Park City Blog

Vail Commits to $50 Million in Improvements

By Berkshire Hathaway HomeServices Utah Properties
Dec 08, 2014

Vail Releases Details of Improvement Plan

20141208_084756_DEC2014_ParkCity_ImprovementsMap_web2 Map is Credited to Vail Resorts

Today, Vail Resorts shared their action and improvement plan with regards to Park City Mountain Resort and Canyons Resort. The plan includes more than $50 million in improvements that will take place in just one season, making it the most ambitions ski resort improvement strategy to date. The changes will create the largest ski resort in America by combining Park City Mountain Resort and Canyons Resort. Here are some specific improvements listed in Vail's comprehensive press release:

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.

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. The Motherlode Lift will be upgraded from a fixed-grip triple to a four-person, high-speed detachable chairlift.

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 City terminal 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 increase seats. At Canyons, the Red Pine Restaurant will be renovated to accommodate an additional 250 indoor seats.

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 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."

Park City’s Market post-Vail Purchase

By Berkshire Hathaway HomeServices Utah Properties
Sep 16, 2014

At BHHS Utah we are tracking the effects of the Vail purchase with keen interest. While it's too soon to predict all the implications from this major change, we feel comfortable in saying that Vail’s presence will be very positive for our marketplace. There are several plots of land now owned by Vail that are available for new development, which will add substantially to Park City’s future real estate growth potential.

We are not the only ones who see this acquisition as a beneficial thing.  Immediately after the sale was made public via press releases from both Vail and Park City, Vail’s stock shares jumped 12% in value. Stocks have continued to trend upwards, especially after it was announced that Park City Mountain Resort would be added to the Epic pass this coming season (2014-2015). Locals and visitors can now ski both mountains as part of the same pass, providing a uniquely affordable way to experience Park City’s legendary snow.

Going forward, we have begun to monitor our marketplace and in the future will have good idea as to how our market has been affected by this change and how it is likely to contribute to trends in the future. While Vail has yet to discuss or share its intentions with regards to new lifts, renovating the base of Park City Mountain Resort, or consolidating its Park City holdings, we look forward to seeing its vision for the largest resort in America.

We are hesitant to make any claims at this point with regards to real estate, but it is likely that property values will go up due to increased interest in Park City stemming from this newsworthy transition. Areas and neighborhoods that abut the two resorts have already garnered increased attention from buyers and are experiencing elevating median prices. In other words, now is the ideal time to invest in Park City real estate holdings. 

Want to know how the Vail purchase affects your property's value or real estate goals? Call your BHHS Utah real estate professional today. bhhsutah.com

 
 
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