PR: Booth Creek To Purchase Seven Springs
(9-8-98)

(Press Release, August 31, 1998)—Booth Creek Ski Group, owners and operators of eight ski resort complexes encompassing eleven separate resorts, has reached a preliminary agreement for the purchase of Seven Springs Ski Resort near Pittsburgh, Pennsylvania, says Booth Creek Chairman George Gillett. Seven Springs has been owned since its founding in 1932 by the Dupre family and averages 400,000 annual skier days. It’s a year-round resort, which operates the largest ski area in the region of Pennsylvania, Maryland, Washington D.C., Virginia, and Ohio with more than 500 acres of skiable terrain. Seven Springs was ranked by Mountain Living Magazine among the best 50 places to ski in the country and is the fourth largest resort in the East. "Seven Springs fits perfectly into our portfolio of regional resorts within a three-hour drive of major metropolitan areas," Gillett explains. "The area is famous as a wonderful family resort with great skiing, golf, and recreation and a fabulous convention center. As a regional resort, Seven Springs has tremendous amenities, all of which are key factors for our guests who value convenience, a variety of attractions, terrific guest service, and an uncomplicated ski and resort experience." Jim McClure, Seven Springs president, says: "We firmly believe that this transaction is in the best interest of our guests, our employees, the community of which we are a part and our shareholders. We look forward to George Gillett’s leadership in maintaining Seven Springs as the region’s premier year-round resort." The preliminary agreement regarding the sale will be considered by the boards of directors and the shareholders of both Seven Springs and the Booth Creek Ski Group. The preliminary agreement contains customary conditions to closing. The closing is also conditioned on the receipt of a favorable judicial determination relative to an existing shareholders agreement among the Dupre family members. Seven Springs has asked the Common Pleas Court of Somerset County, Pennsylvania, to make that determination. All parties hope to sign the purchase agreement shortly and close the transaction prior to the start of the upcoming season. Booth Creek’s current holdings include: Northstar-at-Tahoe, Sierra at Tahoe, and Bear Mountain, California; Waterville Valley, Mt. Cranmore, and Loon Mountain in New Hampshire; Snoqualmie Pass (consisting of four resorts) near Seattle, Washington; and Grand Targhee, Wyoming. —Edited by John Stouffer

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