PEAK RESORTS CLOSES ON PURCHASE OF MOUNT SNOW AND ATTITASH RESORTS
ST. LOUIS, MO- (April 5, 2007) - Peak Resorts announced today the completion of the purchase of Mount Snow and Attitash resorts from American Skiing Company. The sale agreement, originally announced on February 16, includes all properties and assets of Mount Snow and Attitash resorts, for a purchase price of $73.5 million. In addition, Peak Resorts assumed approximately $2 million in debt and other liabilities related to the resorts.
"We are very excited to welcome these two fine resorts to the Peak group," said Tim Boyd, President of Peak Resorts. "Both resorts have talented management teams and a proud tradition; we look forward to working with the resorts and local partners to build a strong future for both areas."
Season pass products for the 2007-2008 season and other issues related to the transition are being reviewed, according to Boyd. Announcements will be forthcoming when details are finalized.
Peak Resorts operates 11 ski areas and 2 golf courses in 6 states. Peak Resorts Inc. is committed to building an enhanced resort experience at each of their properties.