Talisker To Acquire Canyons Resort In Utah [AESK.OB]
7/16/2007 7:15:13 PM American Skiing Co. (AESK.OB) announced that it had entered into a definitive agreement to sell its subsidiary ASC Utah Inc., the owner and operator of The Canyons resort, located near Park City, Utah, to Talisker Canyons Finance Co. LLC, an affiliate of Talisker Corporation, for $100.0 million in cash.
The transaction is not expected to result in any change in the status of currently pending litigation between The Canyons and Wolf Mountain.
Source http://www.rttnews.com/sp/breakingnews.asp...07&item=103
Talisker is the group that acquired United Park City Mines last year or the year before. This is the reason they were able to start developing the Flagstaff/Empire areas at Deer Valley.
0
Talisker group to acquire Canyons Resort
Started by lastchair_44, Jul 16 2007 04:26 PM
12 replies to this topic
#2
-
- Administrator I
- 2,814 Posts:
Established User
Posted 16 July 2007 - 06:32 PM
So that's really the end of ASC then. I wonder what they're planning to change on the mountain at The Canyons, or if they're going to do anything else besides build more houses
- Tyler
West Palm Beach, FL - elev. 9 feet
West Palm Beach, FL - elev. 9 feet
#4
-
- Member
- 745 Posts:
Established User
Posted 17 July 2007 - 03:21 AM
http://deseretnews.c...5192543,00.html
Talisker to buy The Canyons
$100M deal expected to close by late September
By Greg Kratz
Deseret Morning News
Park City-based American Skiing Co. said Monday that it plans to sell The Canyons resort for $100 million in cash.
The sale of the company's ASC Utah Inc. subsidiary to Talisker Canyons Finance Co. LLC, an affiliate of Canada-based Talisker Corp., is expected to close by the end of September.
Talisker, a private real-estate development and investment company, has "significant assets" in Park City, according to a company news release. The company has been developing real estate in the community since 2000, and in 2003 acquired United Park City Mines.
Assuming the sale goes through, it would leave American Skiing without any major resort assets.
"This sale will complete a necessary step for American Skiing Co. to wind down its affairs," said B.J. Fair, ASC president and chief executive officer, in a prepared statement. "We at ASC and The Canyons have worked tirelessly to position the resort for success in the years to come.
"I am very proud of what we have accomplished and look forward to the energy and vision that I expect Talisker to bring to the resort and community."
Talisker officials were not available for comment Monday, and a news release from the company did not indicate its future plans for the resort.
The Canyons, located near Park City, offers 3,700 skiable acres serviced by 17 lifts spread across eight mountain peaks. The resort also includes a hotel and other lodging, dining and retail outlets.
American Skiing said in its release that "an 18-hole championship golf course and numerous resort amenities are expected additions to the resort in the coming years."
David Hirasawa, director of financial analysis and investor relations for American Skiing, said the Talisker bid for The Canyons was unsolicited and "kind of a one-off thing."
"When an offer like this comes in, I think you have to consider a number of factors," Hirasawa said. "We felt the price was very good. Talisker is also familiar with this area. ... I think they will be a good steward of this resort going forward."
While selling The Canyons is a "natural step" in the process of dissolving American Skiing, Hirasawa said, that process does not have a set time-frame and could take awhile.
American Skiing announced in June that it would sell the Sunday River and Sugarloaf USA ski areas in western Maine to Boyne USA Inc. of Michigan for $77 million in cash. The company said at the time that the transaction was expected to close on or before July 31.
In previous months, American Skiing had also said it was selling Steamboat in Colorado; Killington, Mount Snow and Pico in Vermont; and Attitash in New Hampshire.
The sale of The Canyons is not expected to result in any change in pending litigation between the resort and Wolf Mountain, a landlord at The Canyons, American Skiing said in its news release. The dispute is over terms of a lease covering a key section of the ski area.
The American Skiing/Talisker transaction is subject to several closing conditions, including antitrust approval and stockholder approval of American Skiing.
Talisker to buy The Canyons
$100M deal expected to close by late September
By Greg Kratz
Deseret Morning News
Park City-based American Skiing Co. said Monday that it plans to sell The Canyons resort for $100 million in cash.
