American Skiing Company
American Skiing Company was a U.S. operator of alpine-skiing, snowboarding, and golf resorts that expanded rapidly before selling its assets and shutting down in 2007.
Last updated August 26, 2026
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Overview
American Skiing Company was a United States resort operator formed during the 1990s consolidation of the American ski industry. Its business covered alpine skiing, snowboarding, golf, lodging, food service, retail, ski schools, lifts, trails, and other destination-resort activities rather than the manufacture of sporting goods. The company developed from Les Otten's ownership of Sunday River in Maine and the earlier LBO Resort Enterprises structure. In 1996, LBO acquired a selected group of resorts from S-K-I Ltd. and was renamed American Skiing Company. Antitrust concerns limited the transaction, so the company did not acquire every S-K-I property originally considered. The resulting portfolio included major New England resorts such as Killington, Mount Snow, Haystack, Sugarloaf, Sunday River, Attitash, and Mount Cranmore, as well as Sugarbush and Waterville Valley at different points in the development of the broader portfolio. ASC then expanded beyond the Northeast. It acquired Wolf Mountain in Utah and repositioned it as The Canyons, and in 1997 it acquired Heavenly in California and Steamboat in Colorado. The group became one of the largest U.S. operators of ski and related golf resorts and pursued an integrated destination model. Its resorts were associated with Grand Summit Hotels, a condominium-hotel concept in which room interests were sold in fractional portions. Revenue from these transactions was intended to support resort development and the company's broader financing strategy. Rapid expansion, large capital requirements, and earnings that did not keep pace with growth created severe debt pressure. Les Otten left the company around the turn of the millennium, and William “BJ” Fair became chief executive. ASC subsequently sold important properties, including Heavenly to Vail Resorts, Steamboat to Intrawest, and Sugarbush to an investor group. During 2007, the company completed the disposal of its remaining major resorts. Mount Snow and Attitash were sold to Peak Resorts; Killington and Pico were sold to SP Land Company, which worked with Powdr on their operation; Sunday River and Sugarloaf were sold to Boyne Resorts; and The Canyons was sold to Talisker Corporation. The Canyons transaction, announced in July 2007, was the final resort sale and was reported at $100 million in the cited reference. American Skiing Company then prepared for dissolution and ceased operating as an independent resort group by September 2007. Its legacy is primarily historical: it illustrates both the opportunities and financial risks of large-scale consolidation and resort expansion in the U.S. ski industry.
History
American Skiing Company's origins lay in Les Otten's development of Sunday River in Maine. Otten purchased the resort in 1980, when it had only a double chairlift and several surface lifts. Through subsequent investment, Sunday River grew into one of New England's most prominent ski destinations. Otten formalized his expansion strategy in 1994 by creating LBO Resort Enterprises and acquiring Attitash in New Hampshire. Sugarbush in Vermont joined the LBO portfolio in 1995, followed by Mount Cranmore in 1996. The decisive transformation came in 1996, when LBO sought to acquire S-K-I Ltd., an operator whose properties included Killington, Mount Snow, Haystack, Waterville Valley, and a controlling interest in Sugarloaf. Antitrust concerns restricted the transaction. The acquired group ultimately included Killington, Mount Snow, Haystack, and Sugarloaf, while other properties were excluded or treated separately. Following the acquisition, LBO Resort Enterprises adopted the American Skiing Company name. ASC continued its expansion in 1997 by purchasing Wolf Mountain in Park City, Utah, and redeveloping it as The Canyons. The company also purchased Heavenly in California and Steamboat in Colorado from Kamori International. With these acquisitions, ASC became one of the largest U.S. operators of alpine-skiing, snowboarding, and golf resorts. Its operating model combined lifts and trails with lodging, ski schools, food and beverage, retail, equipment rental, and other visitor services. The company also promoted Grand Summit Hotels, a condominium-hotel structure that sold fractional interests in hotel rooms. Proceeds from these sales were intended to help finance resort construction and expansion. The scale of the expansion produced significant financial strain. Growth required extensive capital investment, while operating earnings did not keep pace with the company's obligations. Around the beginning of the 2000s, Les Otten left the company and William “BJ” Fair became chief executive. ASC then began reducing its portfolio. Heavenly was sold to Vail Resorts, Steamboat was sold to Intrawest, and Sugarbush was sold to a group of investors. The final phase occurred in 2007. Mount Snow and Attitash were sold to Peak Resorts, while Killington and Pico were sold to SP Land Company, which joined with Powdr in a new operating venture. ASC announced the planned sale of Sunday River and Sugarloaf to Boyne Resorts. In July, Talisker Corporation acquired The Canyons for a reported $100 million. This was the final resort sale. American Skiing Company subsequently prepared for dissolution and shut down as an independent company by September 2007. The company's history is therefore closely associated with the rise of multi-resort ownership in the United States, the use of real-estate financing in destination skiing, and the risks of debt-funded expansion.
- 2007
Final resort sales and dissolution
[1]ASC sold or transferred its remaining resorts, including The Canyons, and ceased operating as an independent resort group by September.
