PARK CITY, UTAH – December 19, 2006 – American Skiing Company (OTCBB: AESK) announced today that it had entered into a definitive agreement to sell Steamboat Ski & Resort Corporation, in Steamboat Springs, Colorado, to Steamboat Acquisition Corporation, an affiliate of Intrawest ULC, for $265 million. The announced sale follows the review of strategic options for the resort announced in July. 

Steamboat was the nation’s eighth most visited resort in 2006, with over one million skier visits. Known as Ski Town USA®, and renowned for its Champagne Powder®, Steamboat was recently named the “#1 Family Resort in the West” by SKI Magazine. 

Headquartered in Vancouver, British Columbia, Intrawest ULC is a privately held company that, together with its affiliates, has interests in ten North American mountain resorts. 

“In light of favorable market conditions and considerable interest from prospective buyers, ASC decided to pursue a sale of the resort. The proceeds of this transaction will reduce outstanding debt and allow us to focus on opportunities in our portfolio of resorts and their related real estate,” said ASC President and CEO B.J. Fair. “We look forward to working with the entire Intrawest team to ensure a smooth transition and a continued outstanding resort experience for our guests,” added Fair. 

Included in the sale are the resort and all resort-owned operations, all of Steamboat’s resort-owned real estate assets, the commercial core of the Steamboat Grand Hotel & Condominiums and the company’s interest in the Walton Pond Apartments complex. 

The transaction is subject to customary closing conditions, including Hart-Scott-Rodino antitrust approval and consent of the United States Forest Service, and is expected to close on or before March 31, 2007. 

The purchase price of $265 million includes approximately $4 million in assumed debt, and is subject to working capital and seasonal earnings adjustments. After closing, it is anticipated that net proceeds from the sale will be used to repay all existing senior debt and outstanding revolver balances under ASC’s senior credit facility and certain other indebtedness. 

“Though it’s only December, Steamboat is off to a terrific start for the winter season with a number of new improvements, such as a new high-speed lift in the resort’s Sunshine area and renovations of the two main on-mountain dining facilities. As the resort makes the transition to new ownership, the Steamboat team will remain focused on the same qualities that make Steamboat the West’s favorite family resort: providing the best possible vacation experience for its guests,” said Steamboat’s President and Managing Director Chris Diamond. 

Bear Stearns and Main Street Advisors acted as financial advisors to American Skiing Company in connection with the transaction. Goodwin Procter LLP acted as legal advisor to American Skiing Company and Skadden, Arps, Slate, Meagher & Flom LLP and Jacobs Chase Frick Kleinkopf & Kelley LLC acted as legal advisors to Intrawest.

 By Matt Stensland

Steamboat Springs — Steamboat Springs’ winter jet service got off to a good start Thursday with American Airlines flight 2229 and its 104 passengers arriving a few minutes early.

“This is the beginning,” said Donna Hellyer, who works at the Steamboat Springs Chamber Resort Association visitor information kiosk at the Yampa Valley Regional Airport in Hayden.

The Portell family, from St. Louis, was aboard the inaugural 2006-07 winter jet service flight. About two-thirds of Steamboat’s out-of-state visitors use the flights to get to Routt County, Steamboat Ski and Resort Corp. Vice President of Marketing Andy Wirth said.

“We’re not always on the first flight, but we always come early,” said Greg Portell, who has vacationed in Steamboat with his family at least once a year since 1998.

He said the plane left the gate in Dallas and rolled directly onto the runway for takeoff.

“It’s like they knew it was the inaugural flight,” Portell said. “I fly a lot, and that never happens.”

A Boeing 757 carrying skiers from Chicago arrived about an hour later, and daily flight arrivals will become more frequent as Christmas nears.

“We could be looking at one of the busiest Christmases on record based on the air arrivals,” Wirth said.

There are more than 15 percent more plane seats available this year than in previous years, thanks in part to the addition of a non-stop daily Atlanta flight and a Saturday flight from New York’s LaGuardia airport. The additional capacity would not have been possible, Wirth said, if it weren’t for an ongoing airport expansion project, which has doubled the size of the terminal at YVRA.

“Steamboat has more (plane) seats than it’s ever had,” Wirth said. “When we say Steamboat has never been easier to get to, there is evidence to support that.”

Bookings compared to the same time last year are up about 9 percent, Wirth said. He said Christmas traffic is carrying over into the first week of January.

