Park City Information and Real Estate News

One Park City - Vail Update

By Berkshire Hathaway HomeServices Utah Properties
Jul 30, 2015

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In true Park City fashion, the entire town seemed in attendance at Legacy Lodge for Vail Resort's announcement of One Park City, its new brand and resort launch. After the intro video, Vail's Chief Operating Officer and Chief Marketing Officer spoke about the new brand and Vail's progress-to-date on its $50 Million improvement plan.

The biggest takeaway: the largest resort in America is now operating right here in Park City. After $50 million in capital improvements, which will be completed in time for opening this winter, mountain visitors will have access to 7,300 acres of ski terrain, 17 peaks, and a resort that extends 6.5 miles in length.

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The new Quicksilver gondola is proceeding on schedule and will be operational for the 2015-2016 season. Vail Resorts settled on the name "Quicksilver" because it denotes Park City's mining history and the speed of the 8-person, state of the art conveyance, which transports riders from the base of Silverlode to the Flatiron Lift via Pinecone Ridge in just 8 minutes.

Miner's Camp Rest

The restaurant formerly known as Snow Hut, has been re-named Miners Camp and will seat 500. Additional improvements and expansions will be made to Red Pine Lodge (capacity will be expanded by 250 seats), Summit House, and Legacy Lodge. Snow making has been added to Iron Mountain and near the gondola.

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The new resort will operate under the sole name, Park City. The logo was re-purposed from Canyons Resort and has the tagline, "There is only one. Park City."

 

 

Spring Changes in Park City

By Berkshire Hathaway HomeServices Utah Properties
Jun 03, 2015

First Day Canyons Golf-0043 Canyons Golf Course

Spring has arrived in Park City and has brought with it some pretty big changes.

Vail Resorts has started its $50 million dollar improvement plan. Construction has begun on the interconnect gondola and the new Snow Hut restaurant and is proceeding apace. We are thrilled to see the astounding rate of progress and are ready to meet the change these evolutions will bring to Park City.

vail2 Construction on the new Interconnect Gondola

Canyons Resort has also opened its new golf course and is taking reservations. This new course is the latest major addition to the resort's already robust list of available amenities. Park City has become quite the golf destination and now boasts thirteen courses many of which have championship destination. The fairways are green and the weather fair--time to dust off the clubs.

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Finally, Park City's new state-of-the-art library opens June 13. We are thrilled to welcome back our much missed literary hub. The new building seamlessly integrates the beloved brick facade of the old High School building and new contemporary features. The new space will feature a coffee shop, educational offerings, communal space, and more books!

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In addition to these novel developments, Park City's usual summer offerings have begun. Be sure to check out:

Farmers Market at Canyons (Wed and Sat)

Park Silly Market on Lower Main St. (Sundays)

Deer Valley's Big Stars, Bright Nights Concert Series (Starts June 30)

Vail Resorts Claim Major Gains Already in 2015

By Berkshire Hathaway HomeServices Utah Properties
Jan 14, 2015

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Vail Resorts is off to a good season.

In a release, Vail Resorts CEO, Rob Katz, shared that the publicly traded company's initial Epic Pass sales and season-to-date revenue saw significant gains over last year. As real estate professionals on the ground in Park City, we have already noticed Vail's influence on our visitor demographics and market. Our agents have reported an uptick in international visitors, many of whom are holders of the Epic Pass. Good thing we are a global brand.

Here's what Vail is reporting:

  • Season-to-date total lift ticket revenue at the Company's nine mountain resorts, including an allocated portion of season pass revenue for each applicable period, was up 9.3% compared to the prior year season-to-date period.
  • Season-to-date ancillary spending increased over prior year, with ski school revenue up 9.2% and dining revenue up 6.8% at the Company's nine mountain resorts. Additionally, retail/rental revenue for resort store locations was up 10.4% compared to the prior year season-to-date period.
  • Season-to-date total skier visits for the Company's nine mountain resorts were up 1.8% compared to the prior year season-to-date period.

