Powdr Sells Park City Mountain Resort to Vail Resorts

PARK CITY, Utah, Sept. 11, 2014 /PRNewswire-USNewswire/ -- Powdr, one of the largest, privately owned and operated, lifestyle and mountain sports companies in North America, today announced the sale of the Park City Mountain Resort (PCMR) base area, parking, lower ski terrain and lifts, as well as water and snowmaking for the entire mountain to Vail Resorts, Inc., effective immediately.

"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," said John Cumming, CEO of Powdr. "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."

Powdr also announced that the agreement with Vail Resorts stipulates that Vail must retain PCMR employees in their current roles. Under Powdr's more than 20 years of ownership, PCMR has grown into a world class resort that continuously ranks among the top five resorts in North America. Powdr has built strong community ties and been a part of Park City's continued rise as one of the best towns in the country.

"The sale positions Powdr well for future growth, and we're excited to explore new lifestyle and mountain sports opportunities," Cumming added. "We're happy that the community now has long-term certainty and we trust Vail will responsibly carry forward the legacy of PCMR and be a champion for the Park City community."

About Powdr
Powdr is a leading lifestyle and mountain sports company. Headquartered in Park City, Utah, Powdr currently owns and operates eight mountain resorts including Copper Mountain Resort in Summit County, Colorado; Killington Resort and Pico Mountain in Killington, Vermont; Mt. Bachelor in Bend, Oregon; Boreal Resort and Soda Springs Resort in Donner Summit, California; Las Vegas Ski & Snowboard Resort near Las Vegas, Nevada and Gorgoza tubing Park in Park City, Utah. Powdr also owns and operates Woodward Camps, with four locations in the United States including Camp Woodward in Woodward, Pennsylvania; Woodward West in Tehachapi, California; Woodward Tahoe at Boreal Resort in California; and Woodward at Copper in Summit County, Colorado. For additional information, please visit www.powdr.com.

CONTACT: Powdr, [email protected]

SOURCE Powdr