Texas oilman Dick Bass announced that he has sold majority interest in the Little Cottonwood Canyon resort to Ian Cumming, a businessman whose family owns Park City Mountain Resort (PCMR). The price and terms of the deal were not disclosed.
Bass, who will remain chairman of Snowbird’s board, said in a news release he was pleased that his family and Cumming’s could join together to direct the resort’s future development, including the long-discussed and highly controversial plan to build a restaurant around the Tram terminal atop Hidden Peak.
Last May, Talisker Corp. brought in Vail Resorts to run Canyons Resort outside of Park City, and to take over the lead in a high-profile lawsuit against PCMR’s parent company, Powdr Corp., that could result in PCMR losing access to most of its mountainside.
How the purchase of Snowbird by the Cumming family — but not by Powdr Corp. — impacts the PCMR-Canyons litigation remains unclear. It also wasn’t entirely clear what immediate effects there would be at Snowbird, where the management team will remain intact and the company is proceeding with plans to break ground in July on the two-year Hidden Peak project, to build more biking trails on the mountain, and to renovate the Snowbird Center and Cliff Lodge.
The sale price and terms were not disclosed, but when Vail extended its holdings in the domestic ski market, , it paid $60 million for Northstar by Lake Tahoe in 2010 and, two years later, $18.2 million for Kirkwood in California and $20 million for two small Midwestern resorts. Vail’s purchase prices were disclosed because it is publicly held, whereas Snowbird and Cumming are private.