Jim, Deb, and Rob discuss a myriad of topics including the sale of Park City Mountain Resort to Vail and Park City's current hottest home market.
18,000 acres of skiing, 100 lifts, one lift pass. Sound good? Thats Ski Utahs plan for the future of northern Utah. While the outcome is not yet certain, resort partners are working together to offer visitors truly unrestrained access to the mighty Wasatch mountains.
Tourism amounts to $7 billion in revenue a year for Utah, 20% of which comes from skiing. The One Wasatch concept would connect seven ski areas (Deer Valley, Park City Mountain Resort, Canyons Resort, Solitude, Brighton, Alta, and Snowbird) in three different drainages (Park City, Big Cottonwood Canyon, Little Cottonwood Canyon). Were the concept to be fully realized, Utah would be the only place in North America to offer a similar experience. One Wasatch would allow Utah and seven of its leading, unique resorts to offer more options to visitors.
Further, having taken into consideration various concerns voiced by local backcountry skiers and ecologists, the new concept has been designed to protect popular backcountry terrain, watershed areas, and minimize ecological footprint. In a meeting with Berkshire Hathaway Utah Properties this morning, Nathan Rafferty, President and CEO of Ski Utah, shared, Connecting seven of Utahs finest ski resorts while preserving both our water quality and a pristine backcountry experience is not an impossible task. With thoughtful planning and sincere cooperation, One Wasatch would add significantly to what is already one of the greatest ski destinations in the world."
Ski Utah and its champions will continue to work closely with Mountain Accordto ensure that the public is made aware of any developments pertaining to the concept and that our pristine environment is kept that way.
The concept would be funded entirely by private parties, costing the general public nothing. Statistical studiessupport the belief that the concept would build upon the already robust Utah ski industry, which amounts to 4.2 million visits a year and 18,000 jobs.
We look forward to the future of Utah's ski industry. It's thrilling to watch the constant evolution of our Wasatch playground.
Powdr Corp. has sold its Park City Mountain Resort to Vail Resorts, ending a tumultuous year for Utah's most popular ski destination.
"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," Powdr CEO John Cumming said in a statement. "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 deal requires Vail Resorts to retain Park City Mountain Resort employees.
Powdr owned the Utah resort for more than 20 years, growing it into one of the most popular ski areas in North America.
According to Vail's Press Relesase, with the acquisition, all aspects of the previously disclosed litigation with respect to PCMR have been settled and this dispute will no longer pose any future threat to disrupt the operation of the resort.
"First and foremost, 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. This has been a difficult period for everyone involved and I commend John Cumming and Powdr Corp. for helping to find a solution to this situation," said Rob Katz, chairman and chief executive officer of Vail Resorts.
"Park City Mountain Resort is one of the most spectacular mountain resorts and iconic brands in the ski industry and I am proud to have the resort become a part of Vail Resorts. The acquisition will allow us to immediately bring Park City Mountain Resort onto the Epic Pass, which will now offer skiers from across the country and around the world access to 22 resorts. We look forward to working collaboratively with the entire Park City community, as well as city and county officials, as we chart the future for the resort, including how we can best bring the Canyons and Park City ski experiences together to create the largest mountain resort in the United States," he added.
Mountain operations of PCMR and Canyons will remain separate for the 2014-2015 ski season. However, the Epic Pass and Epic Local Pass will be valid at PCMR. All PCMR passes for the 2014-2015 ski season will continue to be honored and can be exchanged or upgraded for a season pass that will also be valid at Canyons. The majority of all lift tickets sold at either resort will be valid at both PCMR and Canyons.
PARK CITY, Utah Park City Mountain Resort will have a ski season.
In a statement to FOX 13, PCMRs parent company, Powdr Corp., said it would post a court-ordered $17.5 million bond to ensure a 2014-15 ski season.
Our goal has always been to keep PCMR open for the upcoming 2014-15 season and beyond, Jenni Smith said, PCMR General Manager. Paying the bond ordered by the judge will provide our employees, the Park City community and our many guests the certainty theyve been waiting for about our upcoming ski season.
The bond being posted is a sigh of relief for the Park City community, which was bracing for a major economic loss if PCMR were to close.
