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Vail now owns PCMR

post #1 of 10
Thread Starter 
For those who've grown tired of that other thread:

Katz says Vail owns PCMR. Here's the email I received:


Dear Vail Resorts Employees,

I am excited to share with all of you a defining moment in Vail Resorts’ history. Today we announced that the Company has acquired Park City Mountain Resort (PCMR) from Powdr Corp. The acquisition includes all of the assets of Greater Park City Company (GPCC), the land used for ski terrain at the resort held by Ian Cumming and certain base parking lands owned by Powdr Development Corp., which have approved zoning for 687,000 square feet of residential and commercial development.

I realize this has been an incredibly difficult situation for everyone involved, and we have worked diligently over a long period to bring an end to this dispute and arrive at a long-term resolution that will provide assurance for employees and guests of PCMR and the entire Park City community.

Effective immediately, Blaise Carrig, Vail Resorts President, and former president of Canyons Resort from 1997-2002, will act as interim chief operating officer for the resort and lead us through the integration while an internal process is undertaken to find a permanent resort lead.

As you know, PCMR 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 the Vail Resorts family. Ultimately we would like to connect the ski experiences of PCMR and Canyons to create the largest single mountain resort in the United States with 7,000 skiable acres (yes, even bigger than Vail!). We will be discussing this opportunity, and how best to accomplish it, with employees and with the entire Park City community.

From a mountain operations perspective, PCMR and Canyons will remain separate for the 2014-2015 winter season. All PCMR passes for the 2014-2015 season will continue to be honored and can be exchanged or upgraded for a season pass that will also be valid at Canyons – and the majority of all lift tickets sold at either resort will be valid at both PCMR and Canyons. What’s more, the acquisition will allow us to immediately bring PCMR onto the Epic Pass and Epic Local Pass for this season, which will offer skiers from across the country and around the world, access to 22 resorts, including Park City and Canyons in Utah; Vail, Beaver Creek, Breckenridge, Keystone and Arapahoe Basin in Colorado; Heavenly, Northstar and Kirkwood in Tahoe; and also five free days of skiing at each of our international partnership resorts, Verbier in Switzerland, Les 3 Vallees in France and Niseko United in Japan.

As I have said on previous occasions, while there are many ski resorts around the world, only a select few meet the criteria we look for to grow Vail Resorts. PCMR offers terrain for every type of skier and snowboarder, from perfectly manicured groomers to powder-filled bowls and some of the industry’s most progressive terrain parks and half pipes. Located in the heart of historic Park City, Utah – one of the country’s greatest ski towns – PCMR was named the fifth best resort in North America by readers of SKI Magazine in 2014. The mountain resort’s 16 lifts serve 114 runs, nine powder-filled bowls, four terrain parks and two half pipes. The mountain also offers many summer adventures including one of the world’s longest alpine slides, a nearly 4,000-foot long alpine coaster, zip lines and more than 70 miles of hiking and biking trails.

I know you’ll join me in giving all PCMR employees a very warm Vail Resorts welcome. I heard it reflected recently that PCMR employees are the reason that the resort is considered such a special place in the legendary Park City community – I wholeheartedly agree. We look forward to welcoming the PCMR employees into the Vail Resorts family, and working with them over the coming weeks and months to prepare for this winter season, deliver the Experience of a Lifetime to our guests and identify opportunities to elevate the guest experience even further in the future.

There will no doubt be many questions related to the acquisition and integration of PCMR and our transition team is committed to providing timely answers to your questions as best as we can over the coming weeks and months. In the meantime, you can view the news release we just distributed nationally and internationally here.


All the best,

Rob
post #2 of 10

Wowza. 

 

I guess it's a big thumbs up for locals and Utah skiers.

post #3 of 10

Color me surprised. ;)

post #4 of 10

Any word yet on how much they ended up paying?

 

Edit: I see the SLT says $182 million. 

post #5 of 10
Quote:
Originally Posted by Gunnerbob View Post
 

Wowza. 

 

I guess it's a big thumbs up for locals and Utah skiers.

 

Definitely a thumbs up for the town of PC and its residents.  The outcome could have been much worse, negatively impacting the town for many years to come.

 

However, I am not sold on the idea that this is good for "all" locals and Utah skiers.  With the marketing power of Vail and the ability to now claim "the largest single ski resort in the US", I would imagine that the skier visits to PCMR/Canyons will increase significantly.  For those who are familiar with Summit County (CO), a visit to Summit County (UT) will be no big deal.  In fact, it may feel a bit "less crowded" for the next few years.  However, those who are familiar with Utah skiing may feel differently, with larger crowds, longer lift lines, and generally more congestion on the slopes as well as around town.

 

Don't get me wrong, I think the outcome is likely the best scenario for PC.  However, I'm not sure all Utah skiers consider it a "big thumbs up".


Edited by NeedToSki - 9/13/14 at 11:24am
post #6 of 10

I know there's another thread dealing with the history, but it's pretty huge at this point. Here's Opensnow's Cliff's Notes version...

 

http://opensnow.com/news/post/vail-resorts-buys-park-city-mountain-resort

post #7 of 10

Jc,

 

Thanks for the link. For those that want a little more info on the back story, it's a quick read and it got the effective impact of many of the details right even though it got a huge number of specifics wrong (e.g. rent wasn't going to be $17.5/year - that was the bond amount to appeal the ruling - but it worked out to be effectively a rent cost for PCMR for those who don't have time to argue the details).

post #8 of 10
Quote:
Originally Posted by TheRusty View Post
 

Jc,

 

Thanks for the link. For those that want a little more info on the back story, it's a quick read and it got the effective impact of many of the details right even though it got a huge number of specifics wrong (e.g. rent wasn't going to be $17.5/year - that was the bond amount to appeal the ruling - but it worked out to be effectively a rent cost for PCMR for those who don't have time to argue the details).


They also missed the part about......PCMR owning the base, lower mountain, water rights, Ian Cummings financial weight....

 

That's all just history now but the piece was about...um...the history.

post #9 of 10

Things now clarified regarding Park City and Canyons on Epic Local Pass...

 

Resort Access

Unlimited, unrestricted skiing or riding at Breckenridge, Keystone, Afton Alps, Mt. Brighton and Arapahoe Basin with limited restrictions at Park City, Canyons, Heavenly, Northstar & Kirkwood. Also includes a total of 10 days at Vail and Beaver Creek with holiday restrictions.

 

Blackout Dates

Vail, Beaver Creek, Park City, Canyons, Heavenly, Northstar & Kirkwood restricted: 

11/28/14-11/29/14, 12/26/14-12/31/14, 1/17/15, 2/14/15-2/15/15.

 

-$59 tickets available on blackout dates at Canyons, Heavenly, Northstar, and Kirkwood. 

 

http://www.snow.com/epic-pass/passes/epic-local-pass.aspx

post #10 of 10
Quote:
They also missed the part about......PCMR owning the base, lower mountain, water rights, Ian Cummings financial weight....

+1 The Denver Post link within that article is much better.

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