Vail Resorts buys Park City Mountain Resort, ending litigation.

• Author: Felix, Devin

Park City--VAIL RESORTS, INC. acquired PARK CITY MOUNTAIN RESORT (PCMR) from POWDR CORP. for $182.2 million in cash, bringing to an end litigation between the two companies, which had been ongoing for more than two years and had threatened to keep the resort from operating this year.

The acquisition includes all the assets of GREATER PARK CITY COMPANY and the land used for ski terrain at the resort. It will also include 687,000 square feet of land that is zoned for residential and commercial development. The acquisition does not include the Gorgoza tubing operation, which is about 10 miles from the resort and will be retained by Powdr Corp.

"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," says John Cumming, CEO of Powdr. "A sale was the only way to provide long-term certainty for PCMR employees and the Park City community."

...