"Interest from prospective buyers to date has significantly surpassed our expectations,'' said Hernan Martinez, chief operating officer of American Skiing Company Resort Properties. "We believe that that interest reflects the fact that the sale is a tremendous opportunity for discerning buyers to acquire slopeside home ownership and access to both four-season recreation and vacation flexibility worldwide.''

The full-service Grand Summit Resort Hotel is located at New Hampshire's premier ski resort. In addition to the convenience of ski-in ski-out lodging, the hotel features an upscale restaurant and lounge, full health club, heated outdoor pool, on-site childcare, valet parking and complete conference facilities for up to 450 persons.

Each warranty-deeded quarter share entitles the owner to thirteen rotating weeks of use each year.  Owners also enjoy the luxury of exchanging their intervals for vacation resort intervals at more than 3000 resort destinations worldwide through Resort Condominiums International (RCI).

All remaining units will be available for purchase. Fifty of the 167 remaining quarter shares are currently scheduled to be sold at absolute auction. The sale will be held in the Summit Ballroom at the Grand Summit, beginning at 11 AM on Saturday, November 3, 2001.

A wide selection of unit floor plans is available, with sleeping accommodations ranging from two to eight people. Units are fully furnished and include full kitchens and home entertainment systems. Open houses are scheduled daily from October 13 through November 2. Third-party financing packages are available.

Keenan Auction Company of Portland, Maine, and Paul McInnis, Inc. of North Hampton, New Hampshire, will manage the event. Combined, the two companies have sold nearly 1,000 condominiums throughout northern New England, including units at Chandler's Wharf in Portland, and the Seascape in Old Orchard Beach.

Grand Summit Resort Properties is a division of American Skiing Company (NYSE: SKI - news) Resort Properties.

This document contains both historical and forward-looking statements. All statements other than statements of historical fact are, or may be deemed to be, forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934.