From Deseret News archives:
Utah-based firm moves to sell 2 ski resorts
The Park City-based company said its board of directors has authorized a strategic review of Sunday River and Sugarloaf/USA.
"As a result of our recently announced resort sales, we've received a tremendous amount of interest in our remaining resorts," said B.J. Fair, American Skiing president and chief executive officer. "To ensure we maximize the value of these assets, we will commence a review of options for our Maine resort properties."
Fair said American Skiing would pursue a sale only if terms were favorable.
Over the past few months, the company announced it was selling Steamboat in Colorado; Killington, Mount Snow and Pico in Vermont; and Attitash in New Hampshire.
Those sales would leave the company with just three resorts: Sugarloaf, Sunday River and The Canyons, its flagship property in Park City.
"With respect to The Canyons, we are continuing our efforts towards successful and favorable resolution of the litigation involving the resort," Fair said.
The company is in a dispute over terms of a lease covering a key section of the 3,500-acre ski area.
Ski industry observers have predicted that American Skiing, which moved its headquarters to Utah from Maine five years ago, will sell Sugarloaf and Sunday River and focus on The Canyons.
The Utah resort has grown from 63 trails to 144 over the past decade while the Maine resorts have seen little change.
The recent resignation of Les Otten, American Skiing's founder, from the company's board has fueled speculation that a sale of the Maine properties was in the works.
Otten built Sunday River into the biggest ski area in Maine before taking the company public a decade ago. He later stepped down as chief executive but still owns a home near the resort.
