The Canyons Talisker Deal Has Closed!
In one of the biggest deals in the history of Park City Real Estate, luxury developer Talisker closed on the purchase of The Canyons Resort today.
In a press release to members of the exclusive Talisker Club in Park City, Utah today, Talisker announced that it had successfully closed on the purchase.
Talisker Is Key Player in Park City & Deer Valley Real Estate Development
With today's announcement, Talisker has solidified their role as the leading developer of luxury resort real estate in the Park City and Deer Valley, Utah area.
Before The Canyons acquisition, Talisker already owned over 10,000 acres of land in and around Park City.
It's clearly a big bet Talisker is placing on the Park City area, and they're sharing their success with other top-tier luxury resort developers like East West Partners, Ironwood Development, and Montage Deer Valley in the spectacular Empire Pass neighborhood.
Will Talisker's Big Bet Pay Off?
Last week, Talisker sold two Red Cloud lots for more than $4 million apiece. Not bad for a real estate market that's commonly characterized by doom and gloom...
Seems like The Canyons will become a destination luxury resort, following in the footsteps of Deer Valley. Talisker is not the first big-time developer to invest in the future of The Canyons. Earlier this winter, it was announced that the Waldorf Astoria Collection was joining forces with the Golden Door Spa at the new Dakota Mountain Lodge.
Talisker Overcame Legal Challenges to Prevail in The Canyons Purchase
Talisker had been pursuing the purchase of The Canyons since 2007, and overcame legal challenges from Vail Resorts and other interested parties throughout the transaction.
The Canyons Resort Sold For $123 million
According to a Form 8-K filed with the United States Securities and Exchange Commission today, the total proceeds received by American Skiing Company were just over $123 Million. Proceeds were received in the form of $52.1 million in cash and $71 million in senior secured notes.
Talisker Sees a Bright Future for The Canyons Resort
"We, along with our team in Park City, and the Canyons employees, look forward to unlocking the wonderful potential inside the Canyons ski resort, and to continuing our growing involvement as members of the community," Talisker Chairman Jack Bistricer said.
"We expect to bring our brand and standard of development to this wonderful resort over the coming years.”
What Changes Can We Expect At The Canyons?
From where we sit, this is incredibly exciting news! With over 3,700 acres, 155 runs, 17 lifts, 2 terrain parks and 6 natural half pipes, The Canyons has always been a favorite ski area for Park City locals.
Imagine what the resort could become with Talisker's deep pockets and track record for superb resort planning and luxury amenities!
What's Your Opinion?
We welcome your comments about what the sale of The Canyons to Talisker means to the community...Any comments?
Deer Valley #1...Again