Vail Snaps Up Three US Ski Resorts – Severn Springs, Hidden Valley & Laurel Mountain
Main Photo: The Seven Springs Mountain Resort, including The Slopeside Hotel
Date: December 2021
Names: Seven Springs Mountain Resort in Pennsylvania, Hidden Valley Resort and the operations of Laurel Mountain Ski Area
Location: An hour (60 miles) south-east of Pittsburgh, Pennsylvania, USA
Number of Keys: 418 hotel and conference centre…and a lot of snow!
Seller: Severn Springs Mountain Resort Inc, whose president & CEO is Robert Nutting. Robert Nutting and his family are winter sports enthusiasts who recently shared their excitement in entering the ski market of Vail with the purchase of the Vail Daily’s parent company, Swift Media. Robert Nutting is also CEO of Ogden Newspapers, a fifth-generation, family-owned and operated newspaper company, founded in 1890 by H.C. Ogden. The company covered the Winter Olympics in 1980 after purchasing the Lake Placid News in 1979 and entered the ski business as operators in 2006 with the purchase of Seven Springs. The Nutting family also acquired the Hidden Valley ski area in 2013 and opened Laurel Mountain in 2016
Buyer: Vail Resorts. The acquisition follows their ongoing strategy to bring skiers from major cities into nearby mountains. In 2019, the company made a $264 million purchase of 17 resorts in the East and Midwest
Vail Resorts has entered into an agreement to purchase Seven Springs Mountain Resort in Pennsylvania.
As a part of the acquisition, Vail Resorts will also acquire Hidden Valley Resort and the operations of Laurel Mountain Ski Area.
The purchase price for the ski areas, plus a hotel, conference centre and other related operations, is approximately $125 million, subject to certain adjustments.
“We are incredibly excited to have the opportunity to add Seven Springs to our family of resorts along with Hidden Valley and Laurel Mountain,” said Kirsten Lynch, chief executive of Vail Resorts.
“As a company, we have been focused on acquiring resorts near major metropolitan areas as we know many skiers and riders build their passion for the sport close to home.
“These great ski areas in Pennsylvania are a perfect complement to our existing resorts, creating a much stronger connection and compelling offering to our current and future guests in Pittsburgh as well as those in other critical markets such as Washington, DC, Baltimore and Cleveland.”
In November, Kirsten Lynch began her role as new CEO, with former CEO Rob Katz taking on a new role as executive chairperson of the board.
And, in December, the company helped bring men’s World Cup ski racing back to the United States for the first time in two years by hosting the Birds of Prey World Cup races at Beaver Creek.
Seven Springs is Pennsylvania’s premier four-season family resort. Robert Nutting announced that the company had purchased Swift — which owns newspapers in the ski areas of Aspen, Steamboat, Summit County, Park City and Lake Tahoe, as well as Vail — on Nov. 30. In the announcement, Nutting reiterated his family’s commitment to the industry and the critical role of community newspapers
“We believe that strong, responsible and connected local newspapers are critically important to building and supporting strong communities now more than ever,” Nutting said. In announcing the sale of Seven Springs, Hidden Valley and Laurel Mountain to Vail Resorts on Wednesday, Nutting described Vail Resorts as a perfect successor to his family’s company.
“We are thrilled that the resorts will now become part of Vail Resorts’ network and are confident that Vail Resorts will continue to invest in what makes these resorts so special,” he said.
It is located one 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 significant resort amenities, including the 418-room Slopeside Hotel, conference centre, a full-service spa and tubing.
Hidden Valley offers 110 skiable acres and 470 vertical feet, with 26 slopes and trails and two terrain parks. Laurel Mountain offers 70 skiable acres and 761 vertical feet.
Vail Resorts is acquiring all of the assets related to the mountain operations of the resorts and related base area lodging, conference center and amenities. Seven Springs Mountain Resort, Inc. will retain select neighboring operations, including Highlands Market, Sporting Clays at Seven Springs, Seven Springs Golf Course, Hidden Valley Golf Club and Highlands Resort Realty.
Price: US$125m
Price per Key: Not applicable as the deal includes 470 ski slopes!
THPT Comment: Vail Resorts clearly are the market-leader in Ski Resort ownership…including hotels, under the RockResorts brand, condos and real-estate
First Seen: Vail Daily
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