American Skiing Co., which operates ski resorts, will sell its Mount Snow resort in Vermont and its Attitash resort in New Hampshire for $73.5 million in cash to Peak Resorts Inc.
The transaction will include the Grand Summit Hotels at both resorts, American Skiing said on its Web site. Peak Resorts, which is based in Wildwood, Missouri, and operates ski resorts in the eastern U.S., will also assume about $2 million in debt and other liabilities. The sale is expected to close on or before April 30.
In December, American Skiing also announced it will sell its Steamboat Ski & Resort Corp. in Colorado to Steamboat Acquisition Corp., an affiliate of Intrawest ULC. That sale spurred interest in other American Skiing properties, said David Hirasawa, the company's investor relations manager.
"It was a pretty significant success," Hirasawa said in an interview. "On the heels of that there was interest in our other places. It really emerged itself as an opportunity."
The company doesn't plan on selling any more of its five remaining resorts, Hirasawa said.
"If another opportunity presented itself then we would have the responsibility to look at it," he said.
Shares of Park City, Utah-based American Skiing fell 1 cent to 33 cents as of 11:59 a.m. New York time in over-the-counter trading. The stock has risen 40 percent in the last year.
The transaction will include the Grand Summit Hotels at both resorts, American Skiing said on its Web site. Peak Resorts, which is based in Wildwood, Missouri, and operates ski resorts in the eastern U.S., will also assume about $2 million in debt and other liabilities. The sale is expected to close on or before April 30.
In December, American Skiing also announced it will sell its Steamboat Ski & Resort Corp. in Colorado to Steamboat Acquisition Corp., an affiliate of Intrawest ULC. That sale spurred interest in other American Skiing properties, said David Hirasawa, the company's investor relations manager.
"It was a pretty significant success," Hirasawa said in an interview. "On the heels of that there was interest in our other places. It really emerged itself as an opportunity."
The company doesn't plan on selling any more of its five remaining resorts, Hirasawa said.
"If another opportunity presented itself then we would have the responsibility to look at it," he said.
Shares of Park City, Utah-based American Skiing fell 1 cent to 33 cents as of 11:59 a.m. New York time in over-the-counter trading. The stock has risen 40 percent in the last year.