The sale of the company's ASC Utah Inc. subsidiary to Talisker Canyons Finance Co. LLC, an affiliate of Canada-based Talisker Corp., is expected to close by the end of September.
Talisker, a private real-estate development and investment company, has "significant assets" in Park City, according to a company news release. The company has been developing real estate in the community since 2000, and in 2003 acquired United Park City Mines.
Assuming the sale goes through, it would leave American Skiing without any major resort assets.
"This sale will complete a necessary step for American Skiing Co. to wind down its affairs," said B.J. Fair, ASC president and chief executive officer, in a prepared statement. "We at ASC and The Canyons have worked tirelessly to position the resort for success in the years to come.
"I am very proud of what we have accomplished and look forward to the energy and vision that I expect Talisker to bring to the resort and community."
Talisker officials were not available for comment Monday, and a news release from the company did not indicate its future plans for the resort.
The Canyons, located near Park City, offers 3,700 skiable acres serviced by 17 lifts spread across eight mountain peaks. The resort also includes a hotel and other lodging, dining and retail outlets.
American Skiing said in its release that "an 18-hole championship golf course and numerous resort amenities are expected additions to the resort in the coming years."
David Hirasawa, director of financial analysis and investor relations for American Skiing, said the Talisker bid for The Canyons was unsolicited and "kind of a one-off thing."
"When an offer like this comes in, I think you have to consider a number of factors," Hirasawa said. "We felt the price was very good. Talisker is also familiar with this area. ... I think they will be a good steward of this resort going forward."
While selling The Canyons is a "natural step" in the process of dissolving American Skiing, Hirasawa said, that process does not have a set time-frame and could take awhile.
American Skiing announced in June that it would sell the Sunday River and Sugarloaf USA ski areas in western Maine to Boyne USA Inc. of Michigan for $77 million in cash. The company said at the time that the transaction was expected to close on or before July 31.
In previous months, American Skiing had also said it was selling Steamboat in Colorado; Killington, Mount Snow and Pico in Vermont; and Attitash in New Hampshire.
The sale of The Canyons is not expected to result in any change in pending litigation between the resort and Wolf Mountain, a landlord at The Canyons, American Skiing said in its news release. The dispute is over terms of a lease covering a key section of the ski area.
The American Skiing/Talisker transaction is subject to several closing conditions, including antitrust approval and stockholder approval of American Skiing.
This post has been edited by Skiing#1: 17 July 2007 - 03:23 AM
#5
-
- Industry II
- 282 Posts:
Established User
Posted 19 July 2007 - 05:30 PM
Here is what the Park City Newspaoer said on it's web edtion today
--------------------------------------------------------------------------------
An epic deal
Wolf Mountain could block sell of The Canyons
Patrick Parkinson, Of the Record staff
Empire Pass developer Talisker Corporation has agreed to pay Park City-based American Skiing Company $100 million for The Canyons, thrusting the firm into a heated courtroom battle between ASC and its landlord, Wolf Mountain Resorts.
To complete the deal American Skiing Co. needs permission from Wolf Mountain Resorts Managing Partner Kenny Griswold, who leases ASC ski terrain he owns at The Canyons.
"Wolf needs to consent to this," said Tim Vetter, a vice president at The Canyons, in an interview Tuesday.
But Wolf Mountain and American Skiing Co. are entwined in litigation after Griswold tried to end the lease last year, claiming his tenant was in default. Talisker would assume responsibility for the litigation should the sale of The Canyons go through, officials at ASC said.
Talisker would purchase all of American Skiing Co.'s stock in The Canyons and American Skiing Company Resort Properties, Inc., documents filed with the Securities and Exchange Commission state.
Talisker, a privately held real estate development and investment firm, which has built in Park City since 2000, acquired United Park City Mines in 2003.
"I think that Talisker's reputation speaks for itself," American Skiing Co. spokesman David Hirasawa said.
Still, Talisker operates no ski resorts, Hirasawa added.
"Somebody is not going to spend $100 million and then shut the doors," said Vetter when asked if The Canyons would open next season.
But Vetter couldn't confirm which employees would still have jobs if the resort changes hands. This week, Scott Pierpont, president of The Canyons, announced his resignation.
"Who is going to run it? We don't know right now," Hirasawa said on Tuesday about the future operator at The Canyons. "We just announced this yesterday. This transaction came up very quickly, and it's just too early to tell."
