Steamboat Mountainside Condos To Be Sold at Auction

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Steamboat Opening 2005

(Press Release)

PARK CITY, UT— Grand Summit Resort Properties, Inc. (GSRP), a subsidiary of American Skiing Company (ASC), announced today that more than 200 of the finest fractional-share units in Colorado and over 30 whole ownership condominiums will be made available during a March 18, 2006 auction of remaining developer inventory at the acclaimed Steamboat Grand Resort Hotel & Condominiums.

"Steamboat is truly among the finest mountain vacation destinations in the world, with a unique heritage and brand that includes genuine western friendliness and of course its legendary champagne powder, said B.J. Fair, president and chief executive officer of ASC. "The Steamboat Grand Resort Hotel & Condominiums is at the heart of the Steamboat experience and is one of the newest, most luxurious condominium properties in Steamboat. By making these units available at auction rather than through traditional sales, we expect to create exceptional savings for our buyers.

Located at the base of legendary Steamboat Ski Resort, the Steamboat Grand Resort Hotel & Condominiums is Steamboat's only AAA Four Diamond Resort. The resort hotel includes a full-service spa and fitness center, an outdoor heated pool, two large whirlpool spas and 17,000 square feet of indoor/outdoor convention space. The Cabin, the Steamboat Grand's signature dining experience, has earned the prestigious Wine Spectator Award of Excellence for four consecutive years.

GSRP has determined that public auction is the most timely and cost-effective method of accelerating the sellout of the property. The auction allows GSRP to reduce marketing and carrying costs and sell a significant amount of inventory in a very short period of time. GSRP can then pass on savings to its buyers in the form of discounted prices at the auction. Of the inventory offered, 100 units will be offered absolute, selling to the highest bidders regardless of price. Buyers may choose from a wide selection of floor plans with studios, one-, two- and three-bedroom units and penthouse residences available. All units are elegantly furnished and owners will have access to all of the amenities provided by the resort hotel.

The auction will be the largest ski condominium auction of its kind. GSRP has contracted with the Keenan Auction Company to facilitate and manage this auction. Interested buyers may bid on site, on-line, by proxy or by telephone. The Internet bidding component, a pioneering effort between the Keenan Auction Company and Proxibid.com, is a multi-parcel real estate Internet bidding program that is capable of handling the entire inventory of units being offered on auction day. The auction represents an excellent opportunity for bidders worldwide to purchase extraordinary mountainside real estate at auction prices.

The condominiums are just steps away from the world-renown Steamboat Ski Resort, which historically has been ranked as the top family resort in the West by SKI Magazine. With close to 3,000 acres of diverse skiing terrain, Steamboat is renowned for its legendary Champagne Powder? snow, genuine friendliness, and tree skiing. The resort has averaged more than one million skier visits annually for the past decade and is one of the most easily accessed mountain resorts with its non-stop jet service from eight major cities. With 65 percent of the units already sold, the auction presents a rare chance to gain ownership in the mountainside property.

A website designed specifically for the event, www.steamboatgrandauction.com, provides potential bidders with auction and resort information including: a property information package, brochure, condominium documents, unit floor plans, available unit charts, photos, virtual tours and Internet bidding information. In addition, the Auction Information Center is now open at the Steamboat Grand Resort Hotel & Condominiums. For early previews, interested parties may call 877-754-4647.