anyone know if this is true.
Feb 06, 2007 - 10:08 AM
Rumors Fly Regarding Pending Sale of American Skiing Company Resorts
News - Resorts
Killington, VT - The slopes of Vermont's Killington ski and snowboard resort are abuzz this week with rumors regarding a pending sale of most, if not all of American Skiing Company's eastern ski resorts.
An unnamed Vermont ski industry executive indicated to First Tracks!! Online Ski Magazine today that due diligence has been completed and that transactions to sell Vermont's Killington and Pico to Powdr Corporation, and Mount Snow in Vermont and New Hampshire's Attitash Resort to Peak Resorts are only a couple of signatures away.
American Skiing Company (ASC) executives, however, refuse to confirm the rumors. "I've heard that one," admitted Dave Hirasawa, investor relations spokesperson at ASC's headquarters in Park City, Utah, but he quickly added, "We don't comment on speculation and rumor." Killington spokesperson Tom Horrocks likewise acknowledged hearing the rumors regarding the Killington/Pico sale but refused to comment further. He denied previously hearing the rumors regarding a Peak Resorts acquisition of Mount Snow and Attitash. Neither representatives of Powdr Corporation nor Peak Resorts could be reached for comment.
Park City, Utah-based Powdr Corporation owns a number of western U.S. ski and snowboard resorts, including: Park City Mountain Resort and the Gorgoza Park snow tubing center in Utah; California's Alpine Meadows, Boreal and Soda Springs; Oregon's Mt. Bachelor; and Las Vegas Ski & Snowboard Resort in Nevada. If completed, this rumored transaction would provide the company with its first eastern ski and snowboard resorts. Peak Resorts is a consortium of midwestern ski resorts that several years ago resurrected New Hampshire's Crotched Mountain ski area from a decade of dormancy.
American Skiing Company has been saddled with debt since a dramatic expansion spree that took place under the helm of its former CEO, Leslie Otten. Subsequent financial difficulties led to its delisting from the New York Stock Exchange due to inadequate capitalization, among other financial pitfalls. Its senior credit line has been renegotiated on multiple occasions, and the company brought in Oak Hill Capital as an investor to shore up its financial resources. Buzz amongst members of New York City's entertainment industry is that Oak Hill is considering selling its ski resort assets to fund the purchase of several television stations, although that, too, remains unconfirmed.
No information could be obtained regarding the status of American Skiing Company's other holdings, including Sugarloaf/USA and Sunday River in Maine, and The Canyons in Utah. In December, ASC announced that it had entered into a definitive agreement to sell Steamboat Ski & Resort Corporation in Colorado to Steamboat Acquisition Corporation, an affiliate of Intrawest ULC, for $265 million. ASC in July 2005 completed the sale of southern Vermont's Haystack Ski Resort to a group of local businesspeople with plans to turn the ski area into an exclusive private resort community.
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resorts for sale
Started by tahoeistruckin, Feb 06 2007 04:53 PM
7 replies to this topic
#2
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Posted 06 February 2007 - 04:59 PM
I could totally see this happening, especially if American Skiing Company doesn't want to respond to the press about the rumors.
There was a rumor a while back about Vail Resorts possibly purchasing Killington.
There was a rumor a while back about Vail Resorts possibly purchasing Killington.
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#3
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Posted 06 February 2007 - 05:30 PM
SkiBachelor, on Feb 6 2007, 05:59 PM, said:
I could totally see this happening, especially if American Skiing Company doesn't want to respond to the press about the rumors.
There was a rumor a while back about Vail Resorts possibly purchasing Killington.
There was a rumor a while back about Vail Resorts possibly purchasing Killington.
There is a reason that Resorts do not respond to rumors, both from a legal and a business stand point. The same reason they do not respond to issues under litigation.
Vail Resorts has NO desire to go east of Colorado.
"Things turn out best for the people that make the best of the way things turn out." A.L.
