American Ski Co. finds a buyer for The Canyons

American Skiing Company officials announced Monday that the company had entered into a definitive agreement to sell The Canyons resort near Park City, Utah, the last major resort in ASC's holdings.

PARK CITY, Utah — American Skiing Company officials announced Monday that the company had entered into a definitive agreement to sell The Canyons resort near Park City, Utah, the last major resort in ASC's holdings.
    The purchase price is subject to various adjustments, but the amount released Monday is $100 million in cash to be paid by the Talisker Canyons Finance Co. LLC, an affiliate of Talisker Corporation, for ASC Utah, Inc. — a subsidiary of American Skiing Company — that owns and operates the resort.   
    “This sale will complete a necessary step for American Skiing Company to wind down its affairs,” said ASC President and CEO B.J. Fair. “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."
    The Canyons is Utah’s largest winter resort. Its 3,700 skiable acres (fourth largest in the nation) are serviced by 17 lifts spread across eight mountain peaks. The AAA Four Diamond Grand Summit Hotel, Sundial Lodge and numerous other lodging, dining and retail options are located at the base of the resort. An 18-hole championship golf course and numerous resort amenities are expected additions to the resort in the coming years.
    Talisker is a private real estate development and investment company in the resort development, residential, retail and commercial sectors operating in Canada, the United States and Europe.
    Talisker has significant assets in Park City, where it has been developing resort real estate since 2000. In 2003 it added to its portfolio in Park City by acquiring United Park City Mines, a NYSE listed company.
    The transaction is subject to several closing conditions, including certain consents, Hart-Scott-Rodino antitrust approval and stockholder majority approval of American Skiing Company. The transaction is expected to close on or before Sept. 29, 2007.