Steamboat Ski Resort may once again be on the market.
Park City, Utah-based American Skiing Co. said Friday it has retained Bear Stearns & Company to initiate a strategic review of business operations at Steamboat, including a potential sale.
“American Skiing Co. is coming off its second straight record year, which has created a number of opportunities for us to pursue,” chief executive B.J. Fair said in a news release Friday. “Our intent is to drive the maximum value for the company’s shareholders.”
The financially troubled American Skiing almost sold Steamboat in 2002 for roughly $91 million to an investor group led by Tim and Diane Mueller, but backed out at the last minute. The company instead sold its Heavenly ski area in California to Vail Resorts, Inc. for about $100 million.
The Muellers, who own Okemo Mountain Resort in Vermont and have since purchased Colorado’s Crested Butte Mountain Resort, sued American Skiing to try to force the sale. The two settled in 2004 for at least $5.14 million.
As part of that settlement, American Skiing is required to give the Muellers 30 days to exclusively negotiate for the purchase of Steamboat.
The Muellers haven’t decided if they will take a second look at Steamboat.
“We’re still considering it, looking at all the options,” said Tim Mueller. “Obviously, the situation has changed for Steamboat, for us and for the ski industry in general.”
Mueller said he has not reviewed Steamboat’s current financials yet.
American Skiing owns eight U.S. ski resorts, including the Canyons in Utah and Killington in Vermont.
Steamboat hosted 1.05 million skiers last winter, up 7.7 percent over the previous season.
Staff writer Julie Dunn can be reached at 303-820-1592 or at jdunn@denverpost.com.
