otten"

[Aussierob]

What's "experiential" mean?

[Peter]

I think it is like resorts that provide experiences, but isn't that the idea of a resort?

[liftmech]

Aussierob, on Dec 27 2006, 03:33 PM, said:

What's "experiential" mean?

You tell me and we'll both know I've quit reading press releases from our mutual employer, since they use English words but I don't understand what they're saying anyway. Nothing against them, I just don't get the jargon.

[Bill]

liftmech, on Jan 4 2007, 05:54 AM, said:

You tell me and we'll both know I've quit reading press releases from our mutual employer, since they use English words but I don't understand what they're saying anyway. Nothing against them, I just don't get the jargon.

Experiential

ex·pe·ri·en·tial [ik-speer-ee-en-shuhl]

–adjective
pertaining to or derived from experience.

—Related forms
ex·pe·ri·en·tial·ly, adverb



Now both of you know... as well as me.

[boardski]

It will be interesting to see if they follow the master plan that was already on their website a couple of seasons ago or if they will comprise a new plan. Hopefully they might reconsider the "Christie 6" project and just replace Christie III in its current line with HSQ and maybe replace Southface with HSQ if it is needed. A HSS with a mid-unload station where the top of the current Southface lift is will stop and slow all the time. Otherwise I cannot think of any other lift upgrades that are needed unless it would be due to the age of the certain lift. It should be interesting to see how it all rolls out.

[tahoeistruckin]

The selling of America, continues. Yet another company's ownership, going north of the border.

[liftmech]

Not anymore, as we are currently owned by and are a subsidiary of Fortess Capital Group. Intrawest headquarters is in Vancouver, yes, but ownership is in New York City.

[Ontariodude]

tahoeistruckin, on Jan 8 2007, 10:48 AM, said:

The selling of America, continues. Yet another company's ownership, going north of the border.

Im sorry but i take offense to this. It goes both ways. American oil companies are taking alot of Alberta's Oil so I see no problem in us owning something american.

As for the oil patch in Alberta, I believe ownership should be strictly Canadian so we can reap our own profits. Then we sell to the Americans.

I think if you need something to worry about, its Saudi Arabia, I saw a Michael Moore documentary and they (the Saudi royal family) own like 7% of American business or something. Does anyone know about the documentary Im refering to? (off-topic: yes)

Will T. (ontariodude)

This post has been edited by Ontariodude: 12 January 2007 - 07:20 PM

[Peter]

That would be Farenheit 9/11. Good film, but quite biased.

[poloxskier]

Skier, on Jan 12 2007, 08:05 PM, said:

That would be Farenheit 9/11. Good film, but quite biased.

This too is off topic but I feel the need to respond to the above posts.

Any of Michael Moores movies have to be taken with a grain of salt as they are very one sided and any interviews or information that doesn't coinside with Moore's point of view are oddly enough absent from his films. Too many people see his movies and since they are presented as documentaries take all that is said as fact.

Another thing is that while there is foregin ownership of US based companies, just look at the number of companies that are owned or operated in other countries by US based companies or owners, especially in the Middle East.

This post has been edited by poloxskier: 12 January 2007 - 09:18 PM