Vail Resorts laid off 42 full-time employees of The Canyons this week as part of its takeover of the resort, many of them department heads including two VPs of marketing, the head of IT, the ski school director and risk manager. The news, which many employees had been anticipating and dreading, comes a month after Vail Resorts signed a 50-year lease with Canadian real estate firm Talisker that will start at $25 million annually, rising with inflation after that.
And while Talisker maintained development rights for four million square feet of property around The Canyons, the Park Record has reported that Talisker has relinquished its rights to that development and called in an interim manager, Boston-based turnaround specialists Alvarez & Marsal, to handle that business. It would appear that Talisker's trying to clean its hands of any development responsibilities as well, although it's not clear what the full extent of the financial restructuring at Talisker is going to look like. Summit County Manager Bob Jasper said that, "we don't have a developer, we have an interim manager," and remained firm on his assertion that whoever ends up owning the development rights, they will still have to fulfill the original obligation with the county, which includes building a golf course, a convention center, a transit plan and affordable housing.
· Vail Resorts cuts 42 Canyons staff [Ski Area Management]
· Talisker relinquishes controlling interest at Canyons Resort [Park Record]
· Mergers & Acquisitions archives [Curbed Ski]