TL;DR
Matthew Prince, CEO of Cloudflare, has purchased Town Lift Plaza in Park City and expressed interest in acquiring Park City Mountain Resort from Vail Resorts, with plans for significant upgrades including a potential gondola connection to Alta.
Tech Billionaire Sets Sights on Park City Mountain Resort
Matthew Prince, the CEO of Cloudflare with a net worth of $5 billion, has made a significant move in Park City, Utah. He recently acquired the Town Lift Plaza, a key property at the base of Park City Mountain. This purchase has sparked discussions about the future of Park City Mountain Resort (PCMR) and potential changes to the local ski infrastructure.
The Town Lift Plaza deal, completed on May 16, transfers ownership from the Sweeney family to Prince. This property includes retail spaces, the Park City Mountain ticket plaza, restaurants, and parking facilities. Prince, a Park City resident, stated he has no immediate plans for changes and aims to support the local community and revitalise Main Street.
Prince has been vocal about his dissatisfaction with Vail Resorts' management of PCMR. As a former ski instructor at the resort, he believes the mountain has been neglected. This led him to approach Vail Resorts with an offer to purchase PCMR, which was declined. However, Prince maintains that the offer remains open, emphasising the importance of local ownership for the resort's future.
Looking ahead, Prince has outlined ambitious plans for Park City's ski infrastructure. He proposes upgrading the Town Lift, potentially replacing the current chairlift with a gondola. His vision extends beyond Park City, suggesting a gondola system that could connect Main Street to Solitude and Alta, similar to European ski resort connections.
Park City Mountain Resort, under Vail Resorts' ownership, has faced challenges, including a recent 13-day ski patrol strike during the peak holiday season. Prince's interest in acquiring the resort and implementing significant upgrades reflects his commitment to improving the ski experience and infrastructure in the area. While his plans are currently speculative, they represent a bold vision for the future of skiing in Park City and the surrounding region.
About the author
Michael Fulton
Melbourne-based skier and snowboarder with 50+ resorts across 5 continents. Specialises in Australian resorts and international resort comparisons.
