American Skiing Company, Marriott Sign Joint Venture
Edited by John Stouffer
(7-29-98)

(Press Release, July 28, 1998)—American Skiing Company (NYSE: SKI) and Marriott Vacation Club International, a subsidiary of Marriott International, Inc. (NYSE: MAR) announced today that the companies have entered into a joint venture to develop luxury vacation ownership properties at five of the Alpine resorts owned by the American Skiing Company.

This is the first time a major vacation ownership company has partnered with a major Alpine ski resort operating company, according to Marriott officials.

The multi-million-dollar joint venture consists of select land purchases by Marriott at American Skiing Company Alpine resorts. American Skiing Company grants Marriott exclusive vacation ownership (time-share) development and marketing rights at its nine resorts.

Five initial sites, each consisting of 200 luxury villas offering weekly vacation ownership increments, are planned for development by Marriott: Killington in Vermont, Sunday River in Maine, Steamboat in Colorado, The Canyons in Utah, and Heavenly in California. Additional land purchases at four other Alpine resorts are planned in the future.

"The Marriott name is synonymous with quality," said Leslie B. Otten, chairman and chief executive officer of the American Skiing Company, "so it's a natural fit with our company. Marriott brings brand recognition as the leader in vacation ownership. Its legacy of hospitality success parallels our company's success with resort development. This joint venture adds to the energy at our resorts, and will diversify guest amenities in our vacation villages."

"We are excited about this unprecedented venture with American Skiing Company," said Stephen P. Weisz, president of Marriott Vacation Club International. "Developing new vacation ownership resorts in premier Alpine destinations continues Marriott's presence as the recognized leader in vacation ownership resort development."

American Skiing Company, headquartered in Newry, Maine, is the largest operator of Alpine ski and snowboard and golf resorts in the United States. Its major businesses include resorts at Steamboat in Colorado; Killington, Mount Snow, and Sugarbush in Vermont; Sunday River and Sugarloaf/USA in Maine; Attitash Bear Peak in New Hampshire; The Canyons in Utah; and Heavenly in California/Nevada and its Grand Summit Resort Hotels.

Marriott Vacation Club International is the recognized leader in vacation ownership with over 110,000 owners and 38 luxury resorts, of which four are under development, in eighteen destinations. It's a subsidiary of Marriott International, Inc., a leading worldwide hospitality company, with nearly 1,700 operating units in the United States and 53 other countries and territories. Major businesses include hotels operated and franchised under the Marriott, Ritz-Carlton, Courtyard, Residence Inn, Fairfield, TownePlace Suites, Executive Residences, Renaissance, New World, and Ramada International brands; vacation club (time-share) resorts; senior living communities and services; and food service distribution. The company is headquartered in Washington, D.C. and has approximately 131,000 employees. For fiscal year 1997, Marriott International reported sales of nine-billion dollars.

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