LAKE TAHOE, CA- American Skiing Co. and Marriott Vacation Club International have signed an agreement to develop a vacation ownership project on land controlled by American Skiing Co. at its Heavenly Resort in South Lake Tahoe, CA.
Under the terms of the agreement, American Skiing Co., through its subsidiary, American Skiing Co. Resorts Properties, will transfer its options on a parcel of land in the Redevelopment District in South Lake Tahoe, immediately adjacent to the new 8-passenger Heavenly gondola, which will open this winter.
Marriott will acquire California timeshare development rights at Heavenly for the project. American Skiing and Marriott remain in active negotiations regarding possible development at the companys Killington resort in Killington, VT.
American Skiing Co. said the transaction will likely close before the end of October, and expects to recognize EBITDA of approximately $7 million from the deal. (10/12/00)