“It won’t calm down as quickly as it has in the past,” said Wirth, adding that businesses should plan accordingly.

Arrivals will peak the three days after Christmas, and departures will peak the three days after New Year’s Day, he said.

While the holiday season numbers look strong, the pre-holiday rush doesn’t appear to be as strong as it was last year.

The Chamber estimated that 9,000 visitors will spend the night at local lodgings Saturday. About 11,500 people stayed in Steamboat the corresponding Saturday in 2006, when abundant early December snow created unforgettable ski conditions.

Nevertheless, Steamboat residents and retailers should prepare themselves for the season, said Sandy Evans Hall, executive vice president of the Chamber.

“Enjoy and put your smile on and get ready for a lot of visitors coming into our town,” she said.

Snow is forecast tonight through early next week.

Routt County — The real estate industry in Routt County blew through the billion dollar threshold for the first time ever in November.

Bruce Carta of Land Title Guaranty Company in Steamboat Springs said unusually high dollar volumes for November helped push total dollar volumes to $1.023 billion as of Nov. 30. His source is data maintaineded by the Routt County Clerk and Recorder’s Office.

The old record was $885.8 million in transactions recorded through 12 months in 2005.

November typically ranks in the bottom half of the 12 calendar months in terms of real estate dollar volume. However, November 2006 claimed the late lead for the year with more than $138.54 million. The month received a boost from big sales in all categories, Carta said, including the $19 million closing of One Steamboat Place and the $5 million purchase of a five-acre rural home lot at Marabou.

In contrast, November 2005 saw $75.7 million in sales in Routt County, Carta said. He’s curious to see what happens this month. Last year saw $56.2 million in real estate closing in December. Like November it’s not a typically busy month, but any announcement of a sale of the Steamboat Ski Area and/or Ski Time Square Enterprises-the Sheraton Steamboat Resort, could spur acitivity among holiday skiers, he suggested.

“There was a lot of high-dollar property moved in November,” Carta said. “There are a lot of people who have money right now.”

The dollar volume of real estate transactions in the Steamboat Springs Multiple Listing Service is 13 percent ahead of last year at this time and has surpassed the 2005 total of $606 million. The discrepancy between Carta’s figures and MLS figures are explained by the fact that not all transactions involve a Realtor.

Sales that came through the MLS for 2006 reached $645 million on Dec. 5. That compares to $569 million on the same date in 2005. When 2005 came to a close, the total for real estate transaction had reached $606 million.

Last year’s total was helped by the closing of the Alpine Mountain Ranch property for $19 million, said Doug Labor. This year’s total has been boosted by a couple of large ranch sales reaching seven and eight figures, he added. He is the official keeper of the stats for the MLS.

When regarded in terms of numbers of transactions, this year’s activity is only slightly ahead of last year. In 2006, the MLS has recorded 1,531 transactions, Labor said. As of Dec. 5, 2005, 1,526 transactions had been recorded.

“I’m actually surprised that we’re ahead of last year in transactions just because our average inventory has been lower,” Labor said.

He’s confident that the lack of inventory in building lots and entry-level housing has kept the Steamboat market from achieving higher numbers. There are would-be buyers who cannot or will not pay the price of admission in the local market within the category that meets their needs, he said.

“I just met with a client who first contacted me a year ago,” Labor said. “He could pay up to $200,000 and we had a number of options at that time. He’s looking for a condo to use as a short-term resort rental. All I could show him was one studio unit and a one-bedroom condo (in the price range up to $200,000).”

By Matt Stensland 

Steamboat Springs — The construction continues at Yampa Valley Regional Airport, and airport officials want to make sure things run smoothly as the busy winter season quickly approaches.

“It’s looking really, really good,” said Sandy Evans Hall, executive vice president of the Steamboat Springs Chamber Resort Association. “Everybody is really gearing up and ready to go.”

Hall was at the airport Wednesday; winter jet service kicks off today.

“It looks like we’re going to be fine for the Christmas season,” she said.

The Yampa Valley Airport Commission will meet at 6 p.m. today at the Yampa Valley Regional Airport administration building. The commission is composed of people in the business, service and aviation industries and serves as an advisory group for the Steamboat Springs and Hayden airports. Tonight’s meeting will focus on the terminal construction update and what support the airport may need until construction is finished. Construction is not expected to be completed for another six weeks, but all the essential areas should be operational by today.

