Lease allows Vail to run resort in Utah

BROOMFIELD – Vail Resorts Inc. has entered into a long-term lease with affiliate companies of Talisker Corp. to operate Canyons Resort in Park City, Utah.

Broomfield-based Vail Resorts (NYSE: MTN) has assumed all of the resort operations of Canyons while Talisker has retained its development rights for 4 million square feet of real estate at the resort.

The lease has an initial term of 50 years with six 50-year renewal options. The lease provides for $25 million in annual fixed payments, which increase each year by an inflation linked index.

Canyons Resort has 4,000 skiable acres, and $75 million has been put…