Griswold said he will "very excitedly" consent to the deal if Talisker recruits a "world-class" resort operator.
"We had an insolvent operator," Griswold said in a telephone interview from his home in Southern California. "If there is an operator that can boost confidence and can get the golf course built and efficiently operate the resort without burdensome debt, then I'm thrilled We're very excited about a great operator."
Vetter wouldn't comment about whether he expects Griswold to allow the resort to be sold, adding, "we don't know if Wolf has any objections at all."
But the sale of The Canyons is a long way from closing, Griswold claimed.
"It's a shame that American Skiing Company has felt a need to mislead the community the same way they have with the lease and the lawsuit," Griswold said. "I am very excited that American Skiing Company finally, once and for all, is acknowledging that they are in fact a seller after they have denied it all these months."
Griswold said Wolf Mountain will "aggressively" pursue its litigation with American Skiing Co.
"I think the community has been desperate to believe things that weren't especially true," Griswold said.
He said he will likely terminate the lease "when" he wins the lawsuit.
"When Wolf Mountain prevails, what would Talisker own?" Griswold asked.
Officials at American Skiing Company, who recently announced their plans to dissolve the publicly traded company, wouldn't comment about the pending litigation.
"Once the transaction closes, Talisker would assume responsibility for the litigation," Hirasawa said.
American Skiing Co. has tried to sell The Canyons since announcing the sale of its Steamboat resort in Colorado last December, Griswold claimed.
But Hirasawa called the pending transaction "unsolicited."
"We anticipate business as usual for The Canyons and bringing the Talisker experience to this prominent resort," Talisker Corp. Chairman and CEO Jack Bistricer said in a prepared statement on Tuesday.
I know it's far fetched, but i wonder if DV would be interested in running it. Years ago they were approached on the idea of them running/ managing Tamarack,Idaho Of course this was a rumor. They said no, cause they were worried about the skier trying to make it, due to the two lane curvy road up from Boise, so they said no.
But for them to run the Canyons would be aWIN for them, cause they could expand thier world class operation to another reosrt 10 min. down the road. And they would not have to turn away snowboarders.
Going to be a intresting period of time. And i bet that Powder Corp would be interested in running it as well.
Ok i go back to the sleeper now.
--------------------------------------------------------------------------------
An epic deal
Wolf Mountain could block sell of The Canyons
Patrick Parkinson, Of the Record staff
Empire Pass developer Talisker Corporation has agreed to pay Park City-based American Skiing Company $100 million for The Canyons, thrusting the firm into a heated courtroom battle between ASC and its landlord, Wolf Mountain Resorts.
To complete the deal American Skiing Co. needs permission from Wolf Mountain Resorts Managing Partner Kenny Griswold, who leases ASC ski terrain he owns at The Canyons.
"Wolf needs to consent to this," said Tim Vetter, a vice president at The Canyons, in an interview Tuesday.
But Wolf Mountain and American Skiing Co. are entwined in litigation after Griswold tried to end the lease last year, claiming his tenant was in default. Talisker would assume responsibility for the litigation should the sale of The Canyons go through, officials at ASC said.
Talisker would purchase all of American Skiing Co.'s stock in The Canyons and American Skiing Company Resort Properties, Inc., documents filed with the Securities and Exchange Commission state.
Talisker, a privately held real estate development and investment firm, which has built in Park City since 2000, acquired United Park City Mines in 2003.
"I think that Talisker's reputation speaks for itself," American Skiing Co. spokesman David Hirasawa said.
Still, Talisker operates no ski resorts, Hirasawa added.
"Somebody is not going to spend $100 million and then shut the doors," said Vetter when asked if The Canyons would open next season.
But Vetter couldn't confirm which employees would still have jobs if the resort changes hands. This week, Scott Pierpont, president of The Canyons, announced his resignation.
"Who is going to run it? We don't know right now," Hirasawa said on Tuesday about the future operator at The Canyons. "We just announced this yesterday. This transaction came up very quickly, and it's just too early to tell."
Griswold said he will "very excitedly" consent to the deal if Talisker recruits a "world-class" resort operator.
