Park City timeshares are about to boom in popularity. Over the winter and spring we have been following the lawsuit between Vail Resorts and Park City Mountain Resort (PCMR). In May, the court finally ended the dispute on a backdated lease between PCMR and Talisker, ruling in favor of Vail Resorts. Park City residents, tourists and employees alike have been waiting to see what Talisker would do with PCMR. That question was answered last week when Vail Resorts bought PCMR from Powdr Corp. for $182.5 million in cash.
With the buyout all aspects of the lawsuit have been settled and the dispute between Vail Resorts and PCMR will no longer pose a threat to disrupting the upcoming ski season, a major concern of employees and fans of the resort.
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. These base areas have received zoning approval for approximately 687,000 square feet of residential and commercial development, something we can expect Vail Resorts to break ground on in the next few years. The acquisition does not include the Gorgoza tubing operation, located approximately 10 miles from the resort, which will be retained by Powdr Corp.
The buyout has been well received by the Park City community. Employees are relieved to know there will be no disruption in the 2014-2015 ski season at PCMR and tourists and residents alike are elated to hear the PCMR will join the Epic ski pass lineup.
The Epic ski pass comes in two forms. The Epic Pass, which allows holders access to all ski areas owned by Vial Resorts, and the Epic Local Pass, which will give holders access to Canyons and PCMR. Vail Resorts plans to unite the two Park City resorts, but the two will remain separate for this ski season.
The acquisition of PCMR by Vail Resorts is exciting for residents and frequenters of Park City. While Canyons and PCMR are world-class resorts on their own, the union of the two will equal over 7,000 acres of skiable terrain, making it the largest ski resort in the United States. This combined with the Epic Pass, which will allow avid skiers access to resorts across the country with one ticket, makes Park City a very desirable location for snow-philes across the globe.
Photo Credit: Marriott’s Mountainside website
