Last week, Peak Resorts announced their plan to purchase Liberty Mountain, Whitetail Resort and Roundtop Mountain Resort for $76 million – three Pennsylvania resorts privately owned for the past 50 years by Snow Time Inc..
Peak Resorts is headquartered in Missouri and now operates 17 ski resorts primarily located in the Northeast and Midwest, within 100 miles of major metropolitan markets including New York City, Boston, Philadelphia, Cleveland and St. Louis.
Over the course of last year, Snow Time Inc. generated approximately $50 million in revenue and approximately $11 million in adjusted EBITDA across the three resorts, according to a statement announcing the acquisition. The Snow Time Inc. team will join Peak Resorts as part of the merger.
Peak Resorts VP of Operations Jesse Boyd told TransWorld Business that the acquisition is transformative for the company and it’s Peak Pass: “We are now going to include 10 resorts on the East Coast. We’re always happy to grow and like to remain strategic when we do so. We try not to rush ourselves when we go about it, which makes us confident that our resorts are a positive force in the multi-pass resort industry.”
In an ever-consolidating snow resort market, the multi-pass offering has become a way to leverage value and entice consumers looking for the most comprehensive deal. Peak hopes to set itself apart in this space by keeping the majority of their resorts privately-owned and-operated, Boyd said.
“Amidst the pressure for resorts to engage in multi-pass deals, it always makes me happy to see resorts stick to private ownership,” he explained. “We do own and operate 13 of our 17 resorts, and think it is imperative not to change their facilities as it helps protect their value and the essence of the resort experience.”
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