American Skiing Company To Sell The Canyons, Dissolve

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Publish Date

07/18/2007

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.

Comments

another source

all i am saying is that maybe we should all question the source that quotes Kenny G regarding a lawsuit that he isn't even involved with. Not even on his property. That is all, look at an alternative source for information, not just the P. Record. Perhaps the paper isn't giving all the information that is available to them. call and ask. Are they absolutely sure their stories are factual? Maybe a construction company is greedy and want more money than they deserve or did work for. Shocker.

for sure

Yeah I\\'m sure that the Canyons tried to fork over $500k because they have so much money and are so generous. Did your informant give a reason why Culp turned down the $ ? If the \\"little local\\" paper has all the facts wrong, why should I believe what I read on this little website ?

construction suit

the canyons i have heard did offer to pay above and beyond what "the construction company" wanted , don't believe everything you read, especially from this little local paper. the construction company wouldn't accept and here you go...another law suit.

hot doggin 2

Vail sues to stop sale of The Canyons
Griswold says legal saga would make a great movie
Patrick Parkinson, Of the Record staff

The lawsuit reads like a novel about corporate intrigue, complete with its own "Mr. X" and accusations involving fraud, deception and backbiting by executives in a swanky ski town.

"We can look forward to the movie version because this is nothing more than a dirty, cloak-and-dagger heist," said Wolf Mountain Resorts Managing Partner Kenny Griswold, who leases land at The Canyons to American Skiing Company.

?

I dont think that Talisker are the right "group" to be buying The Canyons. I would love to see someone such as Vail purchase it and make it an enjoyable place to work and ride again. But as Scott P. is gone now, things my change very quickly. I would love to see the new owners take care of their employees who bust their ass on mtn and work 70+ hours a week to keep it running, but all their money, time and appreciation is to the hotel employees. Hopefully this sale will greatly improve the working conditions there. Remember Happy employees means Happy Guests!!

?

Pay attention, Stern Jr. has already taken over. Way too many people involved for anything to happen very fast. Park West will be lucky to open in DEC. Who's gonna do business with a corp that's already dissolved ? Vail did jump awhile ago, but like always ASC doesn't live up to their agreements. The Canyons has been doing fine without a merger with PCMR why would that save them now ?

Vail is neither ready nor motivated

With Blaise Carrig GM of Heavenly and former GM at the Canyons, Vail should have jumped a long time ago on the ailing operations; they have not for the simple reason that the highest and best use of the Canyons is to link it to Park City. When Edgar Stern is gone the whole Park City trio will become one...

Best & highest use

The best and highest use of Park West is to be jointed at the hip with Park City Mountain Resorts; that means 8,000+ skiable acres (not miles, sorry about early post!). Also, this will trigger the grand Utah Interconnect Movemement! Be smart Talisker & Powder Corp! \

Same as it ever was

Staying true to form the canyons can't do anything right, including selling itself.

Come on Vail

Vail would be the perfect owner for Park West. One pass for skiing all over Colorado, Heavenly and Wolf Mtn !!! Sell Sell $110 mil is better than $100 mil sorry Talisker no cannucks

powdr knows how to be financially responsible

Powdr may have shaken things up in Vermont, and some changes may have been very hard. But one thing they do know is how to make their ski areas turn a profit, and support themselves. Something ASC had a very hard time with. As a matter of fact, if you can turn a profit without real estate sales to egg you on, you deserve to be recognized. Not all that common in the ski business. Tallisker is a very strong company, and very smart. The canyons has a very bright future from here forward. I just hope they recognize the hard work of all the remaining employees at the canyons.

?

Did ASC know much about Lift Maintenance and Lift Ops ?

bob

who the heck is talisker/

Not Powdr

you do know what Powdr did to the town of mendon, VT and the employees of Killington and Pico?? I would say that they don't like Powdr as operators. Just a few of the things:
1. made 90 full time year round employees reapply for positions that have now become non-benefited. Some of these employees have been there for over 20 years.
2. took away student passes for local kids (ie. no more honor roll passes)
3. told the local high schools they can no longer use Pico as a race and training hill for the school kids. Instead charging $100 for any local race.
I don't begin to know what the answer is, but I would say that Powdr is not what this resort needs. A good leader with deep pockets may be a start.

Powdr would be the perfect operator

I don\\'t think Talisker knows much about lift maintenance and ops, but if they are smart, they sould let Pwdr operate it, after connecting the two places; that will give them a 8,000 square mile mountain, that is bigger than Whistler-Backcomb. A no-brainer that could be seen as a genius\\' act!

living in poverty

maybe the new owner will care about the employees, no more 2.5%

curious

What does this mean for the resort? Does Talisker have any experience in running a ski resort? Any idea who they will contract with to manage the Canyons? Also, anyone have news about the golf course?

mr.

Thank God, Maybe the new owners will actually care about it's customers.

Sounds good

Killington all over again !!!!! Clean house ! The Canyons is in need of some "new blood".

yipee

now fire all the managers that have ran it into the ground!!!! scotts gone, now tim

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