Powdr, one of the largest, privately owned and operated, lifestyle and mountain sports companies inNorth America and owner of the Killington and Pico resorts in Vermont, surprised the skiing world today by announcing the sale of its flagship Park City Mountain Resort (PCMR) base area, parking, lower ski terrain and lifts, as well as water and snowmaking for the entire mountain to Vail Resorts, Inc, effective immediately. This comes just two days after Powdr said it would pay a $17.5 million court-mandated bond to keep Park City open for this coming ski season. A failed lease renewal had left Park City potentially without access to the top of its own mountain.Through a management error, the Utah resort simply forgot to renew a 50-year lease in 2011, which gave the right to the top of the mountain to Vail, its rival in business and skier visits.
While Powdr did not state the conditions of the sale, The Salt Lake Tribune reports that Vail bought Park City for $182.5 million in cash. Combined with Vail's nearby Canyons Resort (which it manages for Talisker), the 7,000-acre resort would be the nation's largest.
"Selling was the last thing we wanted to do, and while we believe the law around this issue should be changed, a protracted legal battle is not in line with our core value to be good stewards of the resort communities in which we operate," saidJohn Cumming, CEO of Powdr. "A sale was the only way to provide long-term certainty for PCMR employees and thePark Citycommunity. My family and I are extremely grateful to have had the opportunity to play a role in making PCMR what it is today, and we deeply appreciate the dedicated employees and all of the people who have supported us over the years."
Powdr also announced that the agreement with Vail Resorts stipulates thatVailmust retain PCMR employees in their current roles. Under Powdr's more than 20 years of ownership, PCMR has grown into a world class resort that continuously ranks among the top five resorts inNorth America. Powdr has built strong community ties and been a part ofPark City'scontinued rise as one of the best towns in the country.
"The sale positions Powdr well for future growth, and we're excited to explore new lifestyle and mountain sports opportunities," Cumming added. "We're happy that the community now has long-term certainty and we trustVailwill responsibly carry forward the legacy of PCMR and be a champion for thePark Citycommunity."
About Powdr
Powdr is a leading lifestyle and mountain sports company.Headquartered inPark City, Utah, Powdr currently owns and operates eight mountain resorts including Copper Mountain Resort inSummit County, Colorado; Killington Resort andPico MountaininKillington, Vermont; Mt. Bachelor inBend, Oregon; Boreal Resort and Soda Springs Resort in Donner Summit,California; Las Vegas Ski & Snowboard Resort nearLas Vegas, Nevadaand Gorgoza tubing Park inPark City, Utah.Powdr also owns and operates Woodward Camps, with four locations inthe United Statesincluding Camp Woodward inWoodward, Pennsylvania; Woodward West inTehachapi, California; Woodward Tahoe at Boreal Resort inCalifornia; andWoodwardat Copper inSummit County, Colorado. For additional information, please visitwww.powdr.com.
SOURCE PARK CITY, Utah,Sept. 11, 2014/PRNewswire-USNewswire/ --Powdr