New Sugarbush owners will honor season passes

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 said.

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 professionals.

The transaction is expected to close by the start of the ski season.

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 Sugarbush.

"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 said.

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.

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