The second phase of a multi-year, $18 million airport expansion project includes doubling the size of the existing terminal. The additional 23,500 square feet will create significantly larger passenger holding areas, new ticket counters, a new baggage screening area, concession area, gift shop and restaurant.

“The new holding areas are going to be so beneficial,” Hall said.

Steamboat Springs, CO (PRWEB) November 29, 2006 — Now open for the 2006-2007 ski and snowboard season, Steamboat Springs resort announces new flight service into the resort town. Beginning February 17, Delta Air Lines launches new nonstop jet service from New York City’s LaGuardia Airport into the Steamboat/Hayden Airport for the 2006/2007 ski season. In addition to the new LaGuardia flight, Delta also offers daily nonstop winter service from Atlanta and twice-daily service from Salt Lake City to Steamboat. Delta Air Lines’ new Saturday service, utilizing a 757 aircraft, from New York City’s LaGuardia (LGA) into Steamboat/Hayden (HDN) will operate for six consecutive Saturdays starting February 17. The new Delta nonstop flights between New York and Steamboat/Hayden were made available for sale to customers Saturday, Oct. 28, 2006.

Steamboat Springs was recently named the #1 family ski resort in the West by SKI Magazine. This winter, the Sunshine Express High-Speed Quad, which will operate on a combination of solar and wind power, will replace a triple chairlift in the Sunshine Bowl area, which will also see new trails and snowmaking enhancements. The Thunderhead and Rendezvous Saddle lodge food courts are getting first-class facelifts. Steamboat is also investing more than half a million into grooming upgrades including the state-of-the-art Zaugg Superpipe cutter, which means even smoother sailing on the slopes. Experience all of the exciting changes at Steamboat this season. ResortQuest Steamboat vacation rentals offer variety of winter vacation packages and vacation rentals, including Kids Ski, Rent and Fly Free packages. Book a ski vacation, including lodging, flights, lift tickets, ski rentals, transfers and all your après ski activities with one toll-free call to (866) 599-8954.

About ResortQuest
ResortQuest, one of the nation’s leading vacation rentals hospitality and resort real estate companies, provides a one-stop resource in North America’s premier resort destinations, ResortQuest.com. ResortQuest is the largest marketer and management company of vacation condominiums and vacation rentals in the U.S. and Canada, based on a portfolio of nearly 17,000 vacation rental properties, including ocean front rentals and ski vacations, with a combined real estate value estimated at approximately $7 billion. ResortQuest Real Estate is one of the nation’s leading real estate companies focusing exclusively on resort properties, offering superior brokerage services in the country’s premier beach, ski and golf destinations. ResortQuest employs more than 4,000 people and is owned and operated by Gaylord Entertainment Co. (NYSE: GET), one of the largest and fastest growing companies in the hospitality and entertainment industries, based in Nashville, Tenn., that also owns and operates Gaylord Hotels and the Grand Ole Opry. For more information, visit ResortQuest.com or GaylordEntertainment.com.

The Steamboat Springs Ski Area’s first official ski day of the ‘06-’07 season was last Wednesday, November 22nd. Many skiers and riders alike took the opportunity to dust off their gear or try out their new fancy equipment. Steamboat had recorded 74 inches of snow prior to opening day.

Opening day at Steamboat has traditionally been Scholarship Day and this year was no exception. Snow lovers can purchase an all day lift ticket for $15, instead of using their season pass. The money raised from the day’s lift ticket sales go toward the Winter Sports Club’s Scholarship Fund.  Steamboat Springs Winter Sports Club (SSWSC) is an organization for the training of snow sports for children ages 3 and up. Steamboat has sent more athletes to the winter Olympics than any other town in North America. This year’s Scholarship Day raised $46,905 for the fund.

New this year at Steamboat is the Sunshine high speed quad lift which is both solar and wind powered. It replaces a much slower 3 person chair lift that had been in use since 1985. This is one of many of the exciting improvements the ski area is showcasing this season.

Check back in January at www.mybrokers.com for our new blog. We’ll include ski reports, construction updates and videos on special events going on in Steamboat. See you there!

The Real Estate News Flash is brought to you by Colorado Group Realty, your source for real estate information in Steamboat Springs. Visit our web site at www.mybrokers.com