Booth Creek Ski Holdings, Inc. Announces Agreement to Sell Big Bear Mountain Resort to Snow Summit Ski Corp.Business Editors BIG BEAR LAKE, Calif.--(BUSINESS WIRE)--July 22, 2002 Booth Creek Ski Holdings, Inc. has reached an agreement to sell Big Bear Mountain Resort (Bear Mountain) to Snow Summit Ski Corp., owner of nearby Snow Summit Mountain Resort (Snow Summit), located in the San Bernardino Mountains San Bernardino Mountains, part of the Coast Range, S Calif., extending c.60 mi (100 km) NW and SE through San Bernardino and Riverside counties. Notable peaks are San Bernardino Mt. (10,630 ft/3,240 m) and Mt. San Gorgonio (11,485 ft/3,501 m). . Snow Summit Ski Corp. also owns Sierra Summit Mountain Resort located northeast of Fresno, Calif. "For several years now, Snow Summit Ski Corp. has expressed interest in merging Snow Summit and Bear Mountain," said Chris Ryman, president and chief operating officer Chief Operating Officer (COO) The officer of a firm responsible for day-to-day management, usually the president or an executive vice-president. of Booth Creek. "The combination of these two well-performing resorts within close proximity to one another simply makes sense. Together, they will be a dominant force within the Southern California Southern California, also colloquially known as SoCal, is the southern portion of the U.S. state of California. Centered on the cities of Los Angeles and San Diego, Southern California is home to nearly 24 million people and is the nation's second most populated region, snow sports market." The sale of Bear Mountain is expected to close in mid to late September. Completion of the sale is subject to final documentation and various closing conditions. The purchase price and terms of the sale are not being disclosed at this time. "The combination of Snow Summit and Bear Mountain will allow us to offer a much improved experience for skiers and snowboarders of all levels, age groups and interests in a way neither resort previously could do alone," said Dick Kun, president of Snow Summit. "The result will be more satisfied customers which in turn will increase overall visitation to the resort town of Big Bear." Snow Summit and Bear Mountain are located less than two miles from one another. Irrespective of irrespective of prep. Without consideration of; regardless of. irrespective of preposition despite the resorts' positioning, they will be marketing jointly as a destination to Big Bear, emphasizing the choice of two mountains Two Mountains was a federal electoral district in Quebec, Canada, that was represented in the Canadian House of Commons from 1867 to 1917. It was created by the British North America Act of 1867. with interchangeable lift tickets, 24 lifts, 430 acres of runs, a variety of freestyle parks and halfpipes, as well as two state-of-the-art snowmaking snow·mak·ing n. Production of artificial snow in the form of granular ice particles for use on ski slopes. systems that will ensure skier and snowboarder participation early and late seasons, and during seasons with below-average natural snowfall. "The strategic sale of Bear Mountain will enable Booth Creek to re-deploy financial and managerial resources into its remaining three markets," said Betsy Cole, chief financial officer of Booth Creek. Upon the close of the Bear Mountain sale, Booth Creek will consist of six resorts across the United States, including Northstar-at-Tahoe and Sierra-at-Tahoe in California; Waterville Valley, Cranmore Mountain Resort Cranmore Mountain Resort is located in North Conway, New Hampshire. Currently, it is one of New Hampshire's most successful ski resorts. It was founded in 1937 by a group of businessmen, led by Harvey Dow Gibson of Fryeburg, Maine, who wanted to establish North Conway as the and Loon Mountain in New Hampshire New Hampshire, one of the New England states of the NE United States. It is bordered by Massachusetts (S), Vermont, with the Connecticut R. forming the boundary (W), the Canadian province of Quebec (NW), and Maine and a short strip of the Atlantic Ocean (E). ; and The Summit at Snoqualmie near Seattle, Washington. Booth Creek remains the fourth-largest ski resort operator in the country (www.boothcreek.com). |
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