Wednesday, December 8, 2021, NewEnglandSkiIndustry.com
In its first acquisition since picking up Peak Resorts in 2019, Vail Resorts announced today that it has purchased three more ski areas in Pennsylvania.
The $125 million acquisition of Hidden Valley (not to be confused with Hidden Valley, Missouri, also owned by Vail), Laurel Mountain, and Seven Springs will expand Vail's Pennsylvania portfolio to seven ski areas. Vail owns seven ski areas in New England, the first being Stowe in 2017.
According to the press release, Seven Springs has 285 skiable acres on 750 vertical feet and features a 418-room hotel, conference center, a full-service spa and tubing. Hidden Valley has 110 skiable acres on 470 vertical feet, while Laurel Mountain has 70 skiable acres on 761 vertical feet. The areas will be added to the Epic Pass for the 2022-2023 season.
As of July 31, Vail Resorts had $2.9 billion in Long Term Debt, up from $1.6 billion at that same time in 2019 (before the Peak Resort acquisition). With the increased debt, Vail had $151.4 million in interest expense for the year ended July 31, compared to $79.5 million in 2019. The company had $1.2 billion in cash and cash equivalents as of July 31.
