Vail Acquires Park City Mountain Resort, Doubling Utah Ski Options

The just announced and immediate $182 million purchase of Utah’s Park City Mountain Resort (PCMR) is a win-win for skiers in Utah and across the nation. The ski resort was mired in controversy and looked likely to be closed and miss the entire 2014-15 ski season after its owners apparently failed to properly renew their lease on the slopes. “We are very pleased to bring a permanent end to this dispute and provide assurance to the guests and employees of PCMR, and to everyone in the Park City community, that they no longer have to worry about any disruption to the operation of the Resort,” said Rob Katz, chairman and chief executive officer of Vail Resorts (NYSE: MTN).

Source: Forbes. Read More…

Intrawest buys half of Canadian ski resort it doesn’t already own

Denver’s Intrawest Resorts Holdings Inc. will pay $52.5 million for the half of Blue Mountain Ski Resort it doesn’t already own.

Intrawest (NYSE: SNOW), which operates the Winter Park and Steamboat ski resorts in Colorado, has been a partner in Blue Mountain since 1999. The company said Friday it has a definitive agreement in place and expects the purchase to close by the end of this month.

Blue Mountain is the largest ski resort in Ontario and is about 90 miles northwest of Toronto. Intrawest said it doesn’t anticipate making significant changes to the resort or to its staff.

Source: Denver Business Journal. Read More…

Cumming family acquires majority interest in Snowbird

The Cumming family, owner of Park City Mountain Resort parent Powdr Corp., has purchased a majority interest in Snowbird Ski and Summer Resort, the Little Cottonwood Canyon resort said on Monday.

The deal is between the Cumming family and the Bass family. Dick Bass was a co-founder of Snowbird in the 1970s and the family has owned the resort outright since the early part of that decade. Powdr Corp., the Cumming family-controlled firm that owns PCMR and other mountain resorts across the U.S., was not involved in the deal.

Source: Park Record. Read More…