Vail Resorts wants to buy Utah’s Canyons
VAIL ” Vail Resorts is trying to buy The Canyons ski resort in Utah for $110 million, according to a filing with the Securities and Exchange Commission.
That offer comes after a deal for the sale of the Park City, Utah, resort was announced earlier this month.
Vail Resorts and American Skiing Company were “on the brink of deal” for the sale of The Canyons on July 10 when the deal fell through, Vail Resorts Chief Executive Officer Rob Katz wrote in a letter to American Skiing Company.
Another company, Peninsula Advisors, stepped in and threatened legal actions against American Skiing Company if the deal went forward, Katz wrote.
On July 15, a deal was announced between American Skiing Company and a subsidiary of the Toronto-based Talisker Corporation for the sale of The Canyons.
In the letter, Katz expressed “surprise and disappointment” at that deal. He wrote that Vail had “commenced legal action” against Peninsula Advisors and Talisker.
Vail Resorts spokeswoman Kelly Ladyga confirmed Vail Resorts’ interest in buying Canyons but said she could not comment further because it involves pending litigation.
Katz wrote that Vail Resorts has now offered $110 million for The Canyons, upping Talisker’s offer by $10 million. Katz wrote that he was concerned about American Skiing Company’s “lack of engagement with Vail Resorts” to find out if VR could give them a better deal.
American Skiing Company has recently sold off its ski resorts to satisfy debts. The Canyons is the last resort to be sold off. American Skiing Company sold Heavenly to Vail Resorts in 2002.
“We look forward to working with you to arrive at a mutually beneficial transaction and are confident that, with the benefit of Vail Resorts’ experience developing and operating world-class mountain resorts, The Canyons will realize its full potential as premier Park City and overall Utah ski resort,” Katz wrote.
Canyons has 3,700 skiable acres, 152 trails and 17 lifts.
Broomfield-based Vail Resorts owns Vail, Beaver Creek, Breckenridge, Keystone and Heavenly.
Staff Writer Edward Stoner can be reached at 748-2929 or firstname.lastname@example.org.