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Industry analysts suggest that the Steamboat Ski Resort could sell for a price between $220 and $275 million, based on information distributed to potential buyers. American Skiing Company, Steamboat’s parent company, has retained the investment banking firm of Bear Stearns & Company to assist with the sale. Along with ski operations, Steamboat has identified six parcels of land at the base area that could be developed into 640 residential units and 100,000 square feet of commercial space. Other items from the sales document include:

• 49% of Steamboat’s annual revenue comes from lift tickets
• 80% of Steamboat’s annual revenue comes in a 100 day period during the ski season
• 22% of Steamboat visitors come from Colorado
• Nearly $1 billion in third party real estate development and infrastructure upgrades are expected at the base area over the next decade

Ski Time Square Enterprises which owns the Sheraton Steamboat Resort & Conference Center, the Sheraton Golf Course, Thunderhead Lodge, and Ski Times Square is also for sale. The group has hired Denver based HVS Capital Corporation to handle the marketing. HVS expects the properties to sell for well over $100 million.

Steamboat Springs senior planner Suzannne Bott agreed that it would make sense for one buyer to acquire both properties. They then would have the opportunity to do some “amazing redevelopment” at the base area.

If you would like more information on the base area redevelopment plans please contact your Colorado Group Realty broker.

Information obtained from Denver Post and Steamboat Pilot & Today

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