#4
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Posted 07 February 2007 - 04:10 PM
Lift Dinosaur, on Feb 6 2007, 08:30 PM, said:
There is a reason that Resorts do not respond to rumors, both from a legal and a business stand point. The same reason they do not respond to issues under litigation.
Vail Resorts has NO desire to go east of Colorado.
Vail Resorts has NO desire to go east of Colorado.
1) It's common courtesy to provide a link to the article you've copied and pasted in another forum. Otherwise, it's copywrite infringement.
2) What makes you think Vail isn't interested in premium EC assets?
#5
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Posted 16 February 2007 - 04:21 PM
It's true! Peak Resorts is really growing fast, while it seems American Skiing Company is about to become Maine Skiing Company
PEAK RESORTS BUYS MOUNT SNOW, ATTITASH
SAM Magazine—Park City, Utah, Feb. 16, 2007—Following weeks of speculation, Peak Resorts has entered a purchase agreement for Mount Snow and Attitash with American Skiing Company for $73.5 million. When completed, the deal will leave Peaks with 11 resorts in Missouri, Indiana, Pennsylvania, New Hampshire, Vermont, and Ohio. The agreement comes on the heels of the planned $265 million Intrawest purchase of Steamboat resort from ASC.
“We’re very excited about this acquisition. We feel it’s a great fit for us,” said Peak Resorts president Tim Boyd. “We’ve always been fans of Mount Snow. We’ve had our eye on it for a long time.” Peaks excels in running day areas that require top-notch snowmaking, and “Mount Snow is the only Vermont area you could classify as a day area,” he said. “We feel our M.O. of making snow can make an impact there. That’s our ultimate goal.
“Attitash is not quite the typical day area we’re used to,” Boyd admitted. “But the weakness at both these areas was their snowmaking, and that’s our greatest strength.”
ASC president and CEO B.J. Fair said, “We’ve worked very hard to ensure that the full potential and value of each of our resorts is realized. Under the existing circumstances and market conditions, this means contemplating the sale of certain of our resort assets, as we’ve planned with Steamboat and now Mount Snow and Attitash."
The sale includes the commercial cores of the Grand Summit Hotels located at both resorts. The total cash purchase price of $73.5 million for both resorts is subject to working capital and seasonal earnings adjustments. In addition, the buyer will assume approximately $2 million in debt and other liabilities.
As a condition of the purchase and sale agreement, ASC stockholder approval is required for the sale of the resorts. The sole holder of ASC's Preferred Stock Series C-1, representing 65.8 percent of the voting shares entitled to vote on the matter, has voted in favor of the transaction, which constitutes majority stockholder approval. Such approval means the transaction may be approved without a meeting of the company’s stockholders. The stockholder approval will not be effective until 20 days have elapsed following mailing of the information statement to stockholders.
In addition to stockholder approval, the transaction is subject to customary closing conditions, including Hart-Scott-Rodino antitrust approval and consent of the U.S. Forest Service.
PEAK RESORTS BUYS MOUNT SNOW, ATTITASH
SAM Magazine—Park City, Utah, Feb. 16, 2007—Following weeks of speculation, Peak Resorts has entered a purchase agreement for Mount Snow and Attitash with American Skiing Company for $73.5 million. When completed, the deal will leave Peaks with 11 resorts in Missouri, Indiana, Pennsylvania, New Hampshire, Vermont, and Ohio. The agreement comes on the heels of the planned $265 million Intrawest purchase of Steamboat resort from ASC.
“We’re very excited about this acquisition. We feel it’s a great fit for us,” said Peak Resorts president Tim Boyd. “We’ve always been fans of Mount Snow. We’ve had our eye on it for a long time.” Peaks excels in running day areas that require top-notch snowmaking, and “Mount Snow is the only Vermont area you could classify as a day area,” he said. “We feel our M.O. of making snow can make an impact there. That’s our ultimate goal.
