Epic Investment! Vail's 50M Plans Announced This Week >>
Vail Resorts to Invest an Unprecedented $50 Million in Park City Mountain Resort in One Season and Create the Largest Ski Resort in the U.S.
BROOMFIELD, Colo., Dec. 8, 2014 /PRNewswire/ -- Vail Resorts, Inc. (NYSE: MTN) today announced details of the company's planned upgrades to Park City Mountain Resort ("Park City") for the 2015-2016 ski season. The plan, which totals over $50 million, is one of the most ambitious and impactful capital programs in U.S. ski industry history and will transform the guest experience at Park City. The plan would establish the connection between Park City and Canyons, creating the largest single ski area in the country with more than 7,300 acres of skiable terrain, and complete a number of critical upgrades to the infrastructure of both resorts. The plan will be subject to approval by both Summit County and the City of Park City.
Components of the $50-million capital plan include:
The Interconnect Gondola. An eight-passenger, high-speed two-way gondola from the base of the existing Silverlode Lift at Park City to the Flatiron Lift at Canyons. The gondola will also have an unload at the top of Pine Cone Ridge to allow skiers and riders the opportunity to ski into Thaynes Canyons at Park City via gated ski access or to the Iron Mountain area at Canyons through new trails that will be created from Pine Cone Ridge. This will mark the first gondola at Park City since "The Gondola" was dismantled in 1983.
Upgrade of King Con and Motherlode Lifts at Park City. The King Con Lift will be upgraded from a four-person to a six-person, high-speed detachable chairlift and will increase lift capacity to this very popular ski pod. The Motherlode Lift will be upgraded from a fixed-grip triple to a four-person, high-speed detachable chairlift, also increasing lift capacity. Both upgrades will reduce crowding, lift lines and improve the guest experience.
New Snow Hut Restaurant, Upgrades to Summit House Restaurant at Park City and Expansion of Red Pine Lodge Restaurant at Canyons. The plan calls for building a completely new Snow Hut restaurant at the base of the Silverlode Lift and next to the Park Cityterminal for the Interconnect Gondola, with 500 indoor seats and a top-of-the-line kitchen and culinary experience. The plan also includes an upgrade to the "scramble" area inside the Summit House restaurant to improve the flow of diners and improve the quality of the experience. At Canyons, the Red Pine Restaurant will be renovated to accommodate an additional 250 indoor seats. This upgrade follows the recent renovation and increase of 150 seats to the Cloud Dine restaurant at Canyons.
Snowmaking and Other Improvements. The plan features additional snowmaking on two trails in the Iron Mountain area of Canyons which will become increasingly central ski terrain given its proximity to the Interconnect Gondola. The plan also includes almost $5 million of "catch up" maintenance and upgrades at Park City, given the lack of spending at the resort over the past few years. This "catch up" maintenance spending is in addition to the normal annual maintenance capital for the two resorts of $5 million, which will be undertaken this year as well.
This comprehensive capital plan for Park City and Canyons is one of the most ambitious and impactful plans undertaken at any resort in industry history, transforming the experience at both resorts and creating the largest single ski resort in the U.S. with more than 7,300 acres of skiable terrain," said Blaise Carrig, president of the mountain division for Vail Resorts. He added, "The improvements offer skiers and riders more terrain and upgraded lifts to enhance the guest experience and reduce crowding and lift lines, new and upgraded restaurants, more snowmaking and an overall 'touching up' of all aspects of the resorts. The plan was based on feedback from guests and the local community as well as discussions with the senior operating teams at the two resorts. We look forward to continuing to work with the county and the city and are hopeful we can bring this plan to life for the 2015-2016 ski season."
For the 2015-2016 ski season, the company intends to operate the two resorts as one unified branded experience under the name "Park City Mountain Resort". The Canyons base area will be renamed "Canyons at Park City". The company will continue to maintain the unique history and atmosphere of the two base areas with differentiated marketing for the diverse hotel and hospitality experiences.
Many of you have met or done business with us this year and we greatly appreciate all of your support. We have had an incredible year and continue to help predominantly vacation home buyers and sellers in the Park City and Deer Valley areas. Here are a few of our most recent transactions we've assisted our clients with.
11/17/14 625 Sunnyside In Old Town - Sold For $2,500,000 - Represented Buyer
11/26/14 2060 Solamere In Lower Deer Valley - Sold For $1,300,000 - Represented Sellers
10/24/14 28 Silver Dollar Upper Deer Valley - Sold For $3,900,000 - Represented Buyers
12/11/14 4848 Enclave #16 At Sun Peak - Selling For $1,950,000 - Representing Buyers
Ski Resort Town Comparison >>
The Western Mountain Resort Alliance is composed of various boards of REALTORS® of destination ski resorts in the Mountain West and was formed in 1996. At this meeting, the various Board presidents discussed that the marketing and selling of resort real estate is very different from the traditional models of residential real estate sales. Our buyers and sellers have different expectations and goals and are looking for a REALTOR® with knowledge of the resort markets. Frequently, buyers for a vacation home in one resort are comparing similar properties in neighboring resorts.
From this realization came the idea of sharing sales information from the various resorts as well as pressing issues the resorts are facing. The alliance meets three times a year in the various resorts where we put on resort specific education for our members, share sales and resort information with each other and gain an understanding of our neighboring resorts.
The Park City real estate market continues to out-perform other ski resort towns in the Mountain West. The Western Mountain Resort Alliance recently released comparisons on the number of homes sold and the total volume of real estate sold in 8 towns. Frequently, buyers for a vacation home in one resort are comparing similar properties in neighboring resorts. Park City is a great investment and a great place to be!