New England Ski Presence: 2003-Present
Peak Resorts Overview and History:
Peak Resorts' ski history dates back to December 28, 1982, when Tim Boyd opened Hidden Valley ski area on the grounds of his golf course. Excavated by his father Glenn, the small area featured 7 trails, a lift, and snowmaking.
In 1985, Boyd opened Snow Creek, MO.
On September 24, 1997, Peak Resorts, Inc. was incorporated. Also in 1997, Paoli Peaks, IN, was added to the company.
In 2002, after looking into other operating or abandoned New England ski areas (including Temple, NH), Peak Resorts purchased the defunct Crotched Mountain, NH ski area.
In December 2002, Peak Resorts purchased Boston Mills, OH and Brandywine, OH from Dick and Erleen Ludwig.
In December 2003, newly rebuilt Crotched Mountain, NH operated for the first time since 1989-1990. The area was opened with one refurbished lift, as well as three chairlifts from the defunct Ski Cherokee in Virginia.
On December 1, 2005, Peak Resorts agreed to a 28 year lease of Big Boulder, PA and Jack Frost, PA.
In December 2005, Entertainment Properties Trust purchased Mad River Ski Resort, OH, for $11 million, with Peak Resorts obtaining a long term lease.
On March 10, 2006, Peak Resorts entered into an $8 million financing agreement with Entertainment Properties Trust for Crotched Mountain, NH.
On April 5, 2007, Peak Resorts, with up to $73.5 million in financing from Entertainment Properties Trust, purchased Attitash, NH and Mt. Snow, VT from American Skiing Company for $73.5 million, plus $2 million of debt assumption. Mt. Snow became the largest ski area in the Peaks portfolio.
On Ocotber 30, 2007, Peak Resorts entered into what would be a $41 million financing agreement with Entertainment Properties Trust, covering Jack Frost, PA, Big Boulder, PA, Paoli Peaks, IN, Boston Mills, OH, Brandywine, OH, Hidden Valley, MO, and Snow Creek, MO.
On October 20, 2010, Peak Resorts acquired Wildcat, NH for $5 million. Of the $5 million price, $500,000 was paid up front, while $4.5 million is to be paid to the previous owner over the course of ten years. The new acquisition featured the largest vertical drop of any ski area in Peak Resorts' portfolio. Its third New Hampshire ski area, Peak Resorts planned to market Wildcat with nearby Attitash.
On April 18, 2011, Peak Resorts filed a Form S-1 with the U.S. Securities and Exchange Commission, a step toward a potential $40 million public stock offering.
In November of 2011, word came out that Peak Resorts was planning to raise $85 million through an IPO of $16 to $18 per share under the ticker symbol "PEAK" on NASDAQ. 5 million shares were expected to be available on December 7, 2011, however the offering was delayed due to 'volatile market conditions.'
On November 12, 2012, Entertainment Properties Trust announced it was changing its name to EPR Properties.
On November 19, 2012, Peak Resorts purchased Alpine Valley ski area in Ohio.
In the fall of 2014, Peak Resorts once again attempted an IPO, hoping to generate $100 million to help pay down $175 million in long term debt. On November 21, 2014, Peak Resorts debuted as 'SKIS' on NASDAQ.
Peak Resorts Related Press Releases:
Peak Resorts Resources on NewEnglandSkiHistory.com:
Tim Boyd Biography
Peak Resorts External Links:
Peak Resorts - official site
EPR Properties - official site
Last updated: November 28, 2014