By Alexandria Autrey
PARK CITY – Vail resorts announced Wednesday that the company entered a long-term lease with affiliate companies of Talisker Corporation for Canyons Resort in Park City, Utah.
Vail resorts will assume all of the resorts operations of Canyons while Talisker has retained the development rights for a 4 million square foot real estate at the resort.
“With 4,000 ski-able acres, easy access to the town of Park City and $75 million in recent resort improvements, Canyons is a perfect complement to our collection of world-class mountain resorts,” said Rob Katz, chairman and chief executive officer of Vail Resorts.
The transaction also incorporates the potential for the lease, without any additional consideration to include the land under the ski terrain of Park City Mountain Resorts that is adjacent to the Canyons. This subject is still pending litigation.
“We look forward to the litigation being resolved and hope that Vail Resorts can play a constructive role in helping to arrive at a solution that offers the best outcome for guests of both resorts,” said Rob Katz.
The Company also announced that purchasers of the Epic Pass for the 2013-2014 winter season will receive unlimited and unrestricted access to the Canyons, Vail, Beaver Creek, Breckenridge, Keystone, Northstar, Heavenly and Kirkwood.
The lease has an initial term of 50 years with six 50-year renewal options and provides for $25 million in annual fixed payments.