NEWRY, Maine -- The recent sale of the Sugarbush Resort in Warren,
Vt., to a local investor group does not affect season passes that
already have been sold for the upcoming season, resort officials
As reported, American Skiing Co., the largest operator of ski
resorts in the U.S., entered into an agreement to sell Sugarbush to
Summit Ventures, a group made up of local residents and ski
The transaction is expected to close by the start of the ski
The new owners will honor Sugarbush season passes that already
have been sold, American Skiing said.
Skiers who have purchased American Skiing Co.'s All East or Ski
America passes can use them at the network of resorts or can
exchange them for a Sugarbush season pass.
American Skiing chief executive officer B.J. Fair said in a
statement that the company was not actively seeking a buyer for
"We believe the unsolicited offer we received from Summit
Ventures is in the best interest of American Skiing Co. investors.
The sale is consistent with our strategic plan to focus management
and financial resources on our highest growth opportunities," Fair
Terms of the sale were not disclosed.
Thomas McHugh, chief executive officer of Summit Ventures, said
in a statement that his firm is "committed to preserving and
enhancing the unique character of Sugarbush."
American Skiing also owns Steamboat in Colorado; Killington and
Mount Snow in Vermont; Sunday River and Sugarloaf USA in Maine;
Attitash Bear Peak in New Hampshire; the Canyons in Utah, and
Heavenly on the California/Nevada border.
The company's Web site is located at www.peaks.com.