American Skiing Company To Sell The Canyons, Dissolve
SAM Magazine-The Canyons, Ut., July 18, 2007-American Skiing Company (ASC) is selling The Canyons ski area to the Talisker Corporation, a privately-held global real estate development company based in Toronto, Canada, that has significant assets in Park City. Upon completion of the sale, expected to occur by the end of the third quarter, ASC will no longer hold any resort interests and will dissolve.
Talisker is expected to pay approximately $100 million for The Canyons, as well as assume approximately $600,000 in debt. The company has been developing resort real estate since 2000. In 2003 it acquired United Park City Mines. The firm is currently developing the Talisker Club, an ultra-luxury residential community in several neighborhoods surrounding neighboring Deer Valley Ski Resort and Jordanelle Reservoir outside of Park City.
"This sale will complete a necessary step for American Skiing Company to wind down its affairs," said ASC President and CEO B.J. Fair. "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."
The closing of the sale is subject to the usual contingencies as well as the consent of certain third parties pursuant to the terms of their material agreements with ASC Utah. While ASC did not elaborate on who those third parties are, the company is currently in litigation with Wolf Mountain, a landowner upon whose land The Canyons exists, over alleged lease term violations. The transaction is not expected to prompt any change in the status of the litigation.