|The sale of Vermont's Killington and Pico ski resorts for $83.5 million leaves American Skiing with Sugarloaf/USA and Sunday River in Maine. The deal is expected to close in 45 days. (Toby Talbot/Associated Press/File 2002)|
In 2d deal, American Ski agrees to sell Vt. resorts
MONTPELIER, Vt. --
The sales to SP Land Co., a Dallas real estate investor, and POWDR Corp., a Utah-based resort company, includes all of Killington's and Pico's resort-owned real estate. SP Land will assume about $5 million in debt as part of the purchase.
"It's a very important transaction for American Skiing as well as a very good transaction for Killington and Pico," ASC president B.J. Fair said yesterday. The sales of Killington and Pico leaves American Skiing with Sugarloaf/USA and Sunday River in Maine and The Canyons, its flagship 3,700-acre resort in Park City.
American Skiing spokesman Chip Carey said its board of directors has taken no action to sell its other resorts. The company said the two latest disclosed sales and another in Colorado would help it repay about $305 million in debt.
SP Land acquired real estate near Killington in 2004 when American Skiing restructured its real estate debt.
"During the design and planning phase of the Killington Village, it became apparent that the developable real estate and resort operations should be controlled by a single owner," Fair said.
Park City, Utah-based American Skiing said sales of resorts in Vermont and New Hampshire valued at a total of $157 million, and the planned sale of a Steamboat resort to Canadian resort operator
The sale will not affect workers or season pass holders at Killington and Pico this season, Fair said.