WILDWOOD, Mo., Jan. 07, 2016 (GLOBE NEWSWIRE) -- Peak Resorts, Inc. (NASDAQ:SKIS), a leading owner and operator of high-quality, individually branded ski resorts in the U.S., today announced it has completed the previously announced acquisition of Hunter Mountain, the Catskills' premier winter resort destination, for cash consideration of $35 million plus the assumption of two capital leases estimated at approximately $1.8 million. Peak Resorts funded the cash portion of the transaction with a $20 million first mortgage on the Hunter Mountain assets and $15 million drawn on the line of credit finalized last week. The new interest-only mortgage is for a 20-year term at an interest rate of 8%, subject to an annual rate adjustment. Timothy D. Boyd, president and chief executive officer, said, "Adding Hunter Mountain to our portfolio makes Peak Resorts the preeminent ski operator in the metro New York-area. Our roadmap for growth calls for a mix of organic growth and resort development as well as acquisitions that will let us build our portfolio of ski resorts in the attractive overnight and day-drive segments of the market. We expect this transaction will be accretive to Peak Resorts' Reported EBITDA in the third quarter of fiscal 2016 and we will continue to evaluate other potential value-add acquisitions." Hunter Mountain generates approximately $27 million (unaudited) in annual revenue. The purchase price is slightly more than six times Hunter Mountain's adjusted EBITDA, which was estimated at approximately $6 million (unaudited) for its fiscal year ended April 30, 2015. 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. All of Peak's resorts will be open for skiing or snow boarding by January 9.