Vail, Colorado (USA) has just purchased Park City Mountain Resort in Utah for US $182,500,000 (141 million Euros). Vail will get the terrain owned by Utah’s Park City Mountain Resort (PCMR) along with the base facilities, the parking, lift ticket offices, and other parts required for a functioning ski resort. The base also has zoning approval for almost 700,000 square feet of residential and commercial development.
Vail immediately announced plans to extend Epic Pass to include Park City for the 2014-15 ski season. The company also intends to connect its neighboring resort, Canyons, with Park City Mountain as early as the 2015-16 season, creating the largest single ski resort in the United States.
The deal brings to an end an epic legal battle between Vail and Powdr, the parent company of Park City Mountain Resort. In 2011, PCMR failed to renew its lease on the upper 85 percent of its terrain, which it was leasing from a company called Talisker. The mistake went largely unnoticed until that winter, when Talisker brought it to light and declared that PCMR was no longer a lawful tenant. Powdr disagreed, and the landlord and its tenant went to court.
Vail Resorts stock jumped almost 8 percent in early trading on Thursday