American Skiing Company Announces Sale of SR and SL

[loafer89]

I am putting my money behind Sugarloaf/Sunday River advancing further in the next few years with on mountain improvments than, Killington/Pico. At least Sugarloaf/Sunday River will be owned by a single company with a tremendous amount of resort ownership and management experience.

 

[Vortex]

I already sent boyne a letter stating the vibe and community feeling the River has and to keep that in mind as they take over. The employess are a huge part of that, Not sure if they realize how much they add to the community feel.

 

[eastcoastpowderhound]

LOL Steve, good help is truly hard to find and retain, especially at times like these.

I have to hand it to the process, boyneUSA was NEVER mentioned locally, so they skated totally under the radar and made their deal without a leak or a mention.

Bring 'em on, their next test is a season pass sale announcement, then snowguns in October.

Breeze

Sorry you didn't hear it Breeze, but Boyne was mentioned around the water coolers in Bethel...just didn't sound as intriguing as Les or LLBean so it didn't travel as far and wide.

 

[madskier6]

ASC should really learn to proof read its own Press Releases.... I mean.... really. I know the sale isn't 100% complete... but still?

Actually, ASC stated it correctly. That disclosure about the company speaks as of the date it was made and as of that date, ASC still owns SR & SL. It would be technically incorrect to say on June 5, 2007 that their only resort is the Canyons. The only change is that they entered into an agreement to sell those 2 resorts but they still own them. As we have seen with ASC's other transactions (Steamboat & Heavenly), their deals don't always close as provided in the sale agreements. :wink:

Not a big deal but just thought I would clarify. While ASC has done a lot of things wrong over the years, this is not one of them.

 

[eastcoastpowderhound]

Actually, ASC stated it correctly. That disclosure about the company speaks as of the date it was made and as of that date, ASC still owns SR & SL. It would be technically incorrect to say on June 5, 2007 that their only resort is the Canyons. The only change is that they entered into an agreement to sell those 2 resorts but they still own them. As we have seen with ASC's other transactions (Steamboat & Heavenly), their deals don't always close as provided in the sale agreements. :wink:

Not a big deal but just thought I would clarify. While ASC has done a lot of things wrong over the years, this is not one of them.

Jeff is right. On a similar note, check out the peaks resorts home page www.peakresorts.com ...while there is the announcement that they've purchased Mount Snow and Attitash, they don't list either resort among their properties, no links to their home page, etc...so much for pride of ownership...and the boyne usa media page makes no mention of their recent purchase agreement for the maine resorts...at least there is still someone home at ASC to update their site! Wonder what this says about the new owners' follow through? I always see everyone beating up on ASC for their faults but all of us skiers and riders have to thank them for the all for one pass prices...that was the best deal going in new england skiing. I know I don't want to go back to paying a thousand bucks for a pass after what we paid for the all east pass. The grass ain't always greener...

 

[jerryg]

I am putting my money behind Sugarloaf/Sunday River advancing further in the next few years with on mountain improvments than, Killington/Pico. At least Sugarloaf/Sunday River will be owned by a single company with a tremendous amount of resort ownership and management experience.

Whereas I essentailly agree with this statement, I wanted to say that Peaks will put forth a good effort and the resort should fair well. As far as a company with "tremendous amount of resort ownership and management experience," Powdr has it, but as you mentioned - "single," it will not be as SP will control a lot of teh financing and they are all about the real estate and village. SP could care less about the skiing. It will be interesting to see what Powdr can do under this agreement. They have other resorts that want upgrades, like PCMC, which has been waiting and is home base for Powdr.

Overall, on the surface, it looks like SR and SL will make out very well, if not the best out of all the ASC mountains, but who knows. I won't count out Peaks to deliver where it counts. The problem with them is that they've never operated a large resort. That in itself may not be an issue. The owners are good business folks and they will employ good people who know what they need to do to make the resorts profibable. Unfortunately, I see Attitash as again being the red-headed stepchild in a few years.

.02 cents <----Mine

 

[riverc0il]

Actually, ASC stated it correctly. That disclosure about the company speaks as of the date it was made and as of that date, ASC still owns SR & SL. It would be technically incorrect to say on June 5, 2007 that their only resort is the Canyons. The only change is that they entered into an agreement to sell those 2 resorts but they still own them. As we have seen with ASC's other transactions (Steamboat & Heavenly), their deals don't always close as provided in the sale agreements. :wink:

Not a big deal but just thought I would clarify. While ASC has done a lot of things wrong over the years, this is not one of them.

I know "technically" it is correct since the sale has not closed, but it still gave me a big laugh when I read it and looks kinda funny.

 

[thetrailboss]

I know "technically" it is correct since the sale has not closed, but it still gave me a big laugh when I read it and looks kinda funny.

It does seem moronic to keep it up there in the PR. I would just delete that paragraph and simply say "ASC is based in X."

 

[threecy]

It makes sense to keep those in there as long as they're on their books...if an outsider were to read the release, see only Canyons, then take a quick look at their books, the might be misled to think they have more debt than they do. That, or they might think ASC was selling the ski areas on behalf of someone else (though I guess you could make the argument that they were selling them on behalf of their creditors!)

 

[ski_resort_observer]

The simple reason why they sold assets is that ASC is due to redeem about $400 million in preferred stock this summer, but announced it doesn't have enough money to fully pay off owners of those shares.

 

[thebigo]

The only boyne mountain I have skiied is brighton and it is one of my favorites. Of course the 500 inches of powder helps.

Two notes: Brighton runs a four for one deal every other wednesday to benefit local charities, not sure if this consistant across boyne but it got a good crowd out there on a wednesday and filled a truck for the slc food bank.

One concern is that brighton has a no brown bag policy in the baselodge. They force brown baggers to eat in the locker room that is located a distance from the lifts. This was really the only negative about the place.

 

[dirtbagking]

Boyne

I have been involved in Boyne management, indirectly, for about 17 years. Let's say, I have observed it for 17 seasons. Here at Big Sky, it seems that the folks in Michigan operate this place for the good of all Boyne and not for the good of our area. when Boyne made mistakes elsewhere in the world, they took things away from here. For example, they sold one side of BS to the Yellowstone Club for short money. The Y club then has built homes all over their new land. I can't type fast enough to explain why this was not good for the area. The folks at Boyne have always believed that anyone from Detroit must be smarter than anyone from Montana so they have sent an endless series of mountain managers out here. One day you are the head ticket checker at Boyne Highlands and the nextday you're running a huge Western ski area. ( btw... the mountain manager's job is open here again.... we could really use somebody who knows what they are doing... posts like this keep me from sending in an application )
Again, it is too long a story to explain why Crystal is so cool, but mostly to do with John Kircher. He is the son of the founder of Boyne, Everett Kircher, who died a couple years ago. John used to run Big Sky and to some extent Brighton. He moved to Crystal a bunch of years ago and turned it around. He is a hands-on kinda guy who really does care about locals and views them as assests. And he is a great skier....not many owners are.
Boyne pretty much left Brighton alone. The Doyle brothers who owned it before Boyne, stayed on and ran the place. Good people.
Boyne can bring money to a place and take it away just as quick. Expect some mid-level management type from Detroit to show up and tell YOU how it is. Good Luck.
And if they let you ski Big Sky for free.... Do it!