"We had an insolvent operator," Griswold said in a telephone interview from his home in Southern California. "If there is an operator that can boost confidence and can get the golf course built and efficiently operate the resort without burdensome debt, then I'm thrilled We're very excited about a great operator."
Vetter wouldn't comment about whether he expects Griswold to allow the resort to be sold, adding, "we don't know if Wolf has any objections at all."
But the sale of The Canyons is a long way from closing, Griswold claimed.
"It's a shame that American Skiing Company has felt a need to mislead the community the same way they have with the lease and the lawsuit," Griswold said. "I am very excited that American Skiing Company finally, once and for all, is acknowledging that they are in fact a seller after they have denied it all these months."
Griswold said Wolf Mountain will "aggressively" pursue its litigation with American Skiing Co.
"I think the community has been desperate to believe things that weren't especially true," Griswold said.
He said he will likely terminate the lease "when" he wins the lawsuit.
"When Wolf Mountain prevails, what would Talisker own?" Griswold asked.
Officials at American Skiing Company, who recently announced their plans to dissolve the publicly traded company, wouldn't comment about the pending litigation.
"Once the transaction closes, Talisker would assume responsibility for the litigation," Hirasawa said.
American Skiing Co. has tried to sell The Canyons since announcing the sale of its Steamboat resort in Colorado last December, Griswold claimed.
But Hirasawa called the pending transaction "unsolicited."
"We anticipate business as usual for The Canyons and bringing the Talisker experience to this prominent resort," Talisker Corp. Chairman and CEO Jack Bistricer said in a prepared statement on Tuesday.
I know it's far fetched, but i wonder if DV would be interested in running it. Years ago they were approached on the idea of them running/ managing Tamarack,Idaho Of course this was a rumor. They said no, cause they were worried about the skier trying to make it, due to the two lane curvy road up from Boise, so they said no.
But for them to run the Canyons would be aWIN for them, cause they could expand thier world class operation to another reosrt 10 min. down the road. And they would not have to turn away snowboarders.
Going to be a intresting period of time. And i bet that Powder Corp would be interested in running it as well.
Ok i go back to the sleeper now.
#7
-
- Member
- 4,314 Posts:
Established User
Posted 30 June 2008 - 10:28 PM
One year later, The Canyons sale finally closed today. ASC is officially dead.
Sale of The Canyons is final
Talisker Corp. buys ski resort for $123 million
Patrick Parkinson, Of the Record staff
Article Launched: 06/30/2008 04:35:59 PM MDT
Talisker Corp. Monday finalized its deal to buy The Canyons, an agreement that teetered for weeks as Talisker, one of the area's biggest developers, repeatedly delayed the closing on the resort.
"We're closed," Canyons spokesman Tim Vetter told The Park Record. "It's better than being in limbo and I'm very excited."
According to Talisker Chief Executive Officer Jack Bistricer, "We expect to bring our brand and standard of development to this wonderful resort over the coming years."
"We, along with our team in Park City and The Canyons employees, look forward to unlocking the wonderful potential of The Canyons resort, and to our continued and growing involvement as members of the community," Bistricer said in a prepared statement.
The Toronto-based developer, which is building parts of Empire Pass, announced its intentions to purchase The Canyons from Park City-based American Skiing Company last July. Talisker has done business in Park City since 2000.
Talisker completed the sale June 30 by paying ASC $123 million, a document filed Monday with the Securities and Exchange Commission states.
The proceeds were received in the form of $51 million in cash and $71 million "in secured senior notes," the SEC document states.
Talisker has tried to close the sale since 2007. American Skiing Co. intends to use proceeds from the sale "in accordance with its plan of dissolution, which was approved on June 20, 2007," according to the SEC report.
But land at The Canyons is still controlled by Wolf Mountain Resorts, which will be Talisker Canyons Finance Company's landlord at the resort.
Colorado-based Vail Resorts Inc., which was interested in buying The Canyons, is suing Talisker in Denver District Court claiming the builder interfered with its efforts to buy the resort near Park City.
Sale of The Canyons is final
Talisker Corp. buys ski resort for $123 million
Patrick Parkinson, Of the Record staff
Article Launched: 06/30/2008 04:35:59 PM MDT
Talisker Corp. Monday finalized its deal to buy The Canyons, an agreement that teetered for weeks as Talisker, one of the area's biggest developers, repeatedly delayed the closing on the resort.
