Park City Investor

Vail takes over Lease at Canyons Resort!

This could be a great benefit for Park City Real Estate and everyone who loves to ski here! Vail Resorts has reached an agreement with Talisker to lease Canyons Resort in Park City, Utah and assumed all resort operations while Talisker will retain the development rights of the resort. Vail was given a lease term of 50 years with an option of six 50-year renewals. It may also have the possibility to lease Park City Mountain Resort in case the litigation between PCMR and Talisker is decided in Taliskers favor.

Although Talisker has made $75 million in mountainside improvements since it acquired the Canyons in 2007, more could be on the way. But Vail is in the early stages of evaluating and crafting a plan for the resort, and many things are yet to be determined. Overall, this is a great opportunity for the Canyons. Vail is a leader in the mountain resort industry and will hopefully replicate its success here in Park City.

This next season Canyons will offer the Epic Pass which is a multi-resort pass sold by Vail Resorts. This season pass allows people to ski/ride Canyons on an unlimited and unrestricted basis as well as other resorts such as Vail, Beaver Creek, Breckenridge, Keystone in Colorado and the Lake Tahoe-region resorts of Northstar, Heavenly and Kirkwood. Current price for a season pass is $689.

The Ski Link gondola to connect Solitude and Canyons still needs to be researched and discussed by Vail.

For more information on Canyons Real Estate contact Resort Specialist Steve Blankenship at 435-640-6966.