Vail Resorts buys Park City Mountain Resort for $182.5M
After a prolonged legal battle, Powdr Corporation, owner of Park City Mountain Resort (PCMR), and Vail Resorts, Inc. have brokered a truce. Park City Mountain Resort sold its base facilities, parking, lift ticket offices, lease on the terrain and other necessary functions for an operating ski resort for $182.5 million to Vail Resorts. In 2011, PCMR failed to renew its lease on the land that it operated with its land holding company, Talisker Corporation. Close to a year after the mistake was made, Talisker announced that Vail Resorts would assume the right to the disputed PCMR terrain and become the head representative of the legal battle. On September 9, after years of court hearings and mediation, PCMR recently agreed to pay a $17.5 million dollar bond to keep the resort up and functioning for the upcoming season. Then today, September 11, the sale was announced.
“Selling was the last thing we wanted to do, and while we believe the law around this issue should be changed, a protracted legal battle is not in line with our core value to be good stewards of the resort communities in which we operate,” said John Cumming, CEO of Powdr Corp. “A sale was the only way to provide long-term certainty for PCMR employees and the Park City community. My family and I are extremely grateful to have had the opportunity to play a role in making PCMR what it is today, and we deeply appreciate the dedicated employees and all of the people who have supported us over the years.”
“I think the most important piece of today’s announcement is it really ends all the litigation, the disruption and ensures that we will not be talking about any potential concerns around the resort operating at any time for the future,” said Rob Katz, CEO of Vail Resorts. “I think it provides comfort and long-term security to the company and to the employees of PCMR.” Vail also announced that PCMR will become part of the Epic Pass effective immediately. The Epic Pass is a popular multi-mountain season pass that is available for the 2014-2015 ski season.
So what does this mean for Park City Lodging, Inc.?
Park City Lodging, Inc. is embracing the change in ownership of PCMR and looking forward to the upcoming ski season. Rhonda Sideris, President of Park City Lodging, Inc. stated, “The important thing is that PCMR will operate for the ski season and we can get back to selling vacations without the uncertainty our guests and owners were faced with. Our guests have come to know and love Park City, our three resorts and everything we have to offer. We are very pleased that all three of our resorts will be operational year round, providing over 9300 skiable acres of terrain!”
Park City Lodging, Inc.’s Marlyn Taillon was interviewed on Fox News 13 in regards to the ownership change.
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Published on Thursday, September 11, 2014