{"id":1004103690,"date":"2014-09-13T05:49:33","date_gmt":"2014-09-13T13:49:33","guid":{"rendered":"https:\/\/www.commercialsearch.com\/news\/?p=1004103690"},"modified":"2022-12-03T22:04:35","modified_gmt":"2022-12-04T06:04:35","slug":"in-183m-deal-vail-acquires-park-city-ski-resort-from-powdr","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/in-183m-deal-vail-acquires-park-city-ski-resort-from-powdr\/","title":{"rendered":"In $183M Deal, Vail Acquires Park City Ski Resort from Powdr"},"content":{"rendered":"<p><i>By Barbra Murray, Contributing Editor<\/i><\/p>\n<p>The legal battle between Vail Resorts Inc. and Powdr Corp. has come to an end, with Vail acquiring Powdr\u2019s Park City Mountain Resort in Park City, Utah, for $182.5 million in cash. Powdr had owned the resort, consistently ranked among the top five ski resorts in North America, for the last 20 years.<a href=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2014\/09\/Park-City-Mountain-Resort-2.jpg\"><img loading=\"lazy\" decoding=\"async\" data-attachment-id=\"1004103689\" data-permalink=\"https:\/\/www.commercialsearch.com\/news\/in-183m-deal-vail-acquires-park-city-ski-resort-from-powdr\/park-city-mountain-resort-2\/\" data-orig-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2014\/09\/Park-City-Mountain-Resort-2.jpg\" data-orig-size=\"348,232\" data-comments-opened=\"1\" data-image-meta=\"{&quot;aperture&quot;:&quot;0&quot;,&quot;credit&quot;:&quot;&quot;,&quot;camera&quot;:&quot;&quot;,&quot;caption&quot;:&quot;&quot;,&quot;created_timestamp&quot;:&quot;0&quot;,&quot;copyright&quot;:&quot;&quot;,&quot;focal_length&quot;:&quot;0&quot;,&quot;iso&quot;:&quot;0&quot;,&quot;shutter_speed&quot;:&quot;0&quot;,&quot;title&quot;:&quot;&quot;}\" data-image-title=\"Park City Mountain Resort (2)\" data-image-description=\"\" data-image-caption=\"\" data-large-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2014\/09\/Park-City-Mountain-Resort-2.jpg?w=348\" class=\"alignright size-medium wp-image-1004103689\" alt=\"Park City Mountain Resort (2)\" src=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2014\/09\/Park-City-Mountain-Resort-2.jpg\" width=\"300\" height=\"200\" srcset=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2014\/09\/Park-City-Mountain-Resort-2.jpg 348w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2014\/09\/Park-City-Mountain-Resort-2.jpg?resize=300,200 300w\" sizes=\"auto, (max-width: 300px) 100vw, 300px\" \/><\/a><\/p>\n<p>It all started with a missed lease renewal a few years ago, and nosedived into litigation that, among other potential fallout, threatened the 2014-2015 season at the resort, which offers some 3,300 acres for skiing.<\/p>\n<p>&#8220;Selling was the last thing we wanted to do, and while we believe the law around this issue should be changed, a protracted legal battle is not in line with our core value to be good stewards of the resort communities in which we operate,&#8221; John Cumming, CEO of Powdr, explained in a prepared statement.<\/p>\n<p>The deal gives Vail the entire assets of Greater Park City Co., the land used for ski terrain at the resort held by Ian Cumming, and certain base parking lands owned by Powdr Development Corp. Those parking sites provide room for growth&#8211;or capital through disposition&#8211;as they\u2019re zoned for 687,000 square feet of commercial and residential development. At Powdr\u2019s insistence, all resort employees will stay on in their current jobs.<\/p>\n<p>Now Vail is looking to the future. It wants to work with the community and local government to combine Park City Mountain Resort with Vail\u2019s own Canyons Park City property, Utah\u2019s biggest ski resort. As Vail CEO Rob Katz noted in a statement, the result would be \u201cthe largest mountain resort in the United States.\u201d<\/p>\n<p>&nbsp;<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Ending a legal battle, Vail Resorts is buying Powdr&#8217;s top-ranked ski destination in Park City, Utah, for $182.5 million..<\/p>\n","protected":false},"author":969,"featured_media":1004103689,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21808,21751,21783,21742,15],"tags":[],"class_list":["post-1004103690","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-featured","category-hotel","category-investment","category-latest","category-west"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v28.0 (Yoast SEO v28.0) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>In $183M Deal, Vail Acquires Park City Ski Resort from Powdr - Commercial Property Executive<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.commercialsearch.com\/news\/in-183m-deal-vail-acquires-park-city-ski-resort-from-powdr\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"In $183M Deal, Vail Acquires Park City Ski Resort from Powdr\" \/>\n<meta property=\"og:description\" content=\"Ending a legal battle, Vail Resorts is buying Powdr&#039;s top-ranked ski destination in Park City, Utah, for $182.5 million..\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.commercialsearch.com\/news\/in-183m-deal-vail-acquires-park-city-ski-resort-from-powdr\/\" \/>\n<meta property=\"og:site_name\" content=\"Commercial Property Executive\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/CPExecutive\" \/>\n<meta property=\"article:published_time\" content=\"2014-09-13T13:49:33+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2022-12-04T06:04:35+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2014\/09\/Park-City-Mountain-Resort-2.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"348\" \/>\n\t<meta property=\"og:image:height\" content=\"232\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Barbra Murray\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@cpexecutive\" \/>\n<meta name=\"twitter:site\" content=\"@cpexecutive\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/in-183m-deal-vail-acquires-park-city-ski-resort-from-powdr\\\/#article\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/in-183m-deal-vail-acquires-park-city-ski-resort-from-powdr\\\/\"},\"author\":{\"name\":\"Barbra Murray\",\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/#\\\/schema\\\/person\\\/d1edda962dd3af55af8a203870f9fc32\"},\"headline\":\"In $183M Deal, Vail Acquires Park City Ski Resort from Powdr\",\"datePublished\":\"2014-09-13T13:49:33+00:00\",\"dateModified\":\"2022-12-04T06:04:35+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/in-183m-deal-vail-acquires-park-city-ski-resort-from-powdr\\\/\"},\"wordCount\":285,\"commentCount\":0,\"image\":{\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/in-183m-deal-vail-acquires-park-city-ski-resort-from-powdr\\\/#primaryimage\"},\"thumbnailUrl\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/wp-content\\\/uploads\\\/sites\\\/46\\\/2014\\\/09\\\/Park-City-Mountain-Resort-2.jpg\",\"articleSection\":[\"Featured\",\"Hotel\",\"Investment\",\"News\",\"West\"],\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"CommentAction\",\"name\":\"Comment\",\"target\":[\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/in-183m-deal-vail-acquires-park-city-ski-resort-from-powdr\\\/#respond\"]}]},{\"@type\":\"WebPage\",\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/in-183m-deal-vail-acquires-park-city-ski-resort-from-powdr\\\/\",\"url\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/in-183m-deal-vail-acquires-park-city-ski-resort-from-powdr\\\/\",\"name\":\"In $183M Deal, Vail Acquires Park City Ski Resort from Powdr - 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