Prestige Killington

Prestige Real Estate of Killington closes on another Killington condominium.  Pinnacle D-1, a 2 bedroom 2 bath condominium just closed for $194,000—up from the last sale of $189,000.

Prestige Real Estate of Killington has also put 2 houses and 2 additional condominiums under contract with closings anticipated in the near future.  One of the two homes is a ski in/ski out property and both condominiums are ski in/ski out.

On March 1, 2007, the Company (American Ski Company) completed the sale of Steamboat Ski & Resort Corporation to Intrawest Holdings S.A.R.L. and Steamboat Acquisition Corp. (the “Steamboat Sale”). Total proceeds received by the Company, subject to a final post-closing working capital and income adjustment, was $239.1 million, after preliminary adjustments for working capital and debt assumed by the buyer, and income realized by the Company from and after October 31, 2006.