Lender Files Foreclosure Notice on Ritz-Carlton, Bachelor Gulch Owner


Ritz-Carlton, Bachelor Gulch

Last week the lender that holds a $61 million note on the Ritz-Carlton building in Bachelor Gulch filed a foreclosure notice.  The details are:

  1. Notice filed on 4/27/11
  2. Currently scheduled sale date is 8/24/11
  3. The original outstanding balance was $61 million
  4. The outstanding principal balance is $61 million
  5. The lender is Lehman Brothers Holdings Inc., Doing Business as Lehman Capital, a Division of Lehman Brothers Holdings Inc.
  6. The grantor is Bachelor Gulch Properties, L.L.C.

Doing a little digging, Bachelor Gulch Properties, L.L.C. is part of the Gencom Group, headquartered in Miami.  From the Gencom website; “Founded in 1987 by Karim Alibhai, Gencom Group is one of the nation’s leading domestic and international investment and development firms specializing in the hospitality and residential real estate sectors.”

Don’t confuse the owner of the building with the management company of the hotel, which is Ritz-Carlton.  Gencom owns the real estate and has a management contract with Ritz-Carlton to operate the hotel. 

Personally, I don’t see this proceeding to a sale in August.  This could be a move by Gencom to restructure their financing.  I don’t see this having any impact on property values in Bachelor Gulch or skiing in Bachelor Gulch next season.  Whatever does happen, it will be interesting to watch.

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  1. #1 by Todd Morrison on May 2, 2011 - 11:08 am

    Terry:

    This is such a unique ski in – ski out property in the Valley. The Ritz has done a fabulous job of managing the hotel; I’d hate to see it become anything other than the Ritz Carlton. Hopefully, the Gencom Group and Lehman can restructure!!!

    Having spent two years of my life managing the exterior finishes, I hope it stays the way it is…FABULOUS!

    Todd Morrison
    PCW, Inc.

    • #2 by Terry Nolan on May 2, 2011 - 12:55 pm

      I agree Todd. I don’t think we will see much change, if at all. Even if it goes through foreclosure, I think another investment company will pick it up and continue it as the Ritz. Seriously, for $61 million it would be a steal. Do you have any spare cash laying around?

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