Park City Real Estate Trends

           The 123.1 Million dollar sale of The Canyons Resort is reported to have been completed yesterday June 30, 2008.  The purchase price is reported to have been $52.1 million in cash and $71 million in senior secured notes to American Ski Company.             The sale should put an end to Vail Resorts attempt to purchase the resort although Talisker does retain an option to sell the resort at a future date.  Talisker will assume responsibility for pending litigation by The Canyons Resort's former owner Wolf Mountain which claims that American Ski Company defaulted on its lease and that the property should go back to Wolf Mountain.             Talisker plans to keep the current management team of The Canyons Resort in place with Mike Gore as the managing director.  There are no plans currently for any major upgrades to the mountain as it is already too late in the summer and planning process to start improvements for the 2008-2009 snow season.  There are currently plans for some access lifts to be completed this summer.             Talisker officials stated that they will begin looking at the resort's development master plan soon. The sale of the resort includes as much as 3 million square feet of developable real estate located at the base of the resort as well as mid-mountain.  Talisker will run the resorts 3700 acres under a lease agreement with Wolf Mountain (this lease is a major portion of what Talisker has purchased from American Ski Company).             Talisker is a privately held corporation that owns over 10,000 acres in and around Park City.  They are the developers of the luxury residences at the Empire Canyon area of the Deer Valley Resort as well as the Tuhaye golf resort just outside of Park City.  The Canyons Resort has made great strides in recent years opening new terrain and offering new real estate opportunities in the Park City area.  The sale of the resort to a luxury resort owner/operator should benefit the area and its surroundings.            For information on how this may affect your property or future property aquisitions usr the contact us button at the top of the page.