It’s Your Business
Farmington Nemacolin offers ‘Elite’ memberships
Joseph A. Hardy III, founder and CEO of 84 Lumber Co., and daughter Maggie Hardy Magerko, president of 84 Lumber and the Nemacolin Woodlands Resort, have announced the creation of ELITE, the resort’s new private Members Club.
The family sporting club will offer its members benefits and privileges throughout the 2,800-acre resort.
Magerko feels that the timing is right to launch the program. Initial membership opportunities include the release of a limited number of Elite 84 memberships at $84,000 and a limited number of Legacy memberships at $42,000. Social and corporate memberships are also available. In each category, membership prices will escalate following the initial pre-sale period.
As part of the initial program, Nemacolin Woodlands is offering VIP programs for each level of membership, including special pricing on lodging, golf, spa services, recreational and sporting activities and more. Members will also enjoy special privileges at the resort’s seasonal events, many of which feature internationally-recognized entertainment. The resort will provide members with exclusive member-only areas. Among these, lodging with butler service will be available in the very near future.
“There are many resorts with golf and spa components,” said Jeff Nobers, vice president of corporate communications. “Nemacolin Woodlands offers so much more. Setting us apart from the rest are our $50 million art collection, the ‘Hummer’ off-road driving course, a nationally top-ranked sporting clays shooting academy, our equestrian center and polo field, the ‘Orvis’ fishing guides, plus the countless other recreational activities that make us a unique, outdoor sports paradise.”
And when it comes to golf and spa, nobody does it better than Nemacolin. One of the resort’s two golf courses, Mystic Rock, is home to the PGA TOUR’s 84 Lumber Classic. The full-service Woodlands Spa at Nemacolin is ranked 8th in North America by Travel and Leisure magazine.
The Nemacolin Woodlands Resort is located 70 miles southeast of Pittsburgh at 1001 LaFayette Drive in Farmington, PA 15437. For more information about the Members Club at Nemacolin, call 1.800.422.2736 or 724.329.8555 or visit www.nemacolin.com.
Monongahela
Hospital bonds get Moody’s rating
Moody’s Investors Service in reaffirming an A3 stable rating to Mon Valley Hospital’s $22-million of Series 2002 bonds. The bonds were issued through the Washington County Hospital Authority as Monongahela Valley Hospital prepared to move into a major growth project.
Moody’s said the rating retention for MVH at A3 is based on these key factors: dominant market share and strong balance sheet measures. Moody’s said the health system’s strengths include:
– Strong market share position in the primary service area (64 percent) given the hospital’s breadth of services and absence of local competition.
– Strong balance sheet measures as evidenced by excellent days cash on hand and cash-to-debt ratio. No near term future debt and capital expenditures for Fiscal Year 2006 which are manageable. The pension plan is currently over-funded and the investment policy is very conservative, which should allow for preservation of cash measures.
– Good history of physician recruitment without the need for employment.
Louis J. Panza Jr., president and chief executive officer of Monongahela Valley Hospital, said the “Investment Grade” rating by Moody’s continues to reflect the healthcare system’s “responsible financial management.’ Panza also said the A3 rating is in line with the national average for hospitals.
In reaffirming Monongahela Valley Hospital’s bond rating for 2005, Moody’s emphasized that assignment of a stable outlook “reflects our belief that earnings, while thin, will continue to produce adequate debt service coverage.
Proceeds from the 2002 Series bonds were used by the hospital for refinancing approximately $11.7-million of Series 1992 bonds.
The remainder of the funds were used for expansion of Monongahela Valley Hospital’s Charles L. and Rose Sweeney Melenyzer Pavilion Regional Cancer Center, which opened in 1985 as the first facility of its kind in Washington County. The project, which included construction of two additional floors, was completed in 2003. Simmons said the cancer center project also included relocation of other services from the hospital to the expanded facility. This action allowed for renovation and expansion of the hospital’s Emergency Department, and that project is expected to be completed early in 2006.
Moody’s said reconfiguration and relocation of current services will accommodate potential expansion of Monongahela Valley Hospital’s core space, allowing for needed clinical capacity to meet growing demand. Expansion and renovation of the Emergency Department is expected to eliminate diversion experienced in the past.