Vail Resorts began the month of August with $1.2 billion cash on hand, Chief Financial Officer Michael Barkin told investors in a fall 2021 earnings call. “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. 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 believe that strong, responsible and connected local newspapers are critically important to building and supporting strong communities now more than ever,” Nutting said. In the announcement, Nutting reiterated his family’s commitment to the industry and the critical role of community newspapers 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. The Nutting family also acquired the Hidden Valley ski area in 2013 and opened Laurel Mountain in 2016. “The renewed focus on year-round programming helped to drive an equally dramatic climb in employment levels during the summer months, when the number of employees went from approximately 600 to more than 1,000,” according to the release. 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.įrom 2006 to the present, Seven Springs nearly doubled the number of personnel during winter operations - from approximately 900 to more than 1,700, the resort announced in a news release Wednesday. Robert Nutting is also CEO of Ogden Newspapers, a fifth-generation, family-owned and -operated newspaper company, founded in 1890 by H.C. The deal was scheduled to close Friday as well. Robert Nutting and the Nutting 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. “It has been an honor to be a part of their incredible growth for more than a decade and leave each resort a much stronger community asset than we found it.” Mutual interest ski marketsĪs Vail Resorts enters Nutting’s home market in Pennsylvania, the Nutting family is also entering Vail Resorts’ namesake market in Colorado. ![]() I am extremely proud of our stewardship of Seven Springs and its sister resorts, and even more so of all the people who we have worked with side-by-side to transform them into what they are today,” said Robert Nutting, president and chief executive officer of Seven Springs Mountain Resort, Inc. “The resorts truly are a part of the fabric of this region and a critical community asset. In 2019, the company made a $264 million purchase of 17 resorts in the East and Midwest, many of which are situated near major metropolitan areas. The acquisition follows Vail Resorts’ ongoing strategy to bring skiers from major cities into nearby mountains. ![]() Seven Springs, Hidden Valley and Laurel Mountain join Vail Resorts’ network of now 40 resorts worldwide. and its affiliates for a final purchase price of approximately $118 million, including customary closing purchase price adjustments. The resort operator purchased the resorts, including the ski areas, a hotel, conference center and other related operations, from Seven Springs Mountain Resort, Inc. ![]() Vail Resorts has closed on its acquisition of Seven Springs Mountain Resort, Hidden Valley Resort and Laurel Mountain Ski Area in Pennsylvania, the company announced Friday. Vail Resorts’ purchase of three Pennsylvania resorts follows the company’s ongoing strategy to bring skiers from major cities into nearby mountains.
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