Park City Mountain Resort Base Area Sold to Vail Resorts
Powdr, a privately owned and operated lifestyle and mountain sports company, is selling Utah's Park City Mountain Resort base area, parking, lower ski terrain and lifts, as well as water and snowmaking for the entire mountain to Vail Resorts. The transaction ends a standoff that threatened the 2014-'15 ski season on the mountain. According to NBC News, the resort had been run for years by PCMR, owned by the Cumming family, who were paying $155,000 a year to rent the top of the mountain from a Canadian company called Talisker. When the lease lapsed in April 2011, Talisker transferred it to Vail Resorts, which agreed to pay $25 million per year. A court ordered that PCMR be evicted, but the sales negates that order.
"Selling was the last thing we wanted to do, and while we believe the law around this issue should be changed, a protracted legal battle is not in line with our core value to be good stewards of the resort communities in which we operate," said John Cumming, CEO of Powdr. "A sale was the only way to provide long-term certainty for PCMR employees and the Park City community. My family and I are extremely grateful to have had the opportunity to play a role in making PCMR what it is today, and we deeply appreciate the dedicated employees and all of the people who have supported us over the years." The new agreement stipulates that Vail Resorts must retain PCMR employees in their current roles. Under Powdr's more than 20 years of ownership, PCMR has grown into a world-class resort that continuously ranks among the top five resorts in North America.