The terms of the deal are undisclosed. According to Somerset County public records, the property traded for $12.4 million. Several sources say the resort has been struggling over the past few years, and, according to published reports, avoided a sheriff's sale by paying $900,000 in back property taxes.
The property includes 28 ski slopes and trails, an 18-hole golf course, clay and asphalt tennis courts, a sports club and other recreational amenities. There are currently 1,200 residential units, and a permitted master plan allows the addition of 1,800 more vacation homes, condos and townhouses.
"We have exciting plans for Hidden Valley and the surrounding area over the next three to five years," says Bill Doring, Buncher VP and treasurer, in a statement. He says his company intends to unveil the opening phase of a master plan for the property in mid-October and also says that, in addition to the resort, Buncher is planning "an upscale, gated residential and golf community on property it owns immediately adjacent to Hidden Valley fronting along Route 31."
The adjacent Buncher land aggregates 800 acres. Hidden Valley is less than five miles from the Seven Springs Mountain Resort in Champion, which, as GlobeSt.com reported, was acquired by Robert Nutting, CEO of Ogden Newspapers, in June 2006.
"Our vision is to return Hidden Valley to its glory days," Doring continues, adding, "our focus today is on the fast-approaching winter season." Toward that end, it is adding automated snowmaking equipment at several ski runs on the 3,000-foot mountain. Among the other near-term plans are improvements to the exterior and interior of the ski lodge, new shopping and dining amenities, upgrades to the roads and parking lots along with new signage.
Buncher, which was founded in 1917 as a metal recycling dealer, expanded to invest in and develop office, flex and distribution real estate. More recently it entered the hospitality sector with development of the Hampton Inn and Suites Pittsburgh-Downtown, located in the city's Strip District. It also plans residential and mixed-use developments in Westmoreland and Butler counties, according to a statement. Calls to Doring were not returned by deadline.
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