Tom and Kevin's Blog

Varde and TCFC Select Replay Resorts as Master Developer for Canyons

By Tom Peek
Jan 28, 2015

Real estate vision and master plan to accelerate transformation of Park City ski destination

MINNEAPOLIS, Minn. and PARK CITY, Utah, Jan. 27, 2015 /PRNewswire/ -- Varde Partners ("Varde") and Replay Resorts ("Replay") announced today that Replay has been selected to act as the master developer for its substantial land holdings in the Canyons Resort area.  Varde is the managing member of TCFC Finance Co LLC ("TCFC"), which owns much of the land comprising the Canyons Ski Resort.The selection of Replay as master developer is an important step in TCFC's strategy to assemble a team of mountain resort industry leaders to plan and position the development land for the future.  TCFC's selection of Replay follows its long-term lease agreement with Vail Resorts in May 2013 for the operation of Canyons Resort.  Replay intends to work collaboratively with TCFC, Vail, and local stakeholders to ensure the real estate vision and master plan is cohesive with Vail's operating plans for Canyons and enhances the overall guest experience at the resort."Replay Resorts brings a team to Canyons that is arguably the most experienced in the mountain resort development industry," said Tony Iannazzo, Managing Director of Varde.  "Through the selection process it became clear that the Replay team understands the symbiotic relationship between mountain resort operations and real estate development."

Brian Cejka, Chief Operating Officer of TCFC, said, "the Replay team's experience at ski resorts such as Whistler Blackcomb and others gives us confidence that Replay will be able to work closely with Vail and all stakeholders to develop a real estate vision and master plan that enriches the guest experience and brings together all that's great about Canyons."

Replay also announced today that Gary Raymond, the former CEO of Intrawest Corporation's development group, and Connie Wynne, former Regional Vice President of Intrawest Placemaking, have joined Replay and will lead the master developer role at Canyons for Replay.  Combined, they have overseen the acquisition, master planning, and development of over 25 resorts in the United States, Mexico, Canada, Europe, and New Zealand and have been responsible for developing more than 10,000 condo hotel units, 4,000 resort condominiums, and 1 million square feet of resort commercial space.

"Over our careers we have spent a tremendous amount of time in the Utah market analyzing various mountain development opportunities," said Gary Raymond, Managing Director of Replay Resorts. "We believe the Park City area to be the best mountain resort opportunity in the world and Vail's recent announcement regarding the connection of Canyons to Park City Mountain Resort makes this the most exciting place to be in the ski industry.  We look forward to working with TCFC and all stakeholders on developing the vision and master plan for the real estate at Canyons."

"We couldn't be more pleased to have this opportunity," said Michael Coyle, CEO of Replay Resorts. "This role brings us back to our roots and leverages our team's history and expertise in developing some of the most iconic destination mountain resorts in the U.S., Canada and Europe.  We believe this area is evolving to be the most sought after ski destination in North America and with easy proximity to an international airport, this is where the world will come to play."

Replay will assume its role immediately and will report and act as an advisor to TCFC's management team and Executive Committee.

About Varde

Varde partners is a $9.0 billion global alternative investment firm that employs a credit-oriented, value-based approach to investing across a broad array of geographies, segments and asset types, including real estate, corporate credit, residential mortgages, specialty finance, transportation and infrastructure. Founded in 1993 Varde employs 200 people with offices in Minneapolis, London and Singapore.

About Replay

Replay Resorts is a fully integrated destination development company headquartered in Vancouver, B.C. Canada with a presence in the Continental United States, Hawaii, Mexico and the Caribbean. Replay's team of strategists, planners, designers, builders and operators develop and operate authentic, enduring places that, because of their strong appeal, become must-visit destinations for guests and potential real estate purchasers alike. Working with visionary private equity firms, landowners, municipalities, other developers and families with legacy holdings, Replay creates places that the marketplace thinks of first and likes best, which in turn enhances the market awareness and economics of the destination. Replay's leadership team is comprised of the former founder and key senior executives of Intrawest where they built one of the resort industry's greatest success stories. For more information visit

About TCFC

TCFC is the master developer and primary property owner at Canyons Resort.  In addition to the ongoing management of the Waldorf Astoria Park City, TCFC was instrumental in completing the Canyons Resort Golf course in the fall of 2014 and long term planning of the real estate development future of Canyons Resort. TCFC's holdings include over 4 million square feet of entitled density in and around the Canyons Resort area.

For more information please contact:

TCFC – Brian Cejka, Chief Operating Officer at or (214) 384-2055

Varde – Paula Prahl, Global Director of Communications and Public Affairs at or (952) 715-5525

Replay – Greg Ashley, Chief Strategy Officer at or (604) 648-6626

SOURCE Varde Partners

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