- 2000
Leadership changes amid financial pressure
[1]Les Otten left the company around the beginning of the new millennium, and William (BJ) Fair assumed the chief executive role as debt pressures intensified.
- 1997
Western expansion and public listing
[1]ASC acquired Wolf Mountain and redeveloped it as The Canyons, purchased Heavenly and Steamboat, and became listed on the New York Stock Exchange.
- 1996
LBO becomes American Skiing Company
[1]After acquiring selected S-K-I Ltd. properties, LBO Resort Enterprises changed its name to American Skiing Company.
- 1995
Sugarbush joins the LBO portfolio
[1]Sugarbush in Vermont was added to the developing resort group.
- 1994
LBO Resort Enterprises is formed
[1]Otten formed LBO Resort Enterprises and acquired Attitash in New Hampshire.
- 1980
Les Otten acquires Sunday River
[1]Les Otten purchased Sunday River in Maine, establishing the resort platform from which his later multi-resort strategy developed.
Products and positioning
Multi-resort U.S. alpine-skiing, snowboarding, golf, and destination-hospitality operator
Travel and leisure services
Multi-resort ski and snowboard operations
ASC operated destination ski and snowboard resorts, managing lifts, trails, snowmaking, ticketing, mountain access, ski schools, rentals, and guest services. Its portfolio strategy linked multiple resorts under one corporate platform while preserving resort-specific identities. Major properties associated with the company included Sunday River, Sugarloaf, Killington, Mount Snow, Attitash, The Canyons, Heavenly, and Steamboat.
Resort lodging and real estate
Grand Summit Hotels
Grand Summit Hotels were condominium-hotel developments associated with ASC resorts. The model offered fractional ownership interests in hotel-room units, with investors purchasing a portion of annual use and participation in the lodging structure. ASC viewed proceeds from these sales as an important component of its resort-development and financing strategy.
Golf and destination recreation
Golf resort services
In addition to winter mountain operations, American Skiing Company was described as an operator of golf resorts and broader four-season destinations. Golf, lodging, dining, retail, and other warm-weather activities were intended to extend resort usage beyond the ski season and diversify visitor revenue.
Brand decisions
2007
Dispose of the remaining resortsM&ABackground
ASC continued to unwind its resort portfolio after years of financial pressure.
Action taken
Mount Snow and Attitash were sold to Peak Resorts; Killington and Pico were sold to SP Land Company for an operating arrangement involving Powdr; Sunday River and Sugarloaf were sold to Boyne Resorts; and The Canyons was sold to Talisker Corporation.
Aftermath
The Canyons sale was the final resort disposal. ASC prepared for dissolution and shut down as an independent company by September 2007.
Reported purchase price for The Canyons. $100 million (2007)
2000
Reduce the resort portfolioStrategyBackground
Debt accumulated during the expansion period, and company earnings failed to match the pace of growth.
Action taken
ASC sold Heavenly to Vail Resorts, Steamboat to Intrawest, and Sugarbush to an investor group.
Aftermath
The sales reduced the company's holdings but did not restore ASC as a sustainable independent resort group.
1997
Expand nationally through western resort acquisitionsStrategyBackground
After building a strong New England presence, ASC pursued a national multi-resort platform.
Action taken
It acquired Wolf Mountain in Utah and repositioned it as The Canyons, then acquired Heavenly and Steamboat.
Aftermath
ASC became one of the largest U.S. ski-resort operators, but the expansion increased capital needs and financial leverage.
1996
Acquire selected S-K-I Ltd. resortsM&ABackground
LBO Resort Enterprises sought to expand rapidly by acquiring S-K-I Ltd., but competition concerns restricted the scope of the transaction.
Action taken
The company acquired Killington, Mount Snow, Haystack, and Sugarloaf and then adopted the American Skiing Company name.
Aftermath
The transaction created the foundation of ASC's large New England resort portfolio while leaving some S-K-I properties outside the acquisition.
Recent events
- 2007
American Skiing Company sells Mount Snow, Attitash, Killington, and Pico[1]
M&A
Peak Resorts acquired Mount Snow and Attitash, while SP Land Company acquired Killington and Pico for a new operating arrangement involving Powdr.
- 2007
Boyne Resorts agrees to acquire Sunday River and Sugarloaf[1]
M&A
ASC announced the planned sale of two of its Maine resorts to Boyne Resorts as it continued liquidating its resort portfolio.
- 2007
The Canyons sale completes American Skiing Company's asset disposals[1]
M&A
Talisker Corporation acquired The Canyons for a reported $100 million, becoming the final resort buyer before ASC's dissolution.
- 2000
Debt pressure leads to sales of major resorts[1]
M&A
After rapid expansion and a debt crisis, ASC sold Heavenly to Vail Resorts, Steamboat to Intrawest, and Sugarbush to an investor group.
- 1997
American Skiing Company expands through resort acquisitions and goes public[1]
M&A · Other
The company expanded into Utah, California, and Colorado and became publicly traded on the New York Stock Exchange.
Sources1 sources
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