Media Center

02/16/2007

Following weeks of speculation, Peak Resorts has
entered a purchase agreement for Mount Snow and Attitash with American
Skiing Company for $73.5 million.

When completed, the deal will leave Peak Resorts with 11
resorts in Missouri, Indiana, Pennsylvania, New Hampshire, Vermont and Ohio.

“We’re very excited about this acquisition. We feel it’s a
great fit for us,” said Peak Resorts president Tim Boyd. “We’ve always been
fans of Mount Snow. We’ve had our eye on it for a long time. Peaks excels in
running resorts that require top-notch snowmaking,” he said. “We believe
that the changing weather patterns require excellent snowmaking, even for
the larger resorts. We feel our M.O. of making snow can make an impact
there. That’s our ultimate goal. We think we can take it to the next level
at Mount Snow and Attitash and level out the down years. We are going to
invest significantly in snow making upgrades at both resorts.”

Here is what you can expect at the various Peak
operations:

Jack Frost and Big Boulder, (Blakeslee, Pa)
Major upgrade in snowmaking, featuring the installation of state-of-the-art
Fan and pumping technology. Big Boulder has also installed a 600Õ conveyor
carpet to transport tubers up the existing tube hill. This carpet will
become the primary method of transporting tubers up the hill while the
existing handle tows will continued to be used as back-up.

Snow Creek, (Kansas City, Missouri)
Will open a snow tube arena on the east side of the existing slopes. Named
"Tornado Alley", the new 700' arena will feature 6-8 tubing lanes serviced
by a 440' conveyor carpet. A viewing and picnic area is in place to allow
tubers and other patrons a place to rest and enjoy observing all of the tube
activity as well as the ski and boarding activity that takes place on the
East side of the slopes. A walk path has been completed allowing customers
to purchase their tubing ticket at the lodge ticket windows and then proceed
over to the tube arena to be issued a tube. Snow Creek has over 300 tubes
available for use. This will be the first time the public will be able to
access this area.

Paoli Peaks, (Paoli, Indiana)
Paoli has also entered into the tubing business this coming season with an
800' tubing arena and a 400' conveyor carpet. The arena has been constructed
on separate acreage away from the ski resort but close to the snowmaking
system. A separate facility and parking area is available within site of the
ski area but not actually a part of it. Paoli has 400 tubes available for
its customers. The facility will house ticketing, tubes, restrooms and a
food court

Mad River Mountain, (Zanesfield, Ohio)
Mad River has completed a $2.5 million dollar slope expansion, tube hill
expansion and lift installation. The expansion has taken place east of the
existing slopes and facilities. The new lift is a 1700' Triple Chair lift
that will improve the uphill capacity and service two new trails that are
ready to go. A new beginner terrain park will replace the old tube hill,
while a new 10 lane, 900' long tube park, featuring a 450' conveyor carpet
and 500 tubes, will be located closer to the entrance of the ski area. The
park is complete with its own facility that will offer ticketing, a food
court, dining area and rest rooms.

Boston Mills Ski area, (Peninsula, Ohio)
Boston Mills will install a 250' skiing and riding conveyor carpet that will
provide additional uphill capacity in the beginner and teaching area of the
existing slopes.

This is one of the largest area improvement programs ever
undertaken by Peak Resorts. The last major area upgrade took place when Peak
rebuilt Crotched Mountain in Bennington, New Hampshire and expanded Hidden
Valley in St. Louis, Missouri in the summer of 2003.