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MntMan4Bush
02-16-2007, 02:50 PM
Well it was in this forum we spoke of how ASC might sell Killing-me-a-ton. As it turns out on Boston.com they just posted that they are going to sell Mt. Snow and Attitash for $73.5 million at the end of April. Just figured I'd update on the status. They're selling it to Peak Resorts, Inc.

I'm on my way up now to enjoy this epic snow event. Hopefully some snow was saved just for me.

Tin Woodsman
02-16-2007, 05:07 PM
Actually, the sale of K-Mart, Mt. Sneaux and Attitash had been rumoured for a while. This is just the first domino to fall. K-Mart will be sold to POWDR Corp. (owner of Mt. Bachelor, Park City, Alpine Meadows) within days or weeks. Soon thereafter, you'll read about Les Otten, of all people, buying back Sunday River and Sugarloaf. ASC will then effectively become The Canyons, and the sad story of their life and death will be over.

beelze
02-17-2007, 09:54 AM
ASC will then effectively become The Canyons, and the sad story of their life and death will be over. Perhaps, but I would very sadly own The Canyons any day :D

random_ski_guy
02-20-2007, 10:27 AM
Killington-Pico has been sold for $83.5M to SP Land Company. Isn't SP Land Company controlled by Oak Hill? If not, by whom?

Seems like a better price than what Peaks is paying for Mt Snow and Attitash. But if SP Land is ownded by Oak Hill, then that stands to reason.

http://biz.yahoo.com/bw/070220/20070220005783.html?.v=1

ski_resort_observer
02-20-2007, 11:58 AM
There was a thread started awhile back I'll link it here as it has some good info.
http://forums.skimrv.com/viewtopic.php?t=746

Wow, it didn't take long for the other shoe to fall. The kmart deal is very complicated. I am not sure about the relationship between SP(Shaefer Property) Land and Oak Hill but they are both based in Dallas so I have gone on the assumption that they are linked.

Since Oak Hill is basically the majority owner of ASC and if SP Land is connected to Oak Hill then Oak Hill in some regards sold these assets to itself. To make things even more interesting a few years ago ASC sold it's real estate developement rights at the base of kmart to SP Land then in 2004 SP Land sold the same assets to Centrax Destinations. Also based in Dallas. Recently Centrex backed out and the assets reverted back to SP Land. BTW, Centrex recently bought Loon Mt.

Since ASC is a publically traded company I am sure this is all on the up and up but it appears this all a paper exchange to benefit Oak Hill if SP Land is indeed directly connected to Oak Hill when the dust finally settles. A respected friend in the ski resort business thinks this was done so it appears that ASC is selling the resort so it gives kmart a less painful way, PRwise, to end the A41 pass program.
As it was already pointed out the price seems off base but since SP Land already owns all the base deveopement rights at kmart perhaps it makes more sense.

There is another scenario out there. SP Land has partnered with Powdr Corp before so perhaps Powdr is partnering with SP Land on this deal. They run the mountain, SP Land does the real estate which ironially was ASC's original intention when it made original deal with SP Land.

Like alot of these deals it produces more questions than answers hot off the press so time will bring the facts out....looking forward to that.

Update....while SP Land did business with ASC/Oak Hill it appears they are a totally independent commercial real estate developer. They are now partnering with Powdr Corp on the kmart deal. Powdr does the mountain, SP Land does the real estate.

BushMogulMaster
02-20-2007, 12:48 PM
This is all going to be very interesting to follow.

I have nothing of value to say, except that it's interesting!