Ski industry » Litigation between ski Goliaths put to rest as Vail buys resort from Powdr Corp.
By Christopher Smart
The Salt Lake Tribune
Vail Resorts has purchased Park City Mountain Resort for $182.5 million in cash, creating the country’s largest ski resort covering more than 7,000 acres.
The Colorado resort announced the acquisition Thursday morning, adding that the sale resolves all litigation with Powdr Corp., Park City Mountain Resort’s parent company.
Vail said PCMR and Canyons Resort, which it operates for Talisker Land Holdings, would be combined for the 2015-16 season. But PCMR will be added immediately to the resort’s popular Epic Pass, which offers passholders skiing opportunities at all of Vail’s resorts in the United States — plus a few ski areas overseas.
The purchase involves about 687,000 square feet of residentially and commercially owned property owned by Powdr Corp. at the resort base. It does not include Gorgoza, a tubing hill just below Parleys Summit.
Vail CEO Rob Katz said he was pleased that the sale would “bring a permanent end” to litigation between Talisker/Vail and Powdr Corp. that for months had threatened to close PCMR this winter.
That threat was put to rest Tuesday when Powdr Corp. posted a $17.5 million bond to operate the resort this coming winter while it appealed a judge’s ruling that Talisker had a right to evict PCMR from the mountain for failing to renew its lease on time in 2011.
Ending that dispute, said Vail CEO Rob Katz, will “provide assurance to the guests and employees of PCMR — and to everyone in the Park City community — that they no longer have to worry about any disruption to the operation of the resort.
"This has been a difficult period for everyone involved," he added, "and I commend John Cumming and Powdr Corp. for helping to find a solution to this situation."
Cumming said “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.”
He added that “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 agreement, Cumming said, requires with Vail Resorts to retain PCMR employees in their current roles.
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