BROOMFIELD, Colo. — Vail Resorts, Inc. announced Wednesday that it has reached an agreement to purchase two Pennsylvania ski resorts and the operations of a third.
Vail is about to buy Seven Springs Mountain Station and Hidden Valley Complexas well as the operations of Laurel Mountain Ski Area. The purchase price for the ski resorts, hotel, conference center and other related operations is approximately $125 million, according to a press release.
“We are incredibly excited to have the opportunity to add Seven Springs to our resort family along with Hidden Valley and Laurel Mountain,” said Kirsten Lynch, CEO of Vail Resorts. “As a company, we have focused on acquiring resorts near major metropolitan areas because we know that many skiers and snowboarders develop their passion for the sport close to home. These superb ski areas in Pennsylvania are a perfect complement to our existing resorts, creating a much stronger connection and an attractive offering for our current and future customers in Pittsburgh as well as those in other critical markets such as Washington, DC, Baltimore and Cleveland. .
Seven Springs is located an hour southeast of Pittsburgh and is among the largest ski resorts in Pennsylvania with 285 skiable acres and 750 vertical feet. In addition to skiing and snowboarding, Seven Springs offers a 418-room hotel, conference center, spa, and tubing park. Hidden Valley offers 110 skiable acres and 470 vertical feet, with 26 runs and trails and two terrain parks. Laurel Mountain offers 70 skiable acres and 761 vertical feet, officials said.
“The resorts are truly part of the fabric of this region and a vital community asset. I am immensely proud of our stewardship of Seven Springs and its sister resorts, and even more so of all the people we have worked side by side to transform them into what they are today,” said Robert Nutting, president and leader. General Manager of Seven Springs Mountain Resort, Inc. “It has been an honor to be a part of their incredible growth for over a decade and to leave each resort with a much stronger community asset than we found it.”
“Vail Resorts is a perfect successor with a proven track record of honoring the unique character of each of its resorts,” added Nutting. “They are the industry leader in investing in customer experience, employee development and environmental stewardship. We are thrilled that the resorts are now part of the Vail Resorts network and are confident that Vail Resorts will continue to invest in what makes these resorts so special.
The Nutting family also owns the Pittsburgh Pirates of Major League Baseball, as well as the Ogden newspaper chain. Vail Resorts has ski resorts in California, Colorado, Michigan, Minnesota, Nevada, Utah, Wisconsin, as well as Australia and Canada.
Vail Resorts will acquire all assets related to the resorts mountain operations and lodging, conference center and related amenities, while Seven Springs Mountain Resort, Inc. will retain certain neighboring operations including Highlands Market, Sporting Clays at Seven Springs, Seven Springs Golf Course and Hidden Valley Golf Club, Highlands Resort Realty and certain properties owned and held for potential future development, the press release said.
The transaction is expected to close this winter, however, operations at all three resorts for the 2021-22 winter season will continue in the normal course of business, Vail officials said. Vail Resorts plans to add access to all three select resorts Epic pass products for the 2022-23 North American ski and board season.
Vail Resorts will assume, subject to obtaining the consent of the Commonwealth of Pennsylvania, the state land lease for Laurel Mountain. Laurel Mountain is part of Pennsylvania Laurel Mountain State Park. At closing, Vail Resorts expects to retain the vast majority of employees at each resort and will work with local management teams in the coming months to determine the right long-term management structure for the resorts.
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