Terms of the agreement were not released. MeriStar will provide management oversight of all eight of American Skiing's Grand Summit Resort Hotels, the majority of its resort condominium operations and other lodging facilities. The properties are located in Maine, Vermont, Colorado and Utah.
American Skiing, of Newry, Maine, will retain ownership of the properties and reservations networks. Hotel and condominium managers and staff members will remain employees of American Skiing Company resorts.
American Skiing and MeriStar continued conversations regarding possible management agreements for American Skiing Company's lodging properties after the companies withdrew their proposed merger agreement in March 2001. In a statement, MeriStar Chairman and Chief Executive Paul W. Whetsell said, "Resort properties account for about seven percent of our current management portfolio, and we believe our expertise will allow us to take advantage of significant synergies and marketing opportunities."MeriStar Hotels, based here, operates 277 hospitality properties with more than 58,000 rooms, including 54 properties managed by Flagstone.
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