Secretive deal reached involving Canyons Village interests
March 2, 2018
A transaction was reached several weeks ago involving interests on the Canyons Village side of Park City Mountain Resort, but the parties have declined to provide details.
The transaction involved interests at the Canyons Village specially planned area. The parties were not named. TCFC Finance Co., LLC, which manages the property at Canyons Village, declined to provide details, including any role the Talisker Corporation had in the transaction. The Talisker Corporation more than a decade ago arrived in the Park City market and eventually acquired United Park City Mines, a major area landowner. Talisker Corporation also acquired the owner-operator of what was once Canyons Resort.
TCFC Finance Co., LLC also declined to discuss any role by Värde Partners, a firm with involvement on the Canyons Village side of PCMR since it was a separate property called Canyons Resort. The Minneapolis-based Värde Partners did not immediately provide a statement regarding the transaction requested by The Park Record.
Larry White, the CEO of TCFC Finance Co., LLC, said some of the interests involved in the transaction included stakes in land at the Canyons Village specially planned area.
White said Colorado-based Vail Resorts, which owns PCMR, was not a party in the transaction.
There has been little publicity, but the transaction apparently caused a stir in the real estate community. There was an increasing amount of chatter in the past week as those interested attempted to learn the details.
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White said there are no operational changes planned at Canyons Village based on the transaction. The management team at Canyons Village will remain intact, he said.
"We're moving forward with what we have begun," White said, adding, "the future of Canyons is extraordinary."
He said development plans will continue. There are significant development rights attached to the land on the Canyons Village side of PCMR, and it has been anticipated that projects there would progress as Vail Resorts solidifies its own long-term plans for the mountain resort itself.
The specially planned area is a County Courthouse designation that outlines the development potential there. Summit County Manager Tom Fisher said he heard chatter at the beginning of the week about a change in control at Canyons Village, but he did not have details.