Triple Peaks, LLC and American Skiing Company have jointly announced the settlement of the lawsuit regarding the termination of the proposed 2002 sale of the Steamboat Ski Resort to Triple Peaks, LLC. In return for a cash settlement, Triple Peaks has agreed to a full dismissal of all claims relating to the sale of the Steamboat Ski Resort.
“Reaching a settlement with Triple Peaks allows us to focus on the future success of Steamboat and American Skiing Company while putting to rest any uncertainty surrounding the ownership of the Steamboat resort,” said B.J. Fair, CEO of American Skiing Company.
District Judge Richard Doucette ruled in favor of American Skiing Company in December 2002. Triple Peaks appealed to the Colorado Court of Appeals, which reversed the District Court and found in favor of Triple Peaks in January 2004. American Skiing Company then filed a petition for a writ of certiorari with the Colorado Supreme Court in May 2004, which has not yet been acted upon. Today's settlement goes into effect immediately and American Skiing Company has withdrawn its writ of certiorari with the Colorado Supreme Court.
“We are glad this issue is now behind us so that we can focus all our efforts on our Crested Butte, Okemo and Mount Sunapee resorts,” said Tim Mueller, head of Triple Peaks, LLC. “Saying goodbye to the Steamboat community was difficult, but we wish them the best of luck as they move forward. We look forward to working with the Steamboat resort management team on issues of mutual interest to ensure a successful skiing/riding environment in western Colorado.”
Triple Peaks, LLC signed a contract to buy the Steamboat Ski Resort for $91.4 million on January 24, 2002. However, American Skiing Company opted instead to sell its Heavenly, CA, ski area to Vail Resorts.
“Throughout this entire process the Steamboat team has remained focused on delivering the best experience in the business,” continued Fair. “Their efforts resulted in an improvement in the resort's rankings to the #3 resort in Colorado based on total skier visits in 2004 and a designation by SKI Magazine as the #5 resort in North America and the #1 family resort in the western United States.”
Building upon Steamboat's success, American Skiing Company continues to invest capital aimed at improvement of the Steamboat resort experience. This summer, the resort will install a new chairlift and benefit from several other capital projects for the upcoming season. Furthermore, the resort continues to move through the process of submitting a Master Plan Amendment, which will guide its growth over the next several years.
