Welcome to Park City Resort
Life at The Colony
The Colony at White Pine Canyon is the largest private, gated, ski-in | ski-out community in the United States. Our land spans 4600 acres, and approximately 90% of it will always be preserved as open space.
Vail Resorts Outlines Spending $50 million on Creating Largest US Resort!
Big news in Park City, Vail Resorts plans to link Park City Mountain Resort and Canyons Resort – creating the largest resort in the United States with 7,300 acres of skiable terrain. The combination will be marketed as one resort and both together will now be Park City Mountain Resort. The plan outlines more than $50 million worth of resort improvements in 2015 that include:
The Interconnect Gondola
An eight-passenger, high-speed gondola running from the base of Silverlode Lift at Park City to Canyons’ Flatiron Lift. When conditions allow, gondola passengers will be able to unload at the top of Pine Cone Ridge and ski or ride directly down to Park City’s Thaynes Canyon trail. This gondola connection will create the single largest ski resort in the United States.
Upgrades to Park City’s King Con and Motherlode Lifts
King Con will be upgraded from a 4-person to 6-person high-speed detachable chair, meaning increased lift capacity. Motherlode will switch from a fixed-grip triple to a 4-person high-speed detachable, similarly improving the number of guests it can carry.
New Snow Hut Restaurant and Summit House Restaurant Upgrades at Park City, Red Pine Lodge Expansion at Canyons
A completely new Snow Hut restaurant, replacing the current Snow Hut, next to the base of Park City’s Silverlode Lift and the Park City terminal for the Interconnect Gondola, will include 500 indoor seats and a top-of-the-line kitchen and culinary experience. Meanwhile, upgrades to Summit House will improve the flow of diners and increase seating. At Canyons, Red Pine Restaurant will be renovated to the tune of 250 more indoor seats.
Snowmaking and Other Improvements
The plan rounds out with additional snowmaking on two trails in Canyons’ Iron Mountain area, and a widening of Chicane trail, to handle increased skier traffic for Interconnect Gondola access. We’ll also be putting another $5 million into various other maintenance projects around Park City Mountain Resort.
For the 2015-2016 ski season, the company intends to operate the two resorts as one unified branded experience under the name “Park City Mountain Resort”. The Canyons base area will be renamed “Canyons at Park City”. The company will continue to maintain the unique history and atmosphere of the two base areas with differentiated marketing for the diverse hotel and hospitality experiences.
The Colony Yurt is tentatively scheduled to open for the season on December 26
The Colony Yurt is tentatively scheduled to open for the season on December 26. The Yurt will operate every Friday-Sunday (11A – 2:30P) throughout the season. The opening date is weather/snow dependent.
New for this year – Along with the great grill items and snacks available for purchase, IMA and the HOA will be providing complimentary soup, salad, coffee and hot chocolate to homeowners and their guests through January. Please note: all guests partaking in complimentary items must be accompanied by a homeowner. We’re doing this in the hopes that more homeowners come out to the yurt thus providing more opportunities for neighbors to meet each other. If we’re successful in creating a valuable place for neighbors to socialize we’ll extend the complimentary program through the end of the season. In addition to the complimentary items served every day, we’re also planning a few select days throughout the season where we’ll provide special complimentary meals, adult beverages and live music; again, watch your email for updates and come on out to meet your neighbors.
Vail Resorts Acquires Park City Mountain Resort in Park City, Utah
Original Press Release via Vail Resorts
- Acquisition settles all litigation and ensures no disruption to future resort operations
- Park City Mountain Resort will be added to the Epic Pass for the 2014-2015 ski season
- Company intends to connect PCMR and Canyons for the 2015-2016 ski season to create the largest single ski resort in the United States with 7,000 skiable acres, subject to regulatory approvals
BROOMFIELD, Colo.—Sept. 11, 2014—Vail Resorts, Inc.today announced that the Company has acquired Park City Mountain Resort (PCMR) from Powdr Corp. for $182.5 million in cash, subject to certain post-closing adjustments. The acquisition includes all of the assets of Greater Park City Company (GPCC), the land used for ski terrain at the resort held by Ian Cumming, and certain base parking lands owned by Powdr Development Corp., which have approved zoning for approximately 687,000 square feet of residential and commercial development. The acquisition does not include the Gorgoza tubing operation, located approximately 10 miles from the resort, which will be retained by Powdr Corp.With the acquisition, all aspects of the previously disclosed litigation with respect to PCMR have been settled and this dispute will no longer pose any future threat to disrupt the operation of the resort.
