The Catskill's Hunter Mountain has been purchased by a major resort company known for operating ski resorts in the Northeast and Midwest. In a press release via Peak Resorts, the publicly traded company announced it will assume control of operations at a cost of $35 million. The company will also assume two of the resort's capital leases for $1.8 million

Peak Resorts operates 13 ski resorts and its corporate headquarters are in Missouri. The purchase of Hunter gives Peak a stronger foothold in the north east. Hunter offers 58 trails and has an elevation of 3,200 feet.

“Peak Resorts is set to become the preeminent ski operator in the metro New York-area with the addition of Hunter Mountain to our portfolio of resorts in New Hampshire, Vermont and Pennsylvania," said Timothy D. Boyd, president and chief executive officer of Peak Resorts, in the press release. "For this 2015-2016 ski season, we are planning to offer reciprocal programs among the resorts for the season passholders at Hunter Mountain and our current properties. Program details will be available by phone or in person, and also will be posted on the websites for each of the resorts in the coming weeks.”

Hunter Mountain generates approximately $27 million in revenue a year, according to the press release. Peak Resorts currently has lender commitments for a $20 million mortgage, with the remainder of the money to be funded by the company's line of credit.

Hunter Mountain offers far more than just skiing, with seasonal activities planned throughout the year. Mountain Jam returns June 2-5. A line-up announcement is expected sometime in January. The pre-sale has sold out, but an announcement on ticket information is expected soon.

 

More From WRRV-WRRB