Permit Applications Approved for Hunter Mountain Trail Expansion Project
April 05 2018 - 9:30AM
Peak Resorts, Inc. (NASDAQ:SKIS) (“Peak” or the “Company”), a
leading owner and operator of high-quality, individually branded
U.S. ski resorts, announced today that Hunter Mountain, located in
the Catskill Mountains of New York, has secured all the required
permits which will allow it to move forward with the terrain
expansion project announced last June. Construction for the
project, which will increase the resort’s skiable acreage by
approximately 25%, will begin later this month and is expected to
be completed in time for the start of the 2018/19 ski season.
The additional acreage will be located on the
north-facing slope of Hunter Mountain, between Hunter Mountain and
Hunter West. Initial work on the appropriately named Hunter North
will include the clearing of five trails, which will be
predominantly intermediate terrain along with the installation of a
high-speed six-person detachable chairlift. The new lift will
transport guests from the base of Hunter North to the intersection
of the existing Belt Parkway and Way Out trails.
Access to Hunter North will be available from
the summit of Hunter Mountain via the intermediate White Cloud
trail and Hunter’s popular intermediate trail, Belt Parkway. In
addition, guests will be able to access the new six passenger lift
and trail system via a new entrance and parking area accessible via
Route 23A.
“The Hunter North expansion will provide our
guests and Peak Pass passholders with an entirely new area to
explore,” said Jesse Boyd, Senior VP of Operations of Peak Resorts.
“The new entrance, arrival area and high-speed lift will provide
guests with easy access to a new area of intermediate-level terrain
that will dramatically broaden the variety of trails that Hunter
has to offer.”
Keeping in line with the other areas of the
mountain, Hunter North will feature high-efficiency snowmaking
across the entirety of the new terrain.
“The support we’ve received for this project
from the local community and our loyal guests has been phenomenal
from the time it was announced,” added Russ Coloton, General
Manager and President of Hunter Mountain. “This expansion of
our skiable terrain will be felt both locally and regionally
through increased visitors not only to our resort but across the
surrounding communities, including local businesses.”
The expansion is expected to cost approximately
$9 million and is projected to generate approximately $1.5 million
to $2 million in incremental annual EBITDA.
About Hunter MountainAs the
Great Northern Catskills' premier four season resort, Hunter
Mountain maintains renowned skiing and snowboarding terrain across
58 trails and 1600’ of vertical; award-winning learning facilities;
and luxury mountainside accommodations. With high-efficiency
snowmaking on 100% of its trails, an entire dedicated learning area
perfect for beginners and families alike, the expert terrain of
Hunter West and Empire Terrain Parks, plus the largest snow tubing
park in New York State, Hunter has something for everyone. To learn
more, visit Hunter Mountain’s website at HunterMountain.com.
About Peak ResortsHeadquartered
in Missouri, Peak Resorts is a leading owner and operator of
high-quality, individually branded ski resorts in the U.S. The
company now operates 14 ski resorts primarily located in the
Northeast and Midwest, 13 of which are company owned, including
Hunter Mountain, the Catskills' premier winter resort
destination.
The majority of the resorts are located within
100 miles of major metropolitan markets, including New York City,
Boston, Philadelphia, Cleveland and St. Louis, enabling day and
overnight drive accessibility. The resorts under the company's
umbrella offer a breadth of activities, services and amenities,
including skiing, snowboarding, terrain parks, tubing, dining,
lodging, equipment rentals and sales, ski and snowboard instruction
and mountain biking and other summer activities. To learn more,
visit the company’s website at ir.PeakResorts.com, or follow
Peak Resorts on Facebook (https://www.facebook.com/skipeakresorts)
for resort updates.
Forward Looking StatementsThis
news release contains forward-looking statements regarding the
future outlook and performance of Peak Resorts, Inc., within the
meaning of the Private Securities Litigation Reform Act of 1995.
These statements are subject to a variety of risks and
uncertainties that could cause actual results to differ materially
from current expectations. These risks and uncertainties are
discussed under the caption “Risk Factors” in the company’s Annual
Report on Form 10-K for the year ended April 30, 2017, filed with
the Securities and Exchange Commission (the “SEC”), and as updated
from time to time in the company’s filings with the SEC. Peak
Resorts undertakes no obligation to release publicly the result of
any revisions to these forward-looking statements that may be made
to reflect events or circumstances after the date hereof or to
reflect the occurrence of unanticipated events.
Contacts: MediaKatie O’Connor
Director of Marketing 518-248-3558 or koconnor@huntermtn.com
InvestorsNorberto Aja, Jim Leahy, Joseph
JaffoniJCIR212-835-8500 or skis@jcir.com
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