ASC Sells Haystack Resort for $5 Million
SAM Magazine--Wilmington, Vt., Mar. 31, 2005--American Ski Company (ASC) subsidiary Mount Snow is selling the Haystack ski resort to Tyringham Ridge, Inc. for $5 million. Tyringham also receives a two-year right of first refusal for the Howe farm, which could become a real-estate development in the future. The deal is expected to close later this spring or summer.
Under terms of the agreement, Mount Snow retains water rights to sources at Haystack, along with a right of first refusal to reacquire the resort during the next 20 years. ASC expects to use the proceeds to provide liquidity, fund capital expenditures, and reduce senior debt.