May 29, 2013 4:02 PM by Juice Godfrey
BROOMFIELD, Colo. (AP) - Colorado-based Vail Resorts is taking over operations of the Canyons ski resort in Utah under a long-term agreement with Talisker Corp. of Toronto.
Vail said Wednesday the agreement could potentially include leasing the land under the adjacent Park City Mountain Resort. Talisker owns the land, which is involved in a lawsuit.
Vail says it will make inflation-linked payments starting at $25 million a year to Talisker, plus an amount linked to earnings from resort operations. Talisker retains development rights for 4 million square feet of real estate at Canyons.
The lease has an initial term of 50 years and six 50-year renewal options.
Vail Resorts subsidiaries operate other resorts in Colorado, California, Minnesota, Nevada and Wyoming. They include Vail, Beaver Creek, Breckenridge, Keystone and Heavenly resorts and Grand Teton Lodge.