Hunter Mountain Ski Resort sold to Peak Resorts – Daily Freeman
HUNTER >> Hunter Mountain is for sale.
Peak Resorts, owner and operator of numerous ski resorts across the United States, says it has entered into a deal to buy the popular Greene County Ski Resort for $ 35 million. In a press release, Peak Resorts said it would also assume two capital leases estimated at around $ 1.8 million.
The Hunter Mountain Ski Resort, established by the Slutzky families in the 1950s, generates about $ 27 million in revenue per year, Peak said.
The purchase price is slightly more than six times Hunter Mountain’s adjusted EBITA (earnings before interest, taxes, depreciation and amortization), which is estimated to be around $ 6 million for its fiscal year ending April 30, according to Peak. Resorts.
Peak says it has preliminary lender commitments for an approximately $ 20 million first mortgage, which would be secured by the assets of Hunter Mountain. The rest of the cash flow needs are expected to be funded using the line of credit the company established in October.
Peak Resorts plans to complete the purchase of Hunter Mountain by the end of the year.
Timothy D. Boyd, president and CEO of Peak Resorts, said Hunter Mountain has its own appeal.
“Hunter Mountain, under the leadership of the Slutzky families, has grown into one of the iconic ski resorts in the Northeastern United States,” Boyd said in a press release. “Its reputation as one of the leading snow stations in the East makes it a perfect choice for our portfolio and our strategy. We look forward to continuing the rich tradition that the Slutzky families have built. “
Gerry Tschinkel, vice president of sales, marketing and sponsorship for Hunter Mountain, said the resort is eagerly awaiting the new owner.
He said the people at the ski center are “excited for the future and what it will bring to the resort and the community.”
He also said that he and others at Hunter “are honored and privileged to have worked for the Slutzky family for the past 57 years.”
Boyd said Peak Resorts will expand Hunter’s offerings.
“Our roadmap for growth foresees a blend of organic growth and resort development as well as acquisitions that will allow us to build our portfolio of ski resorts in attractive segments of the night and day market”, a- he declared.
Boyd also noted that Hunter completed several “capital improvement projects to enhance the skiing experience” this year.
“Among the projects were a $ 1.2 million investment in new snow cannons and a $ 500,000 investment in a state-of-the-art compressor to improve snowmaking efficiency,” he said.
The resort has also improved trails and expanded its Race Foundation facilities, he said.
The Hunter Mountain Ski Resort features three distinct mountains for skiers and riders of all skill levels, as well as several snow parks and a tube park for all ages.
In addition, the resort offers a ski school, overnight / four-season accommodations, restaurants, conference and corporate event facilities, a members-only lounge, and a retail center.
Hunter Mountain has a base elevation of 1,600 feet, a summit elevation of 3,200 feet, and a drop of 1,600 feet. There are 240 skiable acres with 58 pistes and 12 ski lifts.
Peak Resorts operates 13 ski resorts primarily located in New Hampshire, Vermont, Pennsylvania and the Midwest, of which 12 are owned by the company. The majority of Peak’s resorts are within 100 miles of metro markets including New York, Boston, Philadelphia, Cleveland, and St. Louis.