Talisker relinquishes controlling interest at Canyons Resort
June 27, 2013
Talisker is no longer in charge of development at Canyons Resort.
Summit County Manager Bob Jasper told councilmembers on Wednesday that an interim manager has taken over for Talisker Canyons Finance LLC, the company formed when Talisker purchased Canyons from American Skiing Company Utah in 2007.
According to Jasper, the interim manager is Alvarez & Marsal. On the company’s web site, the firm is described as a specialist in "turnaround and interim management" that "is known for its distinctive restructuring heritage."
Jasper said the county’s biggest concern revolves around the outstanding obligations that Talisker agreed to in exchange for development rights at Canyons. Those obligations include a golf course, convention center, a transit plan and affordable housing, he said.
"At this stage we don’t have a developer, we have an interim manager," Jasper said, adding he would remain firm in enforcing those requirements.
Jasper admitted the financial restructuring at this point is unclear. He said Alvarez & Marsal was brought in by one of the investors involved with Talisker Canyons Finance LLC.
Recommended Stories For You
Jasper also said another entity had been formed last month as part of Vail’s agreement to take over management of the Canyons. In that agreement Vail obtained a 50-year lease to manage the resort but Talisker retained development rights.
The council members’ responses were mixed but council member Chris Robinson advised against overreacting.
"We have a deal regardless of ownership, " he said, adding, "It might be better."
In addition to property at Canyons, the Canada-based real estate firm, Talisker, has developed projects in Empire Canyon and on the East Side of Summit County. Talisker representatives did not respond to The Park Record’s requests for a comment.