January 24, 2007 - Grand Canyon Railway and Xanterra Parks & Resorts execute purchase agreement
WILLIAMS, ARIZ. -It’s official. Xanterra Parks & Resorts and Grand Canyon Railway have executed a purchase agreement, which will result in the transfer of Grand Canyon Railway ownership to Xanterra (pending regulatory approval). The sale will close within 60 days.
The purchase includes Grand Canyon Railway’s historic train trip to the South Rim of the Grand Canyon, the Grand Canyon Railway Hotel, RV Park and Pet Resort, Max and Thelma’s Restaurant and several real estate parcels in Williams, Ariz.
The couple responsible for restoring train service to the Grand Canyon, Max and Thelma Biegert, started a search for strategic buyers after nearly 20 years of investing devotion and resources in the Railway. Working with Peacock, Hislop, Staley & Given, Grand Canyon Railway initially contacted more than 200 potential buyers, 25 percent of whom entered the sales process.
Xanterra quickly emerged as the buyer best-suited for continuing Max and Thelma’s vision for the Railway. Already a strategic business partner of Grand Canyon Railway, Xanterra stood apart because of its established relationship with the National Park Service, strong presence at Grand Canyon National Park and overarching commitment to preservation and protection of the environment.
“Xanterra is exactly the type of organization we hoped would purchase the Railway. It’s a well run operation and we are looking forward to being a part of it,” said W. David Chambers, president of Grand Canyon Railway.
Xanterra operates concessions in national and state parks and resorts throughout the country, including the South and North Rims of Grand Canyon National Park. The company’s involvement with the Grand Canyon dates back more than 100 years when the Santa Fe Railroad laid tracks from Williams to the South Rim where famed restaurateur Fred Harvey had proposed a hotel and restaurant. Xanterra purchased the Fred Harvey Company in 1968.
“Our purchase of the Grand Canyon Railway is a logical progression of growth for both companies and we are excited about the acquisition.” said Andrew N. Todd, president and CEO of Greenwood Village, CO-based Xanterra Parks & Resorts. “Both companies are in the business of helping to create unforgettable experiences for visitors to the Grand Canyon and we believe the services both organizations provide will complement each other and make the combined offerings even more appealing to the traveling public.”
Originally built in 1901, Grand Canyon Railway provided passenger train service to the Grand Canyon until 1968, when America abandoned railroads for automobiles. The line lay silent for nearly 20 years until Max and Thelma Biegert became involved. Investing their own money and countless hours, they restored the historic route and reinstated train service in September 1989. Since their initial run, nearly 2.5 million people have traveled aboard the Railway (238,000 in 2006 alone).
About Grand Canyon Railway
Grand Canyon Railway operates daily train service between Williams, Ariz., and the Grand Canyon. The Railway offers five distinct classes of service, as well as money-saving packages featuring the Grand Canyon Railway Hotel in Williams. Overnight stays at the Grand Canyon also can be included in the packages. Grand Canyon Railway is an authorized concessioner of the National Park Service. For more information, visit www.thetrain.com or call 1-800-THE-TRAIN (1-800-843-8724).
About Xanterra Parks & Resorts
Xanterra operates concessions in the following locations: Yellowstone, the North Rim of the Grand Canyon, Bryce Canyon, Zion, Crater Lake, Death Valley, and Petrified Forest National Parks, Mount Rushmore National Memorial; and at the Silverado Resort in Napa, CA; Gideon Putnam Resort and Spa in Saratoga Springs, N.Y. and eight Ohio State Parks. Its affiliate Xanterra South Rim, L.L.C. operates concessions at the South Rim of the Grand Canyon. Long committed to the preservation and protection of the environment, Ecologix, Xanterra Parks & Resorts’ environmental program, includes a variety of proactive environmental stewardship programs in each location. For more information about Xanterra, links to individual properties and reservations numbers, visit: www.xanterra.com.
