Talisker Completes the Purchase of The Canyons in Park City, UT
Contributed by The Canyons - Posted: July 2nd, 2008Talisker Corporation completed the purchase of The Canyons in Park City, UT on Monday for $123M according to the Park Record and Securities and Exchange Commission documents.
The Canyons was the last property owned by the American Skiing Company. The Canyons now becomes part of the Talisker group of Park City properties including Empire Pass at Deer Valley and the Tuhaye golf development.
Talisker Canyons Finance Co. LLC will assume the responsibility for pending litigation with the resort’s former owner, Wolf Mountain, which contends that is should regain the property because ASC defaulted on the lease. The trial is projected to take place early next year in Park City District Court.
The sale should stimulate activity at the resort, relieving a great deal of uncertainty about the future of The Canyons. The last ski season was exceptional and there are a number of new projects coming out of the ground.
For information on The Canyons real estate market, or Park City in general, please contact us at http://unlockparkcity.com
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Get yourself and a friend over to the Canyons before February 14th to get 2 adult single day lift tickets, 2 cheeseburgers and 2 domestic draft beers/soft drinks for just $99.90!
Even though The Canyons began running its lifts last week, the battle for control of the resort continues in court. Wolf Mountain Resorts is still trying to block the sale of the American Skiing Co. last resort to Talisker Canyons Finance Company for $100M. There is a motion of summary judgement before the Judge in the Third District Court by ASC to allow the deal to proceed, which has yet to ruled on. 
On Friday, a Denver District Court Judge, denied Vail Resorts, Inc’s, preliminary injunction trying the block the acquisition of American Skiing Company’s, The Canyons in Park City, by Talisker Corp for $100M. 
As reported by the Park Record, Vail Associates has upped its bid for The Canyons in Park City. In addition to the purchase price of $110M, Vail has offered a 30 percent interest in the net cash flow to Vail arising from the ownership and development rights held by American Skiing Company. 
It seems that a new lawsuit is filed daily in the Battle for The Canyons. The string of lawsuits continues to grow and gets more complex all the time. 
PARK CITY, Utah–(BUSINESS WIRE)–American Skiing Company (OTCBB: AESK - News) announced today that it had entered into a definitive agreement to sell its subsidiary ASC Utah, Inc., the owner and operator of The Canyons resort, located near Park City, Utah, to Talisker Canyons Finance Co. LLC, an affiliate of Talisker Corporation, for $100.0 million in cash. 
American Skiing Co announced that it plans to sell the nation’s eighth most visited resort to an affiliate of Intrawest ULC for $265 Million cash which will be used to pay off all existing senior debt and revolver balances. 
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