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 | ASC Killington Sale Final |  |
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shadyjay
| Joined: 27 Sep 2006 |
| Posts: 270 |
| Location: Waterbury VT |
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 Posted: Sat Feb 24, 2007 10:59 pm |
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Well there's at least one outcome of all this...........
The era of cheap season passes to multiple mountains has ended. I doubt the All For One pass will be offered next year to all the resorts formerly part of ASC. It was a deal at $350, being valid 7 days a week and all. I scrapped it this year and went with a Bush pass, though I was an A41 passholder for 2 years and it was a deal.
Can't see these resorts having a cheap pass offer, since they'll all be individually operated.
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Strat
| Joined: 19 Nov 2005 |
| Posts: 691 |
| Location: Moretown...the edge of the Valley |
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| Posted: Tue Feb 27, 2007 2:29 pm |
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From another forum:
"To: All ASC Employees
From: B.J. Fair
Date: 2/20/07
Re: Sale of Killington and Pico
It is with mixed emotions that I inform you that we have entered into a definitive agreement to sell the Killington and Pico resorts. We had hoped to announce this transaction simultaneously with Mount Snow and Attitash, however extended negotiations prevented us from doing so.
As was the case with our other recently announced sales, this decision was not made in haste nor ever taken lightly. Since our real estate restructuring in 2004, it became apparent that future real estate development at Killington and the resort operations would be best controlled by a single owner. Our ongoing discussions with SP Land and their current interest in the real estate at Killington led to their purchase of the Killington and Pico resorts for $83.5 million, plus $2 million of capital leases as well as other liabilities.
Though challenging from a personal and professional perspective, it is in the company’s best interest to realize the opportunities created by the performance of our resorts and the current favorable market conditions. While parting with the Killington and Pico teams will be difficult for many of us, the value created for the company’s stakeholders is tremendous and will leave us with substantial liquidity to focus on our remaining operations in Maine and Utah. As I wrote to you on Friday, the sale of five of our resorts will have a significant impact on our organization. I want to reiterate that we are aware of these impacts, and we will be meeting with employees as soon as possible to discuss these changes.
The transaction is expected to close by the end of April. Concurrent with the closing, SP Land and Powdr Corp. will have formed a new venture to operate Killington and Pico. Powdr Corp., based in Park City, UT, is an established operator of six winter resorts in the western U.S. Prior to the close of the sale, Killington and Pico and all of our other resorts will continue to operate under the normal course of business without interruption. We will work with the SP Land and Powdr teams during this period to facilitate a smooth transition at Killington and Pico.
With winter a bit late in arriving in the East, many guests will be arriving for the first time at our resorts in the coming days. Our guests have come to expect a very high standard of each of our resorts, and we will continue to offer the same service that has become of hallmark of ASC. Again, I am counting on your professionalism, consideration and support as we work through this transition period. Thank you.
B.J. Fair
President and CEO"
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Gallery
I didn't realize this happened 4 days ago, but obviously it is nothing new, and no suprise. Not alot of discussion going on AZ but then again it has all prety much been discussed the heck out of in the past. Anyway, I hope All For One Pass holders don't end up getting burned by this, and that this is positive for the individual resorts, as their employees and towns depend on their existence and financial health.
