Vail Resorts announced today (Sept. 11) it has purchased Park City Mountain Resort for a reported $182.5 million in cash. With announcement of the sale, the extended legal battle between Powdr Corp. and Vail/Talisker is over.
No decision was reached today (Aug. 27) at a court hearing where a bond amount was expected to be set in the ongoing legal dispute between Park City Mountain Resort and Talisker Land Holdings/Vail Resorts. Instead, the hearing will resume next Wednesday, Sept. 3 at 1:30 p.m.
Season tickets for 2014-2014 at Park City Mountain Resort will come with a promise to refund all or some of that cost if its landlord-neighbor wins a pending lawsuit – and the resort would close.
The ongoing legal dispute between Park City Mountain Resort and Talisker Land Holdings took another twist this week with a proposal from Vail Resorts to buy the only land that the resort owns outright -- an offer that was flatly rejected by Powdr Corp., the resort's parent company.
UPDATE 8/30/13: Vail Resorts has told Park City Mountain Resort it will not interfere with PCMR's resort operations for the 2013-14 season. This is in light of the eviction notice Talisker Land Holdings/Vail Resorts slapped on PCMR Wednesday.
Ding, ding, ding. Ladies and Gentlemen! In this corner, Talisker Land Holdings Corp. (TLH) from Toronto, Canada, weighing in at six Park City real estate developments, and the former operator of Canyons Ski Resort. And in this corner, Park City Mountain Resort (PCMR), about to celebrate its 50th year in Summit County, Utah, weighing in at 3,700 acres.
For nearly six months, skiers and riders have laid in wait wondering what the future might look like for Park City Mountain Resort (PCMR). Its dispute with Talisker is heading to trial.