DENVER – American Skiing Co. said Tuesday it has agreed to sell Steamboat Ski & Resort Corp., one of the nation’s largest ski areas, for $265 million in cash to Canadian resort operator Intrawest Corp.

The move, which is subject to regulatory approval, would bolster Intrawest’s resort holdings in Colorado to three while helping American Skiing’s bottom line.

“At the end of the day it’s a transaction that is the right thing to do for American Skiing Co. and creates a tremendous amount of value for us,” said B.J. Fair, president and chief executive officer of American Skiing, which also owns resorts at Killington, Vt., Attitash Bear Peak in New Hampshire, and Sugarloaf/USA in Maine.

In a statement, Intrawest President Alex Wasilov said the deal fits with the company’s strategy to expand through acquisitions. Intrawest also owns a Vermont resort.

The sale will include the resort at Steamboat Springs about 110 miles northwest of Denver, some real estate assets, a hotel, and the company’s interest in the Walton Pond Apartments. The privately held Intrawest also agreed to assume $4 million in debt. The deal is expected to close by March.

Fair said proceeds from the sale would be used to reduce outstanding debt and to focus on developing other properties. American Skiing also owns Pico and Mount Snow resorts in Vermont; Sunday River in Maine; and the Canyons in Utah, among other properties.