“First and foremost, we are very pleased to bring a permanent end to this dispute and provide assurance to the guests and employees of PCMR, and to everyone in the Park City community, that they no longer have to worry about any disruption to the operation of the Resort. This has been a difficult period for everyone involved and I commend John Cumming and Powdr Corp. for helping to find a solution to this situation,” said Rob Katz, chairman and chief executive officer of Vail Resorts.
“Park City Mountain Resort is one of the most spectacular mountain resorts and iconic brands in the ski industry and I am proud to have the resort become a part of Vail Resorts. The acquisition will allow us to immediately bring Park City Mountain Resort onto the Epic Pass, which will now offer skiers from across the country and around the world access to 22 resorts, including Canyons in Park City, Utah; Vail, Beaver Creek, Breckenridge and Keystone in Colorado; and Heavenly, Northstar and Kirkwood in Tahoe. We look forward to working collaboratively with the entire Park City community, as well as city and county officials, as we chart the future for the resort, including how we can best bring the Canyons and Park City ski experiences together to create the largest mountain resort in the United States,” he added.
Blaise Carrig, president of Vail Resorts, will act as interim chief operating officer for the resort.
“We understand that this acquisition represents a change for all of the employees of PCMR and I look forward to working with everyone on the PCMR team as we develop a vision for the future of the resort,” said Carrig.
Mountain operations of PCMR and Canyons will remain separate for the 2014-2015 ski season. However, the Epic Pass and Epic Local Pass will be valid at PCMR. All PCMR passes for the 2014-2015 ski season will continue to be honored and can be exchanged or upgraded for a season pass that will also be valid at Canyons. The majority of all lift tickets sold at either resort will be valid at both PCMR and Canyons.
The Company also announced that due to the acquisition of PCMR, it expects $35 million in incremental EBITDA in Fiscal Year 2015, excluding any transaction and transition costs. The Company anticipates additional contributions from the acquisition in future years, particularly after it can connect the experience of the two resorts together. The Company expects the acquisition to provide significant tax benefits over the next 15 years, including an average of approximately $12 million in additional annual taxable depreciation and amortization expense through Fiscal 2021. The Company will be making additional comments on PCMR and the Company’s outlook in its 2014 fiscal year-end investor conference call on Sept. 24.
Park City Mountain Resort offers terrain for every type of skier and snowboarder, from perfectly manicured groomers to powder-filled bowls and some of the industry’s most progressive terrain parks and half pipes. Located in the heart of historic Park City, Utah–one of the country’s greatest ski towns–PCMR was named the fifth best resort in North America by readers of SKI Magazine in 2014. The mountain resort’s 16 lifts serve 114 runs, nine powder-filled bowls, four terrain parks and two half pipes. The mountain also offers many summer adventures including one of the world’s longest alpine slides, a nearly 4,000-foot long alpine coaster, zip lines and more than 70 miles of hiking and biking trails. Together with Canyons, the combined resort will offer over 7,000 acres of skiing and will be the largest ski resort in the United States.
About Vail Resorts, Inc. (NYSE: MTN) Vail Resorts, Inc., through its subsidiaries, is the leading mountain resort operator in the United States. The Company’s subsidiaries operate the mountain resorts of Vail, Beaver Creek, Breckenridge and Keystone in Colorado; Heavenly, Northstar and Kirkwood in the Lake Tahoe area of California and Nevada; Park City Mountain Resort and Canyons in Park City, Utah; Afton Alps in Minnesota and Mt. Brighton in Michigan; and the Grand Teton Lodge Company in Jackson Hole, Wyoming. The Company’s subsidiary, RockResorts, a luxury resort hotel company, manages casually elegant properties. Vail Resorts Development Company is the real estate planning, development and construction subsidiary of Vail Resorts, Inc. Vail Resorts is a publicly held company traded on the New York Stock Exchange (NYSE: MTN). The Vail Resorts company website is www.vailresorts.com and consumer website is www.snow.com.
– See more at: https://thecolonywpc.com/newsblog/vail-buys-park-city-mountain-resort#sthash.vhE32NLz.dpuf
