
                         Roanoke Times
                 Copyright (c) 1995, Landmark Communications, Inc.

DATE: SATURDAY, July 21, 1990                   TAG: 9007210141
SECTION: BUSINESS                    PAGE: A-10   EDITION: METRO 
SOURCE: By Staff report
DATELINE:                                 LENGTH: Short

JAPANESE FIRM BUYS W. VIRGINIA SKI RESORT

Snowshoe Mountain Resort, West Virginia's largest and most popular ski area, has been sold to a Japanese firm for a reported $20 million.

The new owner, Tokyo Tower Development Co., said it plans to reinvest profits generated at the Pocahontas County facility to establish the resort as a year-round vacation destination.

The company, an affiliate of the Nippon Television City Corp., operates the Tokyo Tower, a major Japanese tourist attraction and communications facility. The company specializes in operating golf courses, marinas and other resorts in Japan. Snowshoe is its first investment in United States.

Snowshoe was acquired from Ski Venture, Inc., a consortium of eight financial lending institutions which purchased the resort from the Federal Bankruptcy Court in Oct. 1986.

Snowshoe has a history of financial troubles. While it is viewed as an excellent winter-sports facility by many skiers from Western Virginia, efforts to turn the resort into a four-season attraction by providing golf and other spring-to-fall attractions have failed.

Tokyo Towers Development Co. says it will retain the resort's current management team, headed by Danny Seme.

by CNB