Colorado-based Vail Resorts, Inc. is acquiring Powdr’s Park City Mountain Resort in a deal worth $182.5 million in cash, the company announced Thursday. The company says the acquisition includes the lower ski terrain, water, snowmaking equipment, lifts and more than 680,000 square feet of land at the base which is zoned for commercial and residential development.
PCMR says agreement also includes retention of employees in their current roles
“The sale positions Powdr well for future growth, and we’re excited to explore new lifestyle and mountain sports opportunities,” said John Cumming, CEO of Powdr in a news release. “We’re happy that the community now has long-term certainty and we trust Vail will responsibly carry forward the legacy of PCMR and be a champion for the Park City community.”
PCMR will be added to Vail Resorts’ Epic Pass
The 2014-15 Epic Pass gives members unlimited and unrestricted skiing and snowboarding access to Vail’s 22 resorts, which also includes neighboring Canyons in Park City.
Vail Resorts Acquires @PCski, settles all litigation & @PCski is now EPIC! http://t.co/4CuEjiM1Cb #EpicPass #SkiUtah pic.twitter.com/GSvUeVrDVP
— VailResorts (@VailResorts) September 11, 2014
Vail says the acquisition “settles all litigation”, and ends a dispute between Talisker Land Holdings and Powdr Corp. which put the operation of the resort in question for the last few years. “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.”
