Intrawest agrees to buy Steamboat

DENVER — American Skiing Co. said Tuesday it has entered into an agreement to sell Steamboat Ski & Resort Corp. for $265 million in cash to an affiliate of Canadian resort operator Intrawest Corp.

Under terms of the agreement, the affiliate, Steamboat Acquisition Corp., agreed to assume $4 million in debt. The deal is expected to close in March, pending regulatory approval.

The sale will include the resort at Steamboat Springs west of Denver, some real estate assets, the Steamboat Grand Hotel & Condominiums and the company’s interest in the Walton Pond Apartments.

American Skiing President and Chief Executive Officer B.J. Fair said proceeds from the sale would be used to reduce outstanding debt and to focus on developing other properties.

The Park City, Utah-based American Skiing announced plans to sell the resort in Steamboat Springs in July, citing favorable market conditions.

American Skiing also owns Killington, Pico and Mount Snow resorts in Vermont; Sunday River and Sugarloaf/USA in Maine and the Canyons in Utah, among other properties.