The Denver Post reports:
“Powdr Corp. has sold its Park City Mountain Resort to Vail Resorts for $183 million, ending a tumultuous year for Utah’s most popular ski destination.
"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," Powdr CEO John Cumming said in a statement. "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."
The deal requires Vail Resorts to retain Park City Mountain Resort employees.
Powdr owned the Utah resort for more than 20 years, growing it into one of the most popular ski areas in North America.
The sale ends a legal battle that pitted Cumming’s Powdr against its landlord Talisker Land Holdings. Powdr in April 2011 was a few days late in renewing its longterm lease with Talisker for more than 2,800 acres of upper terrain at Park City Mountain Resort. That lease, which dated back to the 1970s, had the resort paying roughly $150,000 a year.
Talisker took the opportunity to oust Powdr. It leased its neighboring Canyons ski area to Vail Resorts, offering the continent’s largest resort operator the chance to run Park City Mountain Resort if it handled the legal eviction process. Vail promised Talisker $25 million a year plus a share of revenue for the 4,000-acre Canyons, with an eye toward taking over Park City Mountain Resort and creating the largest single ski area in the country.
Powdr promised a fight. Cumming said if Vail and Talisker prevailed in the eviction, he would rip his chairlifts from the upper terrain and run a smaller resort from the base area land he owned on the border of the mountain and the village of Park City.”
DRAMA! Read the story at the Denver Post >