Steamboat goes back on market

STEAMBOAT SPRINGS, Colo. — American Skiing Co. said Friday it is looking to sell the Steamboat Springs ski area, five years after putting the resort on the market and then backing out of a deal at the last minute.

Park City-based American Skiing confirmed it has retained Bear Stearns & Co. to market the sale. The company owns eight ski areas in Maine, Vermont, New Hampshire, Colorado and Utah.

"Steamboat's status as a world-renowned destination resort, combined with the financial performance generated by its tremendous management team and dedicated staff, have positioned the resort for success well into the future," said BJ Fair, American Skiing's CEO and president. "Our intent is to drive the maximum value for the company's stakeholders." The company last tried to sell the Steamboat Ski and Resort Corp. as part of a financial reorganization in 2001. The sale to Triple Peaks LLC for $91.4 million was scheduled to go through in March 2002, but American Skiing backed out.

Instead of selling Steamboat to the Triple Peaks group led by Tim and Diane Mueller of Okemo Mountain Resort in Ludlow, Vt., American Skiing opted to sell Heavenly Mountain Resort in California to Vail Resorts.

The abandoned deal led to a lawsuit, which was settled for cash in 2004. The terms of the settlement give the Muellers 30 days to take part in exclusive negotiations to buy Steamboat.

Tim Mueller told the Steamboat Pilot & Today he is not sure whether he will try to acquire the ski area.

The Muellers recently purchased the Crested Butte Mountain Resort in central Colorado and are in the midst of aggressive expansion plans.