Sale of The Canyons is final
Talisker Corp. Monday finalized its deal to buy The Canyons, an agreement that teetered for weeks as Talisker, one of the area’s biggest developers, repeatedly delayed the closing on the resort.
"We’re closed," Canyons spokesman Tim Vetter told The Park Record. "It’s better than being in limbo and I’m very excited."
According to Talisker Chief Executive Officer Jack Bistricer, "We expect to bring our brand and standard of development to this wonderful resort over the coming years."
"We, along with our team in Park City and The Canyons employees, look forward to unlocking the wonderful potential of The Canyons resort, and to our continued and growing involvement as members of the community," Bistricer said in a prepared statement.
The Toronto-based developer, which is building parts of Empire Pass, announced its intentions to purchase The Canyons from Park City-based American Skiing Company last July. Talisker has done business in Park City since 2000.
Talisker completed the sale June 30 by paying ASC $123 million, a document filed Monday with the Securities and Exchange Commission states.
The proceeds were received in the form of $51 million in cash and $71 million "in secured senior notes," the SEC document states.
Talisker has tried to close the sale since 2007. American Skiing Co. intends to use proceeds from the sale "in accordance with its plan of dissolution, which was approved on June 20, 2007," according to the SEC report.
But land at The Canyons is still controlled by Wolf Mountain Resorts, which will be Talisker Canyons Finance Company’s landlord at the resort.
Colorado-based Vail Resorts Inc., which was interested in buying The Canyons, is suing Talisker in Denver District Court claiming the builder interfered with its efforts to buy the resort near Park City.
Support Local Journalism
Support Local Journalism
Readers around Park City and Summit County make the Park Record's work possible. Your financial contribution supports our efforts to deliver quality, locally relevant journalism.
Now more than ever, your support is critical to help us keep our community informed about the evolving coronavirus pandemic and the impact it is having locally. Every contribution, however large or small, will make a difference.
Each donation will be used exclusively for the development and creation of increased news coverage.
Start a dialogue, stay on topic and be civil.
If you don't follow the rules, your comment may be deleted.
User Legend: Moderator Trusted User
Park City officials are preparing to take what is considered to be an important step in protecting the Treasure land from wildfires. City Hall in early June requested proposals from firms interested in the work.