"We're closed," Canyons spokesman Tim Vetter told The Park Record. "It's better than being in limbo and I'm very excited."
According to Talisker Chief Executive Officer Jack Bistricer, "We expect to bring our brand and standard of development to this wonderful resort over the coming years."
"We, along with our team in Park City and The Canyons employees, look forward to unlocking the wonderful potential of The Canyons resort, and to our continued and growing involvement as members of the community," Bistricer said in a prepared statement.
The Toronto-based developer, which is building parts of Empire Pass, announced its intentions to purchase The Canyons from Park City-based American Skiing Company last July. Talisker has done business in Park City since 2000.
Talisker completed the sale June 30 by paying ASC $123 million, a document filed Monday with the Securities and Exchange Commission states.
The proceeds were received in the form of $51 million in cash and $71 million "in secured senior notes," the SEC document states.
Talisker has tried to close the sale since 2007. American Skiing Co. intends to use proceeds from the sale "in accordance with its plan of dissolution, which was approved on June 20, 2007," according to the SEC report.
But land at The Canyons is still controlled by Wolf Mountain Resorts, which will be Talisker Canyons Finance Company's landlord at the resort.
Colorado-based Vail Resorts Inc., which was interested in buying The Canyons, is suing Talisker in Denver District Court claiming the builder interfered with its efforts to buy the resort near Park City.
- Peter<br />
Liftblog.com
Liftblog.com
#8
-
- Member
- 745 Posts:
Established User
Posted 01 July 2008 - 11:00 AM
http://www.ksl.com/?...148&sid=3662131
Utah ski resort changes hands for $100 million
July 1st, 2008 @ 10:30am
PARK CITY, Utah (AP) -- Toronto-based resort operator Talisker Corp. says it's the new owner of The Canyons ski area.
Talisker Chairman Jack Bistricer announced the purchase of the 3,700-acre resort in a statement. He didn't say how much Talisker paid, but the company offered $100 million last July.
Talisker is a luxury resort club operator that has invested heavily in lodging at Deer Valley, another Park City resort.
Park City-based American Skiing Co., which owned 10 ski areas as recently as 2001, said it was going out of business with the sale of The Canyons. The company has disconnected its phone lines and couldn't be reached on Tuesday.
(Copyright 2008 by The Associated Press. All Rights Reserved.)
Utah ski resort changes hands for $100 million
July 1st, 2008 @ 10:30am
PARK CITY, Utah (AP) -- Toronto-based resort operator Talisker Corp. says it's the new owner of The Canyons ski area.
Talisker Chairman Jack Bistricer announced the purchase of the 3,700-acre resort in a statement. He didn't say how much Talisker paid, but the company offered $100 million last July.
Talisker is a luxury resort club operator that has invested heavily in lodging at Deer Valley, another Park City resort.
Park City-based American Skiing Co., which owned 10 ski areas as recently as 2001, said it was going out of business with the sale of The Canyons. The company has disconnected its phone lines and couldn't be reached on Tuesday.
(Copyright 2008 by The Associated Press. All Rights Reserved.)
#9
-
- Administrator I
- 2,814 Posts:
Established User
Posted 01 July 2008 - 01:17 PM
Has Talisker done anything else besides build condos at Deer Valley? I'm worried that's all they're going to do for The Canyons, when what they need there is on-mountain improvements and upkeep
- Tyler
West Palm Beach, FL - elev. 9 feet
West Palm Beach, FL - elev. 9 feet
#10
-
- Member
- 364 Posts:
Established User
- Interests:Skiing, Drag Racing, River running
Posted 01 July 2008 - 03:21 PM
I was hoping Vail would have won the war. Very impressed with their mountain, and to think what they could do with The Canyons. Oh well, I guess I’ll drive the extra five min and ski the resorts up the road.
#11
-
- Administrator I
- 2,814 Posts:
Established User
Posted 01 July 2008 - 06:15 PM
I won't write it off yet, but I sure hope we see some new stuff for next summer. These guys are probably better than ASC even if they have no experience running a resort, they have money to work with
- Tyler
West Palm Beach, FL - elev. 9 feet
West Palm Beach, FL - elev. 9 feet
#12
-
- Member
- 745 Posts:
Established User
Posted 01 July 2008 - 08:40 PM
http://deseretnews.c...0239645,00.html
Talisker closes sale of The Canyons for $123.1 million
Published: Tuesday, July 1, 2008 2:01 p.m. MDT
A subsidiary of Toronto-based Talisker Corp. has completed its acquisition of Utah's largest ski area, The Canyons Resort.
