Talisker to buy The Canyons

Park City-based American Skiing Co. said Monday that it plans to sell The Canyons resort for $100 million in cash.

The sale of the company's ASC Utah Inc. subsidiary to Talisker Canyons Finance Co. LLC, an affiliate of Canada-based Talisker Corp., is expected to close by the end of September.

Talisker, a private real-estate development and investment company, has "significant assets" in Park City, according to a company news release. The company has been developing real estate in the community since 2000, and in 2003 acquired United Park City Mines.

Assuming the sale goes through, it would leave American Skiing without any major resort assets.

"This sale will complete a necessary step for American Skiing Co. to wind down its affairs," said B.J. Fair, ASC president and chief executive officer, in a prepared statement. "We at ASC and The Canyons have worked tirelessly to position the resort for success in the years to come.

"I am very proud of what we have accomplished and look forward to the energy and vision that I expect Talisker to bring to the resort and community."

Talisker officials were not available for comment Monday, and a news release from the company did not indicate its future plans for the resort.

The Canyons, located near Park City, offers 3,700 skiable acres serviced by 17 lifts spread across eight mountain peaks. The resort also includes a hotel and other lodging, dining and retail outlets.

American Skiing said in its release that "an 18-hole championship golf course and numerous resort amenities are expected additions to the resort in the coming years."

David Hirasawa, director of financial analysis and investor relations for American Skiing, said the Talisker bid for The Canyons was unsolicited and "kind of a one-off thing."

"When an offer like this comes in, I think you have to consider a number of factors," Hirasawa said. "We felt the price was very good. Talisker is also familiar with this area. ... I think they will be a good steward of this resort going forward."

While selling The Canyons is a "natural step" in the process of dissolving American Skiing, Hirasawa said, that process does not have a set time-frame and could take awhile.