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Saturday, May 18, 2024

Vail Resorts to Acquire Seven Springs Mountain Resort for $125M

  • Vail Resorts has agreed to buy Seven Springs Mountain Resort.
  • The deal is valued at approximately $125 million.
Vail-Resorts-Snowboarding
Vail Resorts/Design: Alex Brooks

Vail Resorts has agreed to acquire Seven Springs Mountain Resort in a deal valued at roughly $125 million.

“We have been focused on acquiring resorts near major metropolitan areas,” said Vail Resorts CEO Kristen Lynch.

  • The deal includes Hidden Valley Resort and the operations of Laurel Mountain Ski Area in Pennsylvania.
  • Vail will acquire all assets related to the mountain operations of the resorts, including ski areas, a hotel, lodging, and a conference center.
  • The transaction is expected to close this winter, with operations continuing in ordinary fashion for the 2021-22 season.

In September, the company announced a $315 million-to-$325 million capital plan to install 19 new chairlifts across 14 resorts in an effort to improve guest experiences for the 2022-23 season.

Vail’s Latest Earnings

Vail Resorts — which operates 37 mountain resorts and ski areas — generated $175.6 million in revenue in fiscal Q1 2022, up from $43.8 million for the same period last year.

The company suffered a net loss of $139.3 million during the quarter, an improvement from a loss of $153.8 million in fiscal Q1 2021.

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