Vail Resorts will take over operations of the Canyons Resort in Park City, marking the ski corporation's first expansion into Utah.
Under the terms of the long-term lease announced on Wednesday morning, Vail will take over management of Canyons from Utah-based Talisker Corporation for $25 million a year, adjusted for inflation, plus 42 percent of Vail's earnings over $35 million. It will be the 10th resort the company owns.
Vail Epic Pass holders will have access to the mountain.
The lease runs for 50 years, with six 50-year renewal options. While Vail will take control of the resort, Talisker will retain development rights for some four million square feet of real estate at the base of the mountain.