PCMR has been in litigation with the landlord over the mountain, Talisker Holdings.
A judge in Silver Summits 3rd District Court ruled PCMR missed a deadline to renew its lease on the mountain.
Talisker wants to evict PCMR and bring in Vail Resorts, which operates the nearby Canyons resort.
Complicating matters is the fact that PCMR owns the base of the mountain, including the parking lots, buildings and other infrastructure.
The judge ordered both sides into mediation, but so far no deal has been reached.
In the statement to FOX 13, Smith expressed hope those talks would continue.
I am very happy that the resort will be open this year, Smith said. While the most important outcome today is that PCMR will be open for business, the bond payment is only a short-term solution for the 2014/15 season. As such, we will continue working with Vail toward a reasonable and fair long-term solution.
Park City Mountain Resort, in a filing with the Utah court overseeing litigation with Vail Resorts MTN -1.24% over a disputed lease, said it shouldnt have to pay more than $1 million a year for the 3,000 acres that constitute most of the skiable acreage on the mountain.
Park City and Vail were required to present arguments for how much the mountain is worth so the Summit County court can set a bond as Park City pursues an appeal of a previous order evicting it from the land. The filing suggests the two are still very far apart on the numbers; landowner Talisker Corp. was demanding $7.7 million a year, Park City said, before it entered into a $25 million-a-year lease arrangement with Vail under which the Colorado ski resort operator took over control of the litigation.
In its filing with the court, Talisker asked for half of Park Citys earnings from the mountain, which it redacted because it said it was supplied the information on a non-public basis. (Based on the size of the blacked-out text and other comments in the filing, its seeking at least double-digit millions.) Talisker and Vail also want the equivalent of treble damages which they are entitled to if they win. At the very least the company asked for rent that from other indications in the redacted filing suggest $14-$15 million a year.
PARK CITY, Utah A judge has signed an order that clears the way for Park City Mountain Resort to be evicted from the mountain.
At the end of a hearing over the eviction issue in Silver Summits 3rd District Court on Thursday, Judge Ryan Harris granted a request by Talisker Land Holdings to evict PCMR. However, the judge halted enforcement of that order until August 27 and ordered both sides to go into mediation.
I think it would be in everyones best interest, he told a packed courtroom. I think you all owe it to the folks who are dependent on this resort operating in something close to what its done businesses, the community
In a ruling last month, Judge Harris said that PCMR missed a key deadline to renew its lease on the mountain. At Thursdays hearing, Talisker, which is the landlord over the mountain, urged the judge to sign the eviction order.
They make millions off our property, which they dont have any right to be on, Talisker attorney John Lund told the judge.
Evicting Park City Mountain Resort is easier said than done. While Talisker owns the slopes, PCMR owns the base of the mountain including the ski lifts, the parking lot and much of the development around it.
These parties are bound at the hip and this is a resort that is integrated with the Talisker land and the PCMR land and we have to make a deal, PCMR attorney Alan Sullivan said outside court.
Tags: Park City Utah real estate, Park City Utah Berkshire Hathaway, Jim Lea, Deb Hartley, Rob Lea
Posted in Park City News, Real Estate | 0 Responses to "Jim, Deb, and Rob discuss our exciting transition to Berkshire Hathaway HomeServices"
©2014 Berkshire Hathaway HomeServices Utah Properties. Independently owned and operated. Berkshire Hathaway HomeServices and the Berkshire Hathaway HomeServices symbol are registered service marks of HomeServices of America, Inc®. Equal Housing Opportunity.
The information provided is for consumers' personal, non-commercial use and may not be used for any purpose other than to identify prospective properties consumers may be interested in purchasing. All properties are subject to prior sale or withdrawal. All information provided is deemed reliable but is not guaranteed accurate, and should be independently verified.
The multiple listing information is provided by Park City Board of Realtors® from a copyrighted compilation of listings. The compilation of listings and each individual listing are ©2014 Park City Board of Realtors®, All Rights Reserved. Access to the multiple listing information through this website is made available by each individual listing brokerage as referenced above as a member of the Park City Board of Realtors® multiple listing service.