BROOMFIELD, Colo. A judge has refused a request by Vail Resorts Inc. to block the sale of The Canyons ski resort to Toronto-based Talisker Corporation.
The motion for a preliminary injunction was denied Friday night by the District Court in Denver. The resort is being sold by Park City-based American Skiing Company, which is liquidating all of its holdings.
The injunction was sought after Vail said that the sale of the 3,700-acre ski resort to Talisker was finalized while Vail was still working on a agreement. They have filed a lawsuit about the sale, and wanted the injunction in place until the lawsuit is finished.
ASC announced they were selling the resort in July for $100 million.
"This important ruling will allow us to move forward and complete our acquisition," said Jack Bistricer, chief executive officer for Talisker said in a statement Monday.
Vail Resorts reported that is has spent $2 million since Aug. 1 on legal efforts to acquire the resort. Chief executive officer Rob Katz said that despite the ruling, the company will continue its legal fight.
"While we remain interested in The Canyons resort and are disappointed in the outcome of the preliminary injunction hearing, we respect the court's decision," Katz said Sunday. "We will continue to pursue our legal rights related to this matter."
Vail also said its luxury hotel management company RockResorts International reached a final settlement of $13.5 million in a contract dispute with Cheeca Holdings LLC.
Earlier, Vail Resorts said an arbitrator awarded RockResorts $8.5 million in damages after ruling that Cheeca wrongfully terminated a hotel management contract for Cheeca Lodge & Spa, formerly owned by Vail's RockResorts International LLC.The $13.5 million includes fees and expenses that Vail had sought to recover from the dispute, Vail Resorts said.
Contributing: Josh Loftin, Deseret Morning News