Talisker Canyons Finance Co. LLC paid $123.1 million on Monday to The Canyons' owner, American Skiing Co., for ASC's subsidiaries, ASC Utah and American Skiing Co. Resort Properties Inc., according to a filing with the U.S. Securities and Exchange Commission. Talisker paid $52.1 million of that amount in cash and $71 million in senior secured notes.
"We, along with our team in Park City and The Canyons employees, look forward to unlocking the wonderful potential of The Canyons resort, and to our continued and growing involvement as members of the community," said Talisker chairman Jack Bistricer said in a statement Monday. "We expect to bring our brand and standard of development to this wonderful resort over the coming years."
Talisker and ASC had been entangled in a half-dozen state and federal lawsuits, some of which were combined, over The Canyons' development and the right of former owner Wolf Mountain to object to the development. Wolf Mountain sold the resort to ASC in 1997, but has since owned the land upon which The Canyons operated.
Wolf Mountain has filed a federal lawsuit that argues that The Canyons undermined Wolf Mountain's attempts to get out of its land ownership deal with The Canyons through a sale of the resort to another group. Talisker is assuming responsibility for that pending litigation.
Talisker has been doing business in Park City since 2000. Its developments include Tuhaye, which features a Mark O'Meara-designed golf course and Empire Pass, a residential development on the slopes of Deer Valley Resort. Talisker also is building Montage Hotel at Deer Valley.
Talisker closes sale of The Canyons for $123.1 million
Published: Tuesday, July 1, 2008 2:01 p.m. MDT
A subsidiary of Toronto-based Talisker Corp. has completed its acquisition of Utah's largest ski area, The Canyons Resort.
Talisker Canyons Finance Co. LLC paid $123.1 million on Monday to The Canyons' owner, American Skiing Co., for ASC's subsidiaries, ASC Utah and American Skiing Co. Resort Properties Inc., according to a filing with the U.S. Securities and Exchange Commission. Talisker paid $52.1 million of that amount in cash and $71 million in senior secured notes.
"We, along with our team in Park City and The Canyons employees, look forward to unlocking the wonderful potential of The Canyons resort, and to our continued and growing involvement as members of the community," said Talisker chairman Jack Bistricer said in a statement Monday. "We expect to bring our brand and standard of development to this wonderful resort over the coming years."
Talisker and ASC had been entangled in a half-dozen state and federal lawsuits, some of which were combined, over The Canyons' development and the right of former owner Wolf Mountain to object to the development. Wolf Mountain sold the resort to ASC in 1997, but has since owned the land upon which The Canyons operated.
Wolf Mountain has filed a federal lawsuit that argues that The Canyons undermined Wolf Mountain's attempts to get out of its land ownership deal with The Canyons through a sale of the resort to another group. Talisker is assuming responsibility for that pending litigation.
Talisker has been doing business in Park City since 2000. Its developments include Tuhaye, which features a Mark O'Meara-designed golf course and Empire Pass, a residential development on the slopes of Deer Valley Resort. Talisker also is building Montage Hotel at Deer Valley.
#13 Guest_mjturley34_*
-
- Visiting Guest
Posted 02 July 2008 - 10:20 PM
"Griswold said he will "very excitedly" consent to the deal if Talisker recruits a "world-class" resort operator."
Talisker is gonna have to fire management to make this happen !!!!! Good riddens !!!! The Canyons sucks and is cursed. I'm proof that the place is inhabited by evil spirits. The junk show will no doubt just continue there
Stay away unless you enjoy misery
Talisker is gonna have to fire management to make this happen !!!!! Good riddens !!!! The Canyons sucks and is cursed. I'm proof that the place is inhabited by evil spirits. The junk show will no doubt just continue there
Stay away unless you enjoy misery
This post has been edited by mjturley34: 02 July 2008 - 10:21 PM
1 User(s) are reading this topic
0 members, 1 guests, 0 anonymous users
