American Skiing parcel may face foreclosure

STEAMBOAT SPRINGS, Colo. – American Skiing Co. could lose a 44-acre development parcel in foreclosure proceedings.

Fleet National Bank has filed documents with the Routt County treasurer seeking to foreclose on $81.9 million in loans to American’s Resort Properties real estate subsidiary. American owes $41.8 million on the loan, Fleet said.

American Skiing officials said the foreclosure filings were expected and the company hopes an agreement can be negotiated.

The 44-acre Tennis Meadows is one of six pieces of undeveloped land in Steamboat Springs that the resort company used to secure the loans.

Tennis Meadows has figured prominently in ski area master plans over the years. When former American Skiing chief executive Les Otten came to Steamboat in 1997, he approached the City Council with a development plan that would have included hotels, condominiums and a gondola.

Tennis Meadows is the launch site for a hot-air balloon festival every July.

Undeveloped parcels at Killington, Vt., and The Canyons near Park City, Utah, also were used to secure the $81.9 million loan.

American Skiing senior financial analyst Erik Preusse could not confirm Friday if Fleet had initiated foreclosure proceedings on those parcels.

American Skiing, based in Newry, Maine, owns Attitash/Bear Creek ski resort in New Hampshire, Killington and Mount Snow in Vermont, Sugarloaf/USA and Sunday River in Maine, The Canyons in Utah, and Steamboat.