Powdr has sold PCMR base, water and lifts to Vail
September 11, 2014
Powdr, Park City Mountain Resort’s parent company, announced Thursday morning it had agreed to sell its interests in the ski area to Vail Resorts.
According to a press release from Powdr, the deal includes "the PCMR base area, parking, lower ski terrain and lifts, as well as water and snowmaking for the entire mountain to Vail Resorts, Inc., effective immediately."
A concurrent press release from Vail Resorts disclosed the purchase price as $182.5 million in cash, "subject to certain post-closing adjustments."
The release quotes Powdr CEO John Cumming as saying, "Selling was the last thing we wanted to do, and while we believe the law around this issue should be changed, a protracted legal battle is not in line with our core value to be good stewards of the resort communities in which we operate. A sale was the only way to provide long-term certainty for PCMR employees and the Park City community.
"My family and I are extremely grateful to have had the opportunity to play a role in making PCMR what it is today, and we deeply appreciate the dedicated employees and all of the people who have supported us over the years," Cumming added.
The release goes on to ensure that PCMR employees will keep their jobs.
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According to the release, "the agreement with Vail Resorts stipulates that Vail must retain PCMR employees in their current roles."
"The sale positions Powdr well for future growth, and we’re excited to explore new lifestyle and mountain sports opportunities," Cumming added. "We’re happy that the community now has long-term certainty and we trust Vail will responsibly carry forward the legacy of PCMR and be a champion for the Park City community."
The sale does not include the Gorgoza tubing resort which still belongs to Powdr.
–Nan Chalat Noaker