Okemo Owners Will Purchase Steamboat

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Ludlow, VT, Feb. 1, 2002--Tim and Diane Mueller, owners of Okemo Mountain, Vt., announced this morning that they will purchase Steamboat Resort, Colo., from the American Skiing Company (ASC). The Muellers are leading a consortium of investors called Triple Peaks in the purchase of the resort and associated real estate, which is expected to be finalized in March. According to ASC, the sale price is about $91.4 million.

"We look forward to our involvement at Steamboat and in the community," said Mueller. He and his wife put together a small group of investors, some of whom are from the Steamboat Springs area, to form Triple Peaks. The new company will now serve as the parent organization for Okemo, Steamboat and Mount Sunapee Resort in New Hampshire, which the Muellers operate. Mueller, who spent part of his childhood in Colorado, is also a partner in the Catamount golf ranch near Steamboat Springs.

"Providing our guests with the highest quality resorts is our number-one priority," said Diane Mueller in a prepared statement. "We feel that Okemo, Mount Sunapee and Steamboat complement one another. . . . Each resort will build upon the attributes of the mountain and community." The Muellers, who have a reputation for being hands-on owners, will probably split their time evenly among the three locations. But also keeping with their management philosophy, will let each resort operate with independent marketing and sales staffs and programs.

ASC is viewing the sale as a large component in its bid to restructure the company, saying it will significantly reduce company debt. Steamboat has 25 lifts and 142 trails on 2,939 acres. The Steamboat Grand Resort Hotel and Conference Center will not be included in the sale.

For more information about these resorts contact Steamboat Ski and Resort Corp. or Okemo Mountain Resort.