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Tuesday, December 19, 2006

Intrawest ULC buys Steamboat

December 19, 2006 – Intrawest ULC, a world leader in experiential destination resorts, today announced that Steamboat Acquisition Corporation, an affiliated company, has signed a purchase and sale agreement with American Skiing Company to acquire Steamboat Ski & Resort Corporation in Steamboat Springs, Colorado.

With the successful completion of the acquisition, Intrawest will add Steamboat’s iconic brand and legendary ski and snowboard terrain to the company’s portfolio of world-class four-season resorts. “The acquisition of Steamboat represents another milestone in our long-term strategy to develop, market, operate and provide our customers with access to the world’s premier network of experiential destination resorts,” said Alex Wasilov, president and chief operating officer at Intrawest. “This acquisition marks the resurgence in our strategy to grow through acquisitions and to leverage our platform to enhance value for our customers throughout the Intrawest network of resorts.”

Along with an additional 3,498 acres of mountain terrain that falls under a long-term special use permit from the U.S. Forest Service, Intrawest will acquire fee owned real estate including certain developable parcels along with development rights, 13 dining venues, the commercial core and management of the Steamboat Grand Resort Hotel and Condominiums, Steamboat Central Reservations and employee housing. The transaction is subject to certain governmental and regulatory approvals. Steamboat first began operating in 1963, and has grown into one of North America’s largest mountain resorts. Today, Steamboat with its famed Champagne Powder® snow, provides more than one million visitors each winter with access to six peaks offering 164 named trails for all levels of abilities serviced by 20 lifts and a vertical rise of 3,600 feet.

Upgraded service and improvements to the Steamboat/Hayden Airport, combined with increased air service through the resort’s direct flight program continue to advance the strategy to make Steamboat the most accessible resort in Colorado. The readers of SKI Magazine have named Steamboat as the #1 Family Resort in the West the past four years in a row.

“Steamboat is a phenomenal resort and this is a very exciting transaction for everyone involved,” said Hugh Smythe, president of Intrawest Mountain Resorts. “Steamboat’s success has been built on a powerful combination of a solid and long-tenured management team led by Chris Diamond, a dedicated employee base, a supportive community and access to some of the region’s most legendary terrain.” “We look forward to working with the entire Steamboat team and the local community to connect with the resort’s unique culture and traditions,” said David Barry, chief operating officer of Intrawest U.S. Mountain Resorts. “Steamboat is off to a terrific start this winter season with a variety of on-mountain improvements and renovations to the on-mountain restaurants. With the combination of the heritage of Steamboat and Intrawest’s proven ability for operating and developing four-season resorts, we will be able to provide our guests from Colorado, and around the world, with access to three of the West’s premier mountain resort destinations—Copper Mountain, Winter Park and now Steamboat.”

The closing of the acquisition is expected to take place by the end of the 2006/07 ski season. 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.

To watch a ski and snowboard resort movie of Steamboat click here

To watch a ski and snowboard resort review of Steamboat click here

To watch footage from the terrain park and halfpipe click here


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