Following the recent announcement that Talisker Corp was going to purchase The Canyons from American Ski Company for $100M, Vail Resorts indicated that they had the exclusive rights to purchase the resort and that Talisker went behind their back to negotiate the deal. Vail subsequently offered $110M for The Canyons. Also included in this lawsuit is Peninsula Advisors.
In addition to this controversy is Wolf Mountain Resorts Managing Partner, Kenny Griswold, saying that he won’t allow The Canyons to be sold to Talisker. Wolf Mountain already has a lawsuit filed against American Ski Company for default on their lease. Wolf Mountain leases a good portion of The Canyons to ASC.
The long term impact of a new operator of The Canyons should have a favorable impact on the whole project, however, the short term impacts are rather muddled.
For information on what’s happening at the Canyons or the Park City real estate market, please contact us at www.jimandbillie.com