Pittsburgh Pirates owner Bob Nutting on Wednesday announced the sale of what he called “part of the fabric of this region and a critical community asset.”

Nutting, as president and CEO of Seven Springs Mountain Resort Inc., stated the company sold Seven Springs Mountain Resort, Hidden Valley Resort and Laurel Mountain Ski Area to Vail Resorts Inc., a Colorado-based ski company.

Seven Springs, which is roughly 90 minutes southeast of Butler in Fayette and Somerset counties, includes 285 skiable acres, according to Vail. Neighboring Hidden Valley has 110 skiable acres with 26 slopes and trails, and Laurel Mountain offers 70 skiable acres.

Also included in the sale is the 418-room hotel, conference center, full-service spa and tubing at Seven Springs. Vail announced the purchase price as roughly $125 million, subject to certain adjustments.

Seven Springs will remain owner of Seven Springs Golf Course and Hidden Valley Golf Club, along with the Highlands Market and Sporting Clays at Seven Springs. “Certain real estate owned and held for potential future development” are also not included in the sale, Vail announced.

Vail expects to close on the sale this winter and added the operations will not change during the current winter season.

For the Colorado company, the sale should generate annual earnings of $15 million during the fiscal year ending in July, with annual expenditures increasing by roughly $3 million. The company also expects to “retain the vast majority” of employees while determining “the right long-term management structure for the resorts.”