Deer Valley Announces Major Expansion Plans

By Berkshire Hathaway HomeServices Utah Properties
Dec 15, 2014

Deer Valley hopes to connect resort to Old Town.

In a meeting with the Park City Council, Bob Wheaton, the President and General Manager of Deer Valley Resort, shared Deer Valley's plan to dramatically increase their ski terrain with eight new lifts, which will serve approximately 1,000 acres of new runs. Wheaton also discussed the Berkshire Hathaway Utah Properties listed development at Mayflower (above the Jordanelle) and expanded residential communities in and around the resort. Most exciting, Wheaton confirmed that Deer Valley intends to try to connect the resort directly to Old Town via a Gondola System.

There are two options, the first option involves two connected gondolas; the second option would involve a single gondola running between Silver Lake Village and Old Town. In addition to providing visitors and locals easy access to the resort, city council members believe this plan will help reduce Park City's traffic.

Wheaton relayed that these expansion plans could begin as early as next summer, but that cost (particularly with regards to the gondola) was an issue, and the resort would be cautious. There are also proposed improvements to the parking lots at Snow Park.

For additional information, see the Park Record's coverage on this meeting.

All in all, it is safe to say that Park City's resorts are entering into a phase of serious growth and evolution. We look forward to seeing what the future holds and continuing to represent the real estate interests of those who share our affinity for our mountain town paradise.

PCMR Sells to Vail

By Berkshire Hathaway HomeServices Utah Properties
Sep 11, 2014

Park City Mountain Resort Sells to Vail for $182 Million.

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Powdr Corp. has sold its Park City Mountain Resort to Vail Resorts, ending a tumultuous year for Utah's most popular ski destination.

"Selling was the last thing we wanted to do, and while we believe the law around this issue should be changed, a protracted legal battle is not in line with our core value to be good stewards of the resort communities in which we operate," Powdr CEO John Cumming said in a statement. "A sale was the only way to provide long-term certainty for PCMR employees and the Park City community. My family and I are extremely grateful to have had the opportunity to play a role in making PCMR what it is today, and we deeply appreciate the dedicated employees and all of the people who have supported us over the years."

The deal requires Vail Resorts to retain Park City Mountain Resort employees.

Powdr owned the Utah resort for more than 20 years, growing it into one of the most popular ski areas in North America.

According to Vail's Press Relesase, with the acquisition, all aspects of the previously disclosed litigation with respect to PCMR have been settled and this dispute will no longer pose any future threat to disrupt the operation of the resort.

"First and foremost, we are very pleased to bring a permanent end to this dispute and provide assurance to the guests and employees of PCMR, and to everyone in the Park City community, that they no longer have to worry about any disruption to the operation of the Resort. This has been a difficult period for everyone involved and I commend John Cumming and Powdr Corp. for helping to find a solution to this situation," said Rob Katz, chairman and chief executive officer of Vail Resorts.

"Park City Mountain Resort is one of the most spectacular mountain resorts and iconic brands in the ski industry and I am proud to have the resort become a part of Vail Resorts. The acquisition will allow us to immediately bring Park City Mountain Resort onto the Epic Pass, which will now offer skiers from across the country and around the world access to 22 resorts. We look forward to working collaboratively with the entire Park City community, as well as city and county officials, as we chart the future for the resort, including how we can best bring the Canyons and Park City ski experiences together to create the largest mountain resort in the United States," he added.

Mountain operations of PCMR and Canyons will remain separate for the 2014-2015 ski season. However, the Epic Pass and Epic Local Pass will be valid at PCMR. All PCMR passes for the 2014-2015 ski season will continue to be honored and can be exchanged or upgraded for a season pass that will also be valid at Canyons. The majority of all lift tickets sold at either resort will be valid at both PCMR and Canyons.

 
 
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