This past Friday, Park City Mountain Resort filed a lawsuit against Talisker Land Holdings, LLC, claiming that Talisker must stop from interfering with PCMR and its operations.
In the past decade, Canadian-based Talisker, who owns and operates Canyons Resort, took ownership of vast land holdings in the Park City area that were once under the control of United Park City Mines. PCMR operates on some of that land as does Deer Valley. United Park City Mines is also named as a defendant in the case.
It is our understanding that in late 2011, the ground lease, which dates back to 1971, and allows PCMR to operate its resort on the Talisker land, expired. PCMR was unable to negotiate an extension to their lease. Further, it appears that, in consideration of any lease extension, Talisker was insisting on obtaining commitments from PCMR on investment in infrastructure, additional business opportunities, and a connection of the lift system at PCMR to Canyons Resort.
This is very interesting news indeed regarding the PCMR lease expiration. Combine this news with the ongoing interconnect plan that Talisker has been aggressively pursuing with Solitude. Could this potentially result in the creation of that long desired mega resort which would boast the greatest amount of skiable terrain of any ski resort in North America? Time will tell.
Talisker provided the following response to the PCMR lawsuit:
"PCMR’s lease of Talisker’s land expired in 2011. Talisker has offered PCMR new lease terms, and the parties have been in discussions regarding such new lease terms, which are subject to an agreement of confidentiality.
We had hoped to reach terms on the new lease that would be fair to both parties. Unfortunately it appears that PCMR is attempting to use litigation to better its position, and avoid reaching a mutually fair outcome.
At no time in these negotiations has Talisker contemplated or threatened to close Park City Mountain. We believed the negotiations were continuing and we are disappointed by PCMR's action today."
We will continue to keep you posted as this evolving story unfolds.
