Wolf Mountain sells to newcomer to Park City development circles
July 22, 2011
A business entity led by a newcomer to Park City development circles earlier in July gained control of Wolf Mountain Resorts, L.C., the firm that was at the center of a long-running dispute about the future of Canyons.
Joe Wrona, a Park City attorney who represents the buyer, said the business entity is known as Canyon Mountain Partners, LLC. It purchased 100 percent of the ownership interests in Wolf Mountain Resorts, which included the interests of Kenny Griswold and Michael Baker, Wrona said. Terms were not disclosed.
Wolf Mountain Resorts either owned or was the primary leaseholder of the resort’s terrain, leasing or subleasing to the Talisker-controlled ASC Utah for Canyons. Through the deal, Canyon Mountain Partners now controls the land and the primary lease, Wrona said.
An attorney representing Wolf Mountain Resorts declined to comment. Griswold did not immediately return a phone message seeking comment.
The purchase puts Canyon Mountain Partners in a critical role as Canyons and its owner attempt to emerge from the uncertainty and litigation involving the Griswold-led Wolf Mountain Resorts that marred recent years. A jury in May awarded $54 million to the ownership of Canyons, leading to a bankruptcy filing by Wolf Mountain Resorts.
Canyon Mountain Partners is led by Ken Abdalla, Wrona said. Abdalla also leads the business entities that recently made a substantial investment in Main Street. The Main Street deals included the Imperial Hotel, a majority of the units in the Silver Queen Hotel, a building at 692 Main St. and a vacant lot.
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Abdalla in just a few months has become one of the most important development figures in the area, with his influence stretching from Canyons to the top of Main Street. Wrona said an Abdalla firm also recently closed on the purchase of the Fairway Springs Ski & Golf Villas development, which is under construction at the base of Canyons.