Steamboat Grand Summit Resort Sells Out All Remaining Inventory

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From press release

STEAMBOAT SPRINGS, Colo. - March 27, 2006 — In a six-and-one-half-hour auction on March 18, Grand Summit Resort Properties, Inc. (GSRP), a subsidiary of American Skiing Company, set a Colorado real estate sales record by selling or placing under contract its total remaining inventory of 239 fractional and 30 whole units at the Steamboat Grand Resort Hotel & Condominiums.

"We are ecstatic at the market's response to our offer to sell the remaining Steamboat Grand inventory," said Betsy Wallace, chief financial officer for ASC. "Buyer interest exceeded our expectations, illustrating not only the quality of the product, but also the stature of the Steamboat Grand and Steamboat itself as one of the premier destination resorts in North America."

"The auctioned inventory at the Steamboat Grand Resort Hotel & Condominiums brought Grand Summit Resort Properties nearly $23 million in sales in one day," Wallace added. "This validates the quality of the property and the feverish interest in skiing and luxury mountain real estate properties. The auction set a new Colorado record for the most real estate sold at auction in a one-day event."

The successful auction of all the remaining units at the Steamboat Grand Resort Hotel & Condominiums represents the last of the current developer inventory of GSRP.

"GSRP and American Skiing Company are very pleased with the outcome of the auction; the successful sale of the remaining inventory allows us to look ahead to new development opportunities across the company," Wallace said.

The auction drew more than 500 total bidders at the site, via the Internet and by phone. Approximately one third of the purchasers bid via the Internet through service provided by, seven percent via phone and absentee bids and the remainder were on-site. For sale were 239 fractional units and 30 whole units. All of the units were offered at "absolute auction," meaning they were sold to the highest bidder regardless of price.

"I'd like to extend a Steamboat welcome to the new owners of the units at the Steamboat Grand," said Andy Wirth, vice president of sales and marketing for ASC's western resorts. "As evidenced by a tremendous winter season with over 400 inches of snow so far, I am confident our new members of the Steamboat community will enjoy their Steamboat Grand units and the Yampa Valley area for years to come," added Wirth.