Utah’s historic Park City Mountain Resort announced that it will open as planned this season, agreeing to pay a $17. 5 million bond to keep the resort running for a 51st straight season. The bond agreement ordered by 3rd District Judge Ryan Harris comes after three years of litigation between the resort and its landlord, Talisker Land Holdings inc, a locally based real estate company.
“Our goal has always been to keep PCMR open for the upcoming 2014/15 season and beyond,” said Jenni Smith, president and general manager. “Paying the bond ordered by the judge will provide our employees, the Park City community and our many guests the certainty they’ve been waiting for about our upcoming ski season.”
Consistently ranked as one of the top ski resorts in North America, PCMR has served as training grounds for some of skiing’s elite, including Olympian Ted Ligety. However, trouble started brewing in April of 2011 when PCMR missed a lease renewal deadline with Talisker and its partner, Vail Resorts. Several months later, PCMR sued Talisker fearing eviction.
On Friday, Harris ordered PCMR to post bond within a week to postpone eviction. Although $17.5 million is a steep price, it’s far less than the $124 million demanded from Vail.
“I am very happy that the resort will be open this year,” Smith said. “While the most important outcome today is that PCMR will be open for business, the bond payment is only a short-term solution for the 2014/15 season. As such, we will continue working with Vail toward a reasonable and fair long-term solution.”
The announcement provides great news for local Park City businesses as an estimated $185 million would have been lost in sales if the resort was not running. Although there is still plenty of mediation left to be done, at least for this year, Park City Mountain Resort will be business as usual.