Boyne USA buys American Skiing Co.’s last resort outside Utah
June 7th, 2007 - Category: Travel Park City-based American Skiing Co. has sold its last resorts outside of Utah - Sunday River and Sugarloaf/USA in Maine - to Boyne USA, Inc. for $77 million.
The debt-strapped company, whose lone remaining resort is The Canyons outside of Park City, now has raised $499 million since the beginning of last ski season from the sale of seven other resorts.
American Skiing first sold Steamboat in Colorado to Intrawest Holdings and Steamboat Acquisition for $265 million. Then, within a week in February, it sold Mount Snow in Vermont and Attitash in New Hampshire to Peak Resorts for $73.5 million, and two other Vermont resorts, Killington and Pico, to Park City-based Powdr Corp. for $83.5 million - plus $5 million in debts and other unspecified liabilities. PowdrCorp is the parent company of Park City Mountain Resort.
Boyne owned Brighton Resort in Big Cottonwood Canyon until mid-January, when it sold the venerable ski area for $35 million to CNL Income Properties Inc., a real estate investment trust. CNL then entered a lease agreement for Boyne to continue operating Brighton, its two restaurants, 20-room lodge, ski-rental facility and a small retail outlet.
B. J. Fair, American Skiing’s president and chief executive, lamented parting ways with Sunday river and Sugarloaf/USA, noting that the company’s relationship with the resorts
“extends to the very origins of our company.” But, he added, “Boyne is an established operator and should bring a wealth of vision and resources to guide Sunday River and Sugarloaf/USA into their next stags of growth.”
information from : www.sltrib.com
