Vail Resorts Acquires Park City Mountain Resort
3 years after Park City failed to properly renew lease
Vail Resorts Inc. announced on Thursday the acquisition of Park City Mountain Resort (PCMR) from Powdr Corp. for $182.5 million in cash, subject to certain post-closing adjustments.
In a statement, Vail Resorts CEO Rob Katz expressed excitement about including PCMR in an expanded Epic Pass, which gives carriers access to Canyons in Park City, Utah; Vail, Beaver Creek, Breckenridge, and Keystone in Colorado; and Heavenly, Northstar, and Kirkwood in Tahoe. By connecting PCMR to Canyons for the 2015–2016 ski season, Vail Resorts intends to create the largest single ski resort in the United States, with 7,000 skiable acres, subject to regulatory approvals.
Vail and PCMR had been locked in a battle for control of the iconic Utah resort since managers at Park City failed to properly renew their lease in April 2011. This settlement came unexpectedly after a judge ordered Park City on Friday, September 5, to pay its landlord, Talisker Land Holdings, $17.5 million to keep the resort open for the 2014–2015 season.
“I do commend John Cumming,” Katz told Outside, referring to the Powdr Corp CEO. “They wanted to find the right solution, and this ensures that this issue is gone forever. Now we can talk about the future of one of the great ski communities in the world.”
The acquisition ends a dispute between PCMR and Talisker, which began in April 2011, when PCMR inexplicably forgot to file the necessary paperwork to renew its lease. Until then, it had been paying just $150,000 per year.
PCMR sold out to its rival Vail Resorts, which has been working with Talisker to take control of the mountain.