Talisker Corporation completed the purchase of The Canyons in Park City, UT on Monday for $123M according to the Park Record and Securities and Exchange Commission documents.
The Canyons was the last property owned by the American Skiing Company. The Canyons now becomes part of the Talisker group of Park City properties including Empire Pass at Deer Valley and the Tuhaye golf development.
Talisker Canyons Finance Co. LLC will assume the responsibility for pending litigation with the resort's former owner, Wolf Mountain, which contends that is should regain the property because ASC defaulted on the lease. The trial is projected to take place early next year in Park City District Court.
The sale should stimulate activity at the resort, relieving a great deal of uncertainty about the future of The Canyons. The last ski season was exceptional and there are a number of new projects coming out of the ground.
For information on The Canyons real estate market, or Park City in general, please contact us at http://www.unlockparkcity.com
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