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Ski Resort Loses Lease

Park City Utah is well known for being a resort town for skiing, as well as some famous events like Sundance. Recently, the owners of one of these ski resorts, Park City Mountain Resort, lost its lease to a neighboring resort, not for lack of payment or violations, but rather for being two days late on their renewal. During this time, Park City Mountain Resort, unaware their renewal was late and unaccepted, invested over $7 million in renovations. The landlord refused to accept the late renewal, and additional offers from Park City Mountain Resort, allowing neighboring Vail Resort to acquire major portions of the mountain. Park City Mountain Resort has been entrenched in a three year legal battle to reclaim its territory, and find themselves on the losing end. Courts affirm that the lease agreement had specific dates to continue the renewal, and late renewals are ground for lease termination. Park City Mountain Resort has managed to retain the base of the mountain, which includes the parking lot and water lines, and has threatened to “rip out” the chairlifts they recently renovated, giving them perhaps some bargaining chips down the road.

When signing on to a lease it is very important to not only read the agreement carefully, but to be prompt with all matters within. Renovations done by the lease holder can backfire if renewals and obligations are not met, essentially handing over millions to another company due to small clerical errors. Here at Hastie Law Offices, we understand that due dates are vitally important to maintaining good business relations between owners and leasers, and that businesses could be caught sinking millions into renovations only to have them transferred to large companies waiting to acquire already renovated land. If you or someone you know is having legal troubles with a lease, or require someone to manage important due dates, call Hastie Law Offices at 614-488-2800.

For more information see:

http://www.businessweek.com/articles/2014-05-21/vail-wins-another-round-in-the-fight-over-park-city-mountain

http://www.businessweek.com/articles/2014-02-06/park-city-vail-resorts-powdr-fight-over-ski-mountains-future

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