Press Release: American Skiing Company
October 3, 2000
STEAMBOAT SPRINGS, CO and NEWRY, ME -- American Skiing Company (NYSE: SKI) announced yesterday that the first units
were delivered to owners at the new Steamboat Grand Resort Hotel and Conference Center at the Company's Steamboat
Ski Resort in Colorado.
The Steamboat Grand is a 328-room quartershare condominium hotel located steps away from the Gondola Square at
Steamboat Ski Resort. Built to four- diamond standards, unit amenities include marble baths, whirlpool tubs and
granite countertops. The hotel features restaurants, lounges, health club, outdoor pool and spa, more than 28,000
square feet of conference and event space.
``Steamboat is an incomparable resort, with a uniquely Western feel,'' said Chris Diamond, president of the resort.
``We kept the atmosphere of the resort and the community very much in mind when designing the hotel and its amenities,
and owners who checked in this past weekend were uniformly delighted with the results. With its unparalleled facilities
and access to the mountain, the addition of the Steamboat Grand further cements our position as the premier family
destination.''
``From its very inception, this hotel property was designed and programmed to be the centerpiece of the resort
experience. The Steamboat Grand will undoubtedly provide our guests with a premier resort experience,'' said Hernan
Martinez, Chief Operating Officer of Real Estate for American Skiing Company.
According to Mr. Martinez, the company expects to recognize revenues in excess of $35 million as owners close on
their units in the coming weeks. The Company is also selling down completed inventory at The Canyons in Utah and
resorts in New England. ``Together, these sales will provide the basis for the company's strategy to de-lever the
real estate division,'' Mr. Martinez said.
The quartershare resort condominium hotel concept at ski resorts, which makes convenient, upscale vacation home
ownership available at affordable prices, was pioneered by American Skiing Company chairman Leslie B. Otten at
the Sunday River Ski Resort in Newry, Maine. The company's first quartershare hotel, the Grand Summit, opened in
1992. Since then, in addition to the Steamboat Grand, American Skiing Company has built Grand Summit Hotels at
Killington and Mount Snow in Vermont, Attitash Bear Peak in New Hampshire and The Canyons in Utah. It has also
built a second hotel at Sunday River. The Sugarloaf Mountain Hotel became part of the Grand Summit chain in 1998.
An additional Grand Summit Hotel is planned for Heavenly Ski Resort in South Lake Tahoe, CA.
Facts about the Steamboat Grand Resort and Conference Center:
* Total number of units: 182, with lockouts to provide a total of 328
lodging units
* Total square footage: 450,000
* Man-hours to build: nearly 1 million
* Restaurants and bars: One restaurant, one cafe and lobby bar
* Conference facilities: 21,000 square feet, including a 5,900 square
foot Grand Ballroom and five conference rooms and outdoor meeting and
social areas
* Retail space: 18,000 square feet
* Peak employment during construction: 450
* Peak employment in full operation: 200-250
Headquartered in Newry, ME, American Skiing Company is the largest operator of alpine ski, snowboard and golf
resorts in the United States. Its resorts include Steamboat in Colorado; Killington, Mount Snow and Sugarbush in
Vermont; Sunday River and Sugarloaf/USA in Maine; Attitash Bear Peak in New Hampshire; The Canyons in Utah; and
Heavenly in California/Nevada.
Statements in this press release, other than statements of historical information, are forward-looking statements
that are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Such
forward-looking statements are subject to certain risks and uncertainties that could cause actual results to differ
materially from those projected. Readers are cautioned not to place undue reliance on these forward-looking statements
which speak only as of the date hereof. Please refer to the 'Risk Factors' and 'Certain Forward-Looking Statements'
included in American Skiing Company's quarterly and annual reports on file with the Securities and Exchange Commission.
SOURCE: American Skiing Company