Vail adds Canyons Resort to portfolio
Vail Resorts has inked a 50-year lease to operate the Canyons Resort in Park City, Utah.
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Vail takes over for Talisker Corp., which has retained development rights for 4 million square feet of real estate at the ski resort.
“Talisker has an outstanding track record of high-end resort development, and we look forward to working together to create something truly extraordinary with Talisker's 4 million square feet of remaining approved residential and commercial density at Canyons," Vail CEO Rob Katz said in a statement.
Vail will pay Talisker $25 million per year, plus inflation-based increases. Also, if the resort’s earnings before interest, taxes, depreciation and amortization exceed $35 million, Vail will pay Talisker 42% of the exceeding amount.
Vail’s 2013-14 Epic Pass will include Canyons.