PARK CITY, UTAH—Vail Resorts Inc., owner of several ski destinations in Colorado, has acquired Park City Mountain Resort here for $182.5 million.
The acquisition from Powdr Corp., includes land approved for about 687,000 square feet (63,800 square meters) of residential and commercial development, Broomfield, CO-based Vail Resorts said in a statement Thursday.
The cash purchase also ends a legal dispute between Vail Resorts and Powdr, allowing Park City to prepare for the coming ski season, Bloomberg noted. “This has been a difficult period for everyone involved,” Vail Resorts chief executive officer Rob Katz said in the statement. The resort “is one of the most spectacular mountain resorts and iconic brands in the ski industry and I am proud to have the resort become a part of Vail Resorts.” Vail Resorts will adding Park City to its Epic Pass, a program that gives skiers unlimited access to the company's resorts.
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David Phillips
David Phillips is a Chicago-based freelance writer and consultant with more than 20 years experience in business and community news. He also has extensive reporting experience in the food manufacturing industry for national trade publications.
