In 2007 The Canyons, located adjacent to Park City Ski Resort, was bought from its defunct owner American Skiing Co. by Talisker, who also owns the lease for the Majority of the land that Park City is operating on. Since that time Talisker had poured over $75 million into infrastructure, snow making, lifts and the list goes on.
Vail was also a major competitor in the buyout of The Canyons 6 years ago. After the deal was struck, Vail felt cheated and sued. Vail claimed that they had offered more and should receive the property. In 2009 Vail dropped the suit but still desperately wanted a stake in the “Greatest Snow on Earth”.
Now Vail has what they want, a ski resort in Utah. Vail announced earlier today that they had struck a lease deal with Talisker to operate The Canyons. Talisker will only be retaining control of the 4 million square feet of real estate at The Canyons.
The details at this point are fuzzy but will bring major changes to the snow sliding scene of Utah. So far what we know is Vail will be making annual payments to the sum of $25 million dollars per year adjusted for inflation for the coming years, in addition to a percentage fee based on resort earnings. The lease of the 4000 acres of land that The Canyons operates on has a 50 year term with six 50 year renewal options.
It is still very unclear at this point what will end up happening in the lawsuit involving PCMR and Talisker. Blaise Carrig, who operates the Mountain Division at Vail Resorts has declined to speak about the dispute between the two, but has implied that Vail may now have the ability to take over some of the land that PCMR operates on. Vail has also declined to comment on how this may effect the long embattled “Ski Link” project that has been a very hot topic in Utah for years now.
We will continue to bring you more news about these major changes to the 2013-2014 Utah ski season as more information becomes available.