PARK CITY — Vail Resorts on Wednesday announced that the company has entered into a long-term lease with affiliate companies of Talisker Corp. for Canyons Resort in Park City.
Under the lease, Vail Resorts will assume all resort operations of Canyons, and Talisker will retain its development rights for 4 million square feet of real estate at the resort.
The transaction also incorporates the potential for the lease to include land under the ski terrain of Park City Mountain Resort adjacent to Canyons. The land is owned by Talisker but subject to pending litigation.
The lease has an initial term of 50 years with six 50-year renewal options. The agreement provides for $25 million in annual fixed payments, which increase each year by an inflation linked index of the consumer price index less 1 percent.
“With 4,000 skiable acres, easy access to the town of Park City and $75 million in recent resort improvements, Canyons is a perfect complement to our collection of world-class mountain resorts,” said Rob Katz, Vail Resorts chairman and chief executive officer.
Vail Resorts also announced that purchasers of the Epic Pass for the 2013-14 winter season will receive unlimited and unrestricted access to Canyons, as well as to Colorado's Vail, Beaver Creek, Breckenridge and Keystone resorts and California's Northstar, Heavenly and Kirkwood resorts.
“I am incredibly proud of all that our team has accomplished at Canyons over the past five years and am confident that, together with Vail Resorts, we can create one of the greatest mountain resorts in the world,” said Jack Bistricer, CEO of Talisker.