The Associated Press | Posted: Thursday, June 12, 2008 12:00 am
DENVER - Denver billionaire Phil Anschutz is buying a company that runs concessions and lodgings in national parks, including Yellowstone and the Grand Canyon.
Anschutz's firm reached the deal with Xanterra Parks & Resorts on June 5 and expects it to close in the fall.
Xanterra, formerly Amfac, employs 8,200 people and operates 34 hotels and lodges with more than 5,000 guest rooms. Its portfolio also includes restaurants, marinas, golf courses and 1,800 campsites in national and state parks.
Anschutz spokesman Jim Monaghan said there are no plans to change Xanterra's structure or culture.
Anschutz, the founder of Qwest Communications, has investments in telecommunications, professional soccer and the movie industry. One of his companies released the movie "The Chronicles of Narnia: Prince Caspian" and its prequel.
"We're a broad-based investment company," Monaghan said. "We like to make investments in strong, well-managed companies, and Xanterra is that."