Bob Nutting to sell Seven Springs, 2 other ski resorts to Vail Resorts

Pittsburgh Pirates owner Bob Nutting is selling his three ski resorts in the Laurel Highlands — Seven Springs Mountain Resort near Champion, Hidden Valley Resort near Bakersville and Laurel Mountain Ski Area in Ligo­nier Township — for $125 million to Vail Resorts Inc. of Colorado.

Nutting, CEO of Seven Springs Mountain Resort, announced Wednesday his company has agreed to sell the resorts in Westmoreland, Fayette and Somerset counties to the suburban Denver-­based ski resort operator. The sale is expected to close this winter season, but Nutting did not reveal whether it would occur before the end of the year.

Vail Resorts had $1.2 billion in cash on hand in June, according to the quarterly earnings report released in September. The agreement was announced the day before Vail Resorts is set to reveal its quarterly earnings and field questions from analysts on Thursday afternoon.

The Nutting family has owned Seven Springs since 2006. It acquired the property for nearby Hidden Valley Mountain Resort in 2013, for a reported $7.5 million.

Nutting purchased the assets of the long-closed Laurel Mountain Ski Area in 2016 from Somerset Trust Co.

The land on which Laurel Mountain Ski Area operates is owned by the state and administered by the Department of Conservation and Natural Resources. Nutting owns the assets — ski lifts and lodge — and signed a 10-year lease with the department in 2009. His Springs at Laurel Mountain LLC signed a new 35-year contract with the state in October 2018. The lease, which will be assumed by Vail Resorts, requires an annual payment of $34,000 in each November, plus additional payments of $3,000 to $15,000 due May 15 ,based in skier visits each season, said Wes Robinson, a conservation department spokesman.

In 2017, the state announced it was giving a $1 million Redevelopment Assistance Capital Program grant to Nutting to build two multipurpose event centers at Seven Springs and Hidden Valley.

“The resorts truly are a part of the fabric of this region and a critical community asset,” said Nutting, who in addition to the Pirates owns Wheeling-based Ogden Newspapers Inc., which includes newspapers in Washington and Uniontown.

Nutting is selling the assets related to the mountain operations of the resorts, such as base area lodging, conference center and amenities. However, he said his company will retain several neighboring operations, consisting of sporting clays and the golf course, Hidden Valley’s golf course, Highlands Market, Highlands Resort Realty and unspecified real estate for potential future development.

The three resorts increased winter seasonal employment from about 900 workers to more than 1,700. Summer employment rose from about 600 jobs to more than 1,000, Nutting said in a statement.

Seven Springs opened Dec. 4 and will remain in operation throughout the winter. Season passholders, hotel guests, as well as group and event leaders will not be affected through the ownership transition.

Shares of Vail Resorts Inc. rose $5.72 on Wednesday, to $344.87. The company is scheduled to announce its quarterly earnings after market close today.

In buying the three area ski resorts, Vail Resorts continues its focus of acquiring resorts near major metropolitan areas, said CEO Kirsten Lynch, who assumed the top role last month. The company owns and operates five ski areas in Pennsylvania: Liberty Mountain Resort, Roundtop Mountain Resort, Whitetail Resort, Jack Frost and Big Boulder. It also owns 32 other resorts in 15 states.

Those skiers who buy passes to Seven Springs, Hidden Valley and Laurel Mountain will have access to Epic Pass products for the next ski season, but the company did not specify whether the passes would be good for other resorts such as Vail and Breckenridge in Colorado; Park City, Utah; and Stowe, Vt.