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:
- Notice filed on 4/27/11
- Currently scheduled sale date is 8/24/11
- The original outstanding balance was $61 million
- The outstanding principal balance is $61 million
- The lender is Lehman Brothers Holdings Inc., Doing Business as Lehman Capital, a Division of Lehman Brothers Holdings Inc.
- 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.