American Skiing putting Steamboat resort back on the market
STEAMBOAT SPRINGS, Colo. --
Park City, Utah-based American Skiing confirmed it has retained Bear Stearns & Company to market the sale. The company owns eight ski areas in Maine, Vermont, New Hampshire, Colorado and Utah.
"Steamboat's status as a world-renowned destination resort, combined with the financial performance generated by its tremendous management team and dedicated staff, have positioned the resort for success well into the future," said BJ Fair, American Skiing's CEO and president who was in Steamboat Springs to meet with employees Friday. "Our intent is to drive the maximum value for the company's stakeholders."
The company last tried to sell the Steamboat Ski and Resort Corp. as part of a financial reorganization in 2001. The sale to Triple Peaks LLC for $91.4 million was scheduled to go through in March 2002, but American Skiing backed out.
Instead of selling Steamboat to the Triple Peaks group led by Tim and Diane Mueller of Okemo Mountain Resort in Ludlow, Vt., American Skiing opted to sell Heavenly Mountain Resort in California to
The abandoned deal led to a lawsuit, which was settled for cash in 2004. The terms of the settlement also give the Muellers 30 days to take part in exclusive negotiations to buy Steamboat.
Tim Mueller told the Steamboat Pilot & Today he is not sure whether he and his wife will try to acquire the ski area a second around.
"The price, I'm sure, is much different," he said. "Everything is different."
The Muellers purchased the Crested Butte Mountain Resort in central Colorado two years ago and are in the midst of aggressive expansion plans. They also run the Mount Sunapee resort in New Hampshire, which they lease from the state.
Tim Mueller said if they launch another bid for Steamboat it will be a "serious" offer.
"What happened four years ago happened four years ago," Mueller said. "Its a whole new deal, and we would approach it with a fresh attitude and fresh eyes, should we go forward."
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On the Net:
American Skiing Co.: http://www.peaks.com
