A subsidiary of Toronto-based Talisker Corp. has completed its acquisition of Utah's largest ski area, The Canyons Resort.
Talisker Canyons Finance Co. LLC paid $123.1 million on Monday to The Canyons' owner, American Skiing Co., for ASC's subsidiaries, ASC Utah and American Skiing Co. Resort Properties Inc., according to a filing with the U.S. Securities and Exchange Commission. Talisker paid $52.1 million of that amount in cash and $71 million in senior secured notes.
"We, along with our team in Park City and The Canyons employees, look forward to unlocking the wonderful potential of The Canyons resort, and to our continued and growing involvement as members of the community," said Talisker chairman Jack Bistricer said in a statement Monday. "We expect to bring our brand and standard of development to this wonderful resort over the coming years."
Talisker and ASC had been entangled in a half-dozen state and federal lawsuits, some of which were combined, over The Canyons' development and the right of former owner Wolf Mountain to object to the development. Wolf Mountain sold the resort to ASC in 1997, but has since owned the land upon which The Canyons operated.
Wolf Mountain has filed a federal lawsuit that argues that The Canyons undermined Wolf Mountain's attempts to get out of its land ownership deal with The Canyons through a sale of the resort to another group. Talisker is assuming responsibility for that pending litigation.
Talisker has been doing business in Park City since 2000. Its developments include Tuhaye, which features a Mark O'Meara-designed golf course and Empire Pass, a residential development on the slopes of Deer Valley Resort. Talisker also is building Montage Hotel at Deer Valley.