Vail Resort’s purchase of Park City big for skiers
Skiers and riders looking for a bargain, or at least one of the most inclusive ski passes available, cheered recently when Vail Resorts announced the purchase of Utah’s Park City Mountain Resort.
The $182 million package solves a major controversy facing the Park City resort, which might have closed this year after missing a deadline to renew its long-term lease for the private land on which it operates.
The purchase by Vail assures the resort will stay open for this and future ski seasons, said Rob Katz, chairman and CEO of Vail Resorts.
Vail purchased Park City from Powdr Corporation, which owns Copper Mountain, Killington (Vermont) as well as several other resorts.
Vail also operates nearly two dozen resorts in Colorado (Vail, Beaver Creek, Breckenridge, Keystone), California (Heavenly, Northstar, Kirkwood), Utah (The Canyons) plus smaller resorts in Michigan and Minnesota.
Katz said plans call for connecting Park City Mountain with nearby Canyons Resort for the 2015-16 ski season.
“It’s an opportunity to create for Utah an iconic destination,” he said.
Katz said Park City will be added to Vail Resorts’ Vail’s Epic Pass Program, which this year costs $749 and allows access to 22 Vail-operated resorts, including those in the U.S., plus resorts in Japan, Switzerland and France.
Park City Mountain Resort has 16 lifts and 114 trails and is especially well-regarded for its four terrain parks and two half pipes.
The resort also has a direct connection to the heart of Park City.
The purchase agreement includes the resort’s base area, which includes property zoned for residential and commercial development, as well as parking, lower ski terrain and lifts.