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Saddleback

thetrailboss

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If you were on the Peak's earnings call last week (or read the transcript) you can't help but think they may be buying Saddleback.....


  1. They made itclear they want to add exposure in the North East
  2. Regarding M&Aactivity, they expect to have news on an acquisition sometime “this fall”
  3. It’s NOT Magic
  4. Peaks is alreadyinvolved in the EB-5 program and Saddleback has an investment center set up…


Very interesting


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tipsdown

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I'd be shocked if Peaks bought Saddleback. They specialize in the high-volume market. Mount Snow and their midwest resorts are proof of that. With Wildcat and Attitash being the exceptions, it's no wonder why no money ever flows their way.

Read the earnings transcript. You may change your mind. Their most recent aquisitions are Attitash and Wilcat and they made a point to emphasize that they want to expand the day AND overnight skier i.e. Destination resort..
 
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This presentation from last year does a pretty good job of laying it out.

HTML:
http://ir.peakresorts.com/Cache/1500066621.PDF?Y=&O=PDF&D=&FID=1500066621&T=&IID=4110528

It's difficult to know if Peak wold view Saddleback as a fit. Classically, they're a local hill operator, but even the places they've purchased in the northeast have been proven (Mount Snow/MWV) or are about as close to Boston for its size (Crotched). While Saddleback probably wouldn't be a true "fly-to," it's a tough place to make a weekend out of.
 

Jully

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Read the earnings transcript. You may change your mind. Their most recent aquisitions are Attitash and Wilcat and they made a point to emphasize that they want to expand the day AND overnight skier i.e. Destination resort..

Peaks has been having a tough enough time with their IPO I thought. Why would they buy a mountain that had millions of dollars of improvements put in over the past 10 years, but is STILL losing money every year? The Berryb family is in no way a poor ski resort operator.

I'd still be stoked if peaks bought SB though.
 

Quietman

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I thought that Wildcat was a gamble for Peaks, but the investment in snowmaking last year was impressive. Still can't believe that Wildcat has only 80-90k skier visits per year, but that is what Saddleback apparently also averages. Overall, I don't see it as a wise investment for Peaks, but it is probably very tempting depending on the price.
 
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The nice part about Wildcat is that they can cut costs late and early season by opening only the cat. They can run one lift and a small lodge up there and never worry about opening Attitash in warmer early season weather or worry about stockpiling snow at Attitash to last into April.
 

fiddleski

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Update on Saddleback FB yesterday:

Saddlebackers
Latest Update: At this point putting in a lift for this season is off the table. The options we are still pursuing are as follows:
1. 4 separate buyers looking at purchasing the resort and operating this season with the current lift configuration.
2. 1 buyer looking to purchase the resort in the spring
3. A limited operation for the 2015-2016 season if option 1 doesn’t materialize.
Our goal is to have a clear future by the first week in October, so that if none of the operational options pan out we can allow our customers to look at other options for the 2015-2016 season.

And then, maybe most informative:

For the record: All of the land is open and available for purchase. The MLS listing shows the land with 2,070 acres available which is a lion share of the development. At least one buyer isn't interested in the real estate only operating the resort. There is flexibility as to how many acres can be purchased from 723 to the whole 6,337 depending on the price the buyer is willing to pay. There is also a separate listing of land only of 3,294 acres offered as timberland
 

Jully

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Update on Saddleback FB yesterday:

Saddlebackers
Latest Update: At this point putting in a lift for this season is off the table. The options we are still pursuing are as follows:
1. 4 separate buyers looking at purchasing the resort and operating this season with the current lift configuration.
2. 1 buyer looking to purchase the resort in the spring
3. A limited operation for the 2015-2016 season if option 1 doesn’t materialize.
Our goal is to have a clear future by the first week in October, so that if none of the operational options pan out we can allow our customers to look at other options for the 2015-2016 season.

And then, maybe most informative:

For the record: All of the land is open and available for purchase. The MLS listing shows the land with 2,070 acres available which is a lion share of the development. At least one buyer isn't interested in the real estate only operating the resort. There is flexibility as to how many acres can be purchased from 723 to the whole 6,337 depending on the price the buyer is willing to pay. There is also a separate listing of land only of 3,294 acres offered as timberland

Dang. This is really happening
 

wa-loaf

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They just posted this on facebook:

We are in the midst of serious negotiations with a buyer that plans to open for the winter-hope to be up and running soon. Keep you posted next week!!!!
 

prsboogie

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Bump - pure gossip from a condo owner I am friends with but when I mentioned the rumors about regarding Peaks, she said the group that has been seen around a foreigners with alleged "deep pockets" and show up to the meetings in a private helicopter. Take it for what it's worth as she isn't on any boards but has a very vested interest in the season opening since she has a slope side condo.
 
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