Steamboat Ski & Resort acquired by Intrawest

American Skiing Company has sold the Steamboat ski resort for $265 million in cash to Canadian resort operator Intrawest, owners of Whistler Blackcomb and Mont Tremblant. The acquisition, subject to regulatory approval because of antitrust issues, would increase Intrawest’s Colorado holdings to three and overall resorts to 11 while helping ASC’s bottom line. Mike Krongel advised ASC on the sale of Steamboat, which involved numerous competitive bids for the properties involved.

The sale includes the resort at Steamboat Springs, about 110 miles northwest of Denver, some real estate assets, a hotel and ASC’s interest in the Walton Pond Apartments. Intrawest also agreed to assume $4 million in debt. The deal is expected to close by March.

Intrawest’s Wasilov said the purchase price was “on the high side” but said Intrawest believes it is worth it because of the resort’s consistent operations, management team and opportunity for growth.
B.J. Fair, president and chief executive officer of American Skiing at the time, said proceeds from the sale would be used to reduce outstanding debt and to focus on developing other properties. American Skiing Company also owns resorts at Killington, Vt., Attitash Bear Peak in New Hampshire and Sugarloaf/USA in Maine.

About Mirus Resort Capital:

Mirus Resort Capital provides investment banking solutions to corporate clients in the hospitality industry, specializing in cold weather resorts and ski areas, golf resorts, equipment manufacturing, and tour operations. Since 1987, Mirus has provided corporate finance advisory services on engagements including mergers, acquisitions, divestitures, recapitalizations and valuations. For additional information, visit www.mirusresortcapital.com.