PARK CITY, Utah
Vail Resorts, Inc. recently announced it had acquired Park City Mountain Resort (PCMR) from Powdr Corp. for $182.5 million in cash, subject to certain post-closing adjustments.
The acquisition includes all of the assets of Greater Park City Company (GPCC), the land used for ski terrain at the resort held by Ian Cumming, and certain base parking lands owned by Powdr Development Corp., which have approved zoning for approximately 687,000 square feet of residential and commercial development.
The acquisition does not include the Gorgoza tubing operation, located approximately 10 miles from the resort, which will be retained by Powdr Corp.
The future of PCMR (at least for the 2014/2015 ski season) was previously up-in-the-air, due to a long-running lease battle between Powdr and Vail Resorts, which was eventually dismissed in court, after Vail Resorts agreed to pay $182.5 million for the base facilities and lower ski terrain.
With the acquisition, it is said that all aspects of the previously disclosed litigation with respect to PCMR have been settled and the dispute will no longer pose any future threat to disrupt operation of the resort. It has been reported that Vail Resorts now controls an estimated two-thirds of Utah’s most lucrative ski market, in terms of overall market value.
Park City Mountain Resort offers two ski-friendly venues for meetings and events. The 7,975-square-foot Legacy Lodge can support corporate meetings, events and retreats, while the Mid-Mountain Lodge venue can accommodate various smaller business and social events.
