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2013-06-18 09:54:30
Vail Resorts Takes over Canyons Ski Resort

Canyons Ski ResortVail Resorts Inks 50 year lease agreement with Talisker Corporation

In an interesting move closely watched by industry experts Vail Resorts, one of the foremost brands of the ski industry took over the Canyons Resort, marking its maiden foray in the Utah region. Clearly part of a well thought out strategy on the part of Vail Resorts, Canyon Resorts with its 4000 acres of prime ski runs, and recent $75 million infrastructure upgrades, seamlessly becomes a part of their repertoire of world class resorts.

The deal is clearly beneficial to both the parties with Vail Resort having been given the option of 6 fifty year renewals of the lease while Talisker Corporation retains the development right at the resort. Furthermore, according to the agreement there is the distinct possibility of the lease expanding its acreage to include Park City Mountain Resort, presently under the ownership of a Talisker Corporation owned firm. This is contingent upon the successful resolution of a lawsuit involving that firm and the Park City Mountain Resort.

Talisker Corporation will be entitled to receive 42% of earnings before calculation of interest, taxes, depreciation, and amortization of the resort operations in excess of $35 million. Vail Corporation expects the deal to create an approximate debt obligation of $305 in its books.  The reason this deal is so important to Vail Resorts is the fact that Utah is emerging as a major ski market, and this gives them a chance to replicate their successes with resorts like Vail, Breckenridge, Northstar and Beaver Creek over there.

Vail Resorts has appointed Mike Goar as the General Manager of the Canyons Resort. He was formerly the Managing Director of the resort under Talisker Corporation and his appointment signals a seamless transition. The employees at Canyons Resorts are expected to be shifted to the Vail Resorts payroll from the 1st of July marking the completion of the first stage of the takeover.

This lease agreement makes the total number of ski areas under Vail Resort’s management ten. Canyons Resorts is expected to be included in their 2013-14 Epic Season Pass Program. This will create immense value for skiers who will now get unlimited skiing access across these 10 ski areas in 5 states. With this acquisition, Vail Resorts looks to aggressively market its suit of world class ski resorts to substantially increase the already impressive annual figure of 450,000 visitors.

 

Nick Coleman, Park City Realtor

By Nick Coleman
Call 435-640-7781 or email [email protected] 
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Related Information

Canyons Ski Resort Information

 

 
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