“Attitash is not quite the typical day area we’re used to,” Boyd admitted. “But the weakness at both these areas was their snowmaking, and that’s our greatest strength.”
ASC president and CEO B.J. Fair said, “We’ve worked very hard to ensure that the full potential and value of each of our resorts is realized. Under the existing circumstances and market conditions, this means contemplating the sale of certain of our resort assets, as we’ve planned with Steamboat and now Mount Snow and Attitash."
The sale includes the commercial cores of the Grand Summit Hotels located at both resorts. The total cash purchase price of $73.5 million for both resorts is subject to working capital and seasonal earnings adjustments. In addition, the buyer will assume approximately $2 million in debt and other liabilities.
As a condition of the purchase and sale agreement, ASC stockholder approval is required for the sale of the resorts. The sole holder of ASC's Preferred Stock Series C-1, representing 65.8 percent of the voting shares entitled to vote on the matter, has voted in favor of the transaction, which constitutes majority stockholder approval. Such approval means the transaction may be approved without a meeting of the company’s stockholders. The stockholder approval will not be effective until 20 days have elapsed following mailing of the information statement to stockholders.
In addition to stockholder approval, the transaction is subject to customary closing conditions, including Hart-Scott-Rodino antitrust approval and consent of the U.S. Forest Service.
- Peter<br />
Liftblog.com
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#6
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Posted 07 March 2007 - 10:06 PM
Looks like ASC is now possibly considering selling its two Maine ski resorts, Sunday River and Sugarloaf USA.
http://www.firsttracksonline.com/index.php...le&sid=1931
http://www.firsttracksonline.com/index.php...le&sid=1931
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#7
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Posted 07 March 2007 - 10:18 PM
Quote
it seems American Skiing Company is about to become Maine Skiing Company
More like ASC is becoming "The canyons resort". Or better yet, extinct.
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If life gives you lemons, make lemonade. And then find someone whose life is giving them vodka and have a party.
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If life gives you lemons, make lemonade. And then find someone whose life is giving them vodka and have a party.
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#8
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Posted 05 April 2007 - 12:35 PM
It's a done deal.
ST. LOUIS, MO– (April 5, 2007) – Peak Resorts announced today the completion of the purchase of Mount Snow and Attitash resorts from American Skiing Company. The sale agreement, originally announced on February 16, includes all properties and assets of Mount Snow and Attitash resorts, for a purchase price of $73.5 million. In addition, Peak Resorts assumed approximately $2 million in debt and other liabilities related to the resorts.
“We are very excited to welcome these two fine resorts to the Peak group,” said Tim Boyd, President of Peak Resorts. “Both resorts have talented management teams and a proud tradition; we look forward to working with the resorts and local partners to build a strong future for both areas.”
Season pass products for the 2007-2008 season and other issues related to the transition are being reviewed, according to Boyd. Announcements will be forthcoming when details are finalized.
Peak Resorts operates 11 ski areas and 2 golf courses in 6 states. Peak Resorts Inc. is committed to building an enhanced resort experience at each of their properties.
ST. LOUIS, MO– (April 5, 2007) – Peak Resorts announced today the completion of the purchase of Mount Snow and Attitash resorts from American Skiing Company. The sale agreement, originally announced on February 16, includes all properties and assets of Mount Snow and Attitash resorts, for a purchase price of $73.5 million. In addition, Peak Resorts assumed approximately $2 million in debt and other liabilities related to the resorts.
“We are very excited to welcome these two fine resorts to the Peak group,” said Tim Boyd, President of Peak Resorts. “Both resorts have talented management teams and a proud tradition; we look forward to working with the resorts and local partners to build a strong future for both areas.”
Season pass products for the 2007-2008 season and other issues related to the transition are being reviewed, according to Boyd. Announcements will be forthcoming when details are finalized.
Peak Resorts operates 11 ski areas and 2 golf courses in 6 states. Peak Resorts Inc. is committed to building an enhanced resort experience at each of their properties.
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