Okemo Owners Purchase Steamboat

Ludlow, VT – (February 1, 2002) – Tim and Diane Mueller, owners of Okemo Mountain Resort in Ludlow, VT and operators of Mount Sunapee in Newbury, NH are pleased to announce that they have signed a binding Contract-of-Sale with American Skiing Company (ASC) for the purchase of Steamboat Ski & Resort Company in Steamboat Springs, Colorado. The contract was signed and sale is expected to be final in late February or early March.

Located in the heart of the Rocky Mountains in Steamboat Springs, Colorado, Steamboat is recognized as one of the premier resort destinations in the world. The resort and town of Steamboat Springs are most famous for their authentic western atmosphere, rustic charm and world-class terrain. With 25 lifts and 142 trails spread over 2,930 acres, Steamboat is one of the country’s most popular ski resorts, recording more than one million skier/rider visits annually. American Skiing Company purchased the resort from Kamori Kanko in 1997.

To complete the sale, the Muellers have brought in additional partners to form Triple Peaks, LLC, which will be the parent company of the three operating resorts, Okemo Mountain Resort, Mount Sunapee Resort and Steamboat Ski Resort.

“It is with great excitement that we look forward to our involvement at Steamboat and in the community of Steamboat Springs,” commented Tim Mueller. “We see Triple Peaks, LLC, as a unique opportunity to offer three of the country’s finest resorts to our family of skiers and riders, while building upon our values of tradition, heritage and community.”

The Muellers are no strangers to the Rocky Mountain region and have personal ties in Colorado. Tim spent part of his childhood growing up in Littleton CO, and since 1996, they have been a participant in a real estate and golf development in Steamboat Springs, called Catamount Ranch and Club.

“Providing our guests with the highest quality resorts is our number one priority”, commented Diane Mueller. “We feel that Okemo, Mount Sunapee and Steamboat complement one another. They are the best in their individual markets and each resort will build upon the attributes of the mountain and community.”

As resort operators, Tim and Diane Mueller recognized the potential of their two ski areas in Vermont and New Hampshire, transforming Okemo Mountain and Mount Sunapee into the East’s most successful ski and snowboard resorts. Okemo’s rebirth from a small local area into one of the country’s leading family-owned and operated resorts began when the Muellers purchased the ski area in 1982. By reinvesting in the infrastructure of the mountain and by recognizing the potential of the staff, Okemo Mountain Resort has received national acclaim in both the snowsports and golf industry. In 1998, the Muellers acquired the leasehold operation of Mount Sunapee from the State of New Hampshire. Under their leadership, over $12 million has been invested into the mountain infrastructure and Mount Sunapee has more than doubled skier/rider visits.

The vision for the future of Triple Peaks, LLC includes a commitment to place guest service and the overall quality of the recreational experience as a top priority. Improvements at Okemo will include Jackson Gore (minimum of lifts, trails) for next season. Mount Sunapee is moving forward on the lease expansion to expand the amount of skiable terrain. The main focus at Steamboat will be to qualitatively improve services and to expand its reputation as the best ski area in the West. Under Triple Peaks, LLC each resort will retain and emphasize their unique attributes to the year-round sports market.