Turnaround firm takes over for Talisker at Canyons
June 28, 2013
Talisker is no longer the lead developer at Canyons. Investors have taken control of the development rights and have brought in an interim manager to help with the transition.
Flera, LLC, a subsidiary of Värde Partners, Inc., has assumed management control.
In a statement issued Thursday, Flera identified itself as a longtime partner in development at Canyons and said that its goal "is to make this transition as seamless and effective as possible for all of our guests, residents, employees and operators."
According to Flera, the group has been involved with Canyons Resort since 2010, helping to oversee more than $85 million in improvements.
In taking over Talisker Canyons Finance Company, Flera now owns the development rights to "four million square feet of real estate at the Canyons Resort, construction of the Canyons golf course, and oversight of the Waldorf Astoria Park City hotel." The statement also emphasizes that the recent agreement turning over operations of Canyons Resort to Vail remains in place.
"Above all, it is business as usual at Canyons, "the statement concludes.
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Members of the Summit County Council learned Wednesday that Jack Bistricer, CEO of Talisker Corporation, was no longer in control of development at the resort.
County Manager Bob Jasper told the council that an interim firm, Alvarez & Marsal, had taken over Talisker Canyons Finance LLC, the company formed when Talisker purchased Canyons from American Skiing Company Utah in 2007.
On its web site, Alvarez & Marsal is described as a firm specializing in turnaround and interim management.
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 the golf course, a convention center, a transit plan and affordable housing, he said.
He told the council he would remain firm in enforcing those requirements.
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 comment.
On Friday, Jasper told The Park Record he had received verbal assurances that all of the obligations Talisker had undertaken would be fulfilled.
"I talked to Jack Bistricer this morning and he said he wanted to assure me the golf course and other things would be done, that Talisker is solvent and that he still owns 50 percent of the resort. He is just no longer the lead developer."
Jasper added, "I appreciate that and I trust him. We just need to work out the details."