Park City Mountain Resort is one of the premier ski destinations in North America, attracting thousands of visitors each year. However, many people may be curious about who owns this resort and what their plans are for the future. In this article, we’ll take a closer look at the ownership of Park City Mountain Resort and explore some of the recent developments that have occurred.
Ownership History
Park City Mountain Resort has a long and complex ownership history that spans several decades. The resort was first established in the early 1960s by a group of local businessmen led by Bill “Bud” Spenst. Over the years, ownership of the resort changed hands several times, with various companies and investors acquiring and then selling their stakes.
In 2014, Park City Mountain Resort made headlines when it was purchased by Vail Resorts, one of the largest ski resort operators in North America. Vail Resorts paid $182.5 million to acquire the property and its associated assets, including lifts, lodges, and other infrastructure.
Current Ownership
Today, Park City Mountain Resort is wholly owned by Vail Resorts. The company operates several other ski resorts across North America, including Breckenridge Ski Resort in Colorado and Whistler Blackcomb in British Columbia.
Vail Resorts has invested heavily in Park City Mountain Resort since acquiring it in 2014. The company has upgraded lifts and other infrastructure, expanded terrain offerings, and added new amenities such as restaurants and retail shops.
Recent Developments
In recent years, Park City Mountain Resort has been embroiled in a legal dispute with a neighboring property owner over access to certain ski runs. The dispute began when Talisker Land Holdings LLC leased a portion of its land to Vail Resorts’ competitor Powdr Corp., which operates another nearby ski resort called Canyons Village.
The dispute ultimately resulted in Vail Resorts paying a settlement of $17.5 million to Talisker Land Holdings LLC, which allowed the company to maintain access to the disputed ski runs. This settlement also paved the way for Vail Resorts to connect Park City Mountain Resort with Canyons Village, creating one of the largest ski areas in North America.
Conclusion
In conclusion, Park City Mountain Resort is currently owned by Vail Resorts and has undergone significant upgrades and improvements since the company acquired it in 2014. While the resort was embroiled in a legal dispute over access to certain ski runs, a settlement was ultimately reached that allowed Vail Resorts to maintain access and connect Park City Mountain Resort with Canyons Village. With its world-class skiing terrain and expansive amenities, Park City Mountain Resort is sure to remain a top destination for years to come.