Posts Tagged Beaver Creek Resort
By John Mossman
The Denver Post
The Cordillera Golf Club bankruptcy case, shifted from Delaware to Colorado last week, is complicated by litigation between owner David Wilhelm and 610 club members that has gone on for more than a year.
Wilhelm and his management company filed for Chapter 11 bankruptcy protection June 26 in U.S. Bankruptcy Court in Delaware, where the company is incorporated. The filing came on the same day a $12.7 million loan was due to Alpine Bank of Colorado.
“The (Chapter 11) process will allow the club to operate its ongoing business while it resolves the outstanding conflicts and prepares a plan of reorganization to emerge a healthier company,” Wilhelm said.
The bankruptcy and litigation involve only the Club at Cordillera, not the Lodge and Spa at Cordillera, which is a separate entity and remains open for business.
For the second year in a row, Cordillera’s Valley golf course is the only one of the four Cordillera courses open.
One of the largest exclusive golf communities in North America, Cordillera covers 12 square miles in the heart of Colorado’s Vail Valley near Edwards. It consists of three 18-hole courses — designed by Jack Nicklaus, Hale Irwin and Tom Fazio — and a short course designed by Dave Pelz.
Last spring, Wilhelm promised to open all four golf courses but opened only Fazio’s Valley course and laid off dozens of workers.
Current and former club members sued him in a class-action lawsuit, saying that if he was going to open only 25 percent of the courses, they wanted 75 percent of their dues back.
Members say the Wilhelm Family Partnership collected $8 million in membership dues last year and paid itself almost $1 million while failing to open three Cordillera golf courses, thus violating the membership agreement.
The lawsuit asks that the 2011 dues be repaid and that all of the membership deposits be refunded. Such a payout could total $108 million.
Wilhelm then sued the members for $96 million, claiming they were trying to drive him out so they could take over.
Last week, the case was transferred to Judge A. Bruce Campbell in Denver’s federal bankruptcy court.
Chris Celentino, a bankruptcy attorney representing Cordillera, said Alpine Bank has agreed to extend credit financing through the summer season, allowing “more time to work out a long-term solution that will enable the club to restore itself.”
In a related matter, District Court Judge Frederick Gannett of Eagle postponed a contempt-of-court hearing against Wilhelm based on his failure to provide requested information.
Gannett told the Vail Daily on Wednesday that if Wilhelm’s attorneys want him to recuse himself from the case because of alleged bias, he would do so but only if appropriate legal documents are filed. Gannett is a member of another golf club also in bankrupcty.
John Mossman: 303-954-1479, email@example.com
Welcome to my July Bachelor Gulch Real Estate Market Update. Activity in 2012 continues to track ahead of 2011. We are definitely experiencing an “L” shaped recovery. But at least it is a recovery.
In addition to the latest BG trends and stats, this issue contains information on:
- Update on Eagle County foreclosure filings and sales
- Overall Eagle County Real Estate activity, which is red-hot in the lower end of the market.
Click on the links below to view the market update and the current BC condo and town home listings and 2012 sales.
Summer is well under way. The few rain showers we received over the past couple of weeks have been a relief. We are still very dry but a few sprouts of new green grass have been spotted throughout the Valley.
VAIL—The newly renovated Osprey at Beaver Creek was named Best Resort in the Continental U.S. in Travel + Leisure’s annual reader survey released Friday.
Two additional Vail-area hotels — The Sebastian in Lionshead and Pines Lodge in Beaver Creek — were second and third on the prestigious list. Both the Osprey and Pines Lodge are RockResorts properties, the luxury lodging company owned by Vail Resorts.
“We are honored to have two of our RockResorts properties at the top of the Travel + Leisure 2012 World’s Best Awards readers’ survey,” Broomfield-based RockResorts CEO James O’Donnell said in a statement. “Our teams strive to ensure our guests have a true experience of a lifetime whether staying with us in our hotel properties or enjoying our iconic mountain resorts like Beaver Creek.”
The Osprey is a mere 26 feet from the Strawberry Park Express chair lift. It was recently renovated to reflect contemporary design and luxury amenities, including an award-winning gourmet tapas bar and restaurant. The intimate, 60-room Pines Lodge is located on the slopes at Beaver Creek Resort.
The Sebastian in the Vail Village dubs itself a boutique hotel with 100 rooms and seven suites. It is owned by Timbers Resorts, which also owns Dancing Bear in Aspen and One Timbers Place in Steamboat Springs.
This marks the first year for all three Vail-area hotels to appear on the magazine’s “Best” hotels list. Also appearing were the Ritz-Carlton Bachelor Gulch (No. 8), The Broadmoor in Colorado Springs (No. 22), Park Hyatt Beaver Creek Resort & Spa (No. 30), and the Four Seasons Resort in Vail (No. 33).
The survey ranks readers’ favorite hotels, cities, islands, cruise lines, airlines, car rental agencies, spas, safari outfitters and tour operators. Winners will be featured in the August online and print editions.
This year’s survey showed that the allure of the exotic and the new remains as strong as ever, according to Travel+Leisure Editor-in-Chief Nany Novogrod.
“Along with great service, our readers crave adventure and the outdoors, reflected in their selection of this year’s top three resorts in the Continental U.S., all located in Colorado mountain towns,” Novogrod said in a statement.
The survey among the magazine’s readers took place from Dec. 1, 2011 to March 31. Travel + Leisure covers culture, food, style and design, and has the largest audience among travel magazines.
Kim and I participated in the Vail Valley Annual Highway Clean-up day last Saturday. What a great way to spend the morning. We joined the Prudential crew at mile market 156 just west of the Wolcott exit.
It was also a beautiful day. You really never know what you are going to find. Very few treasures but lots of bottles, cans, auto parts, and some unmentionables.
There is a party afterward where everyone shows off their most interesting finds. We came in second this year with our discovery you can see in the photo below.
It was a fun day spent with some great folks.
Beaver Creek’s Ninth Annual Blues, Brews & Barbecue Event Returns May 25-28, 2012 Featuring Additions
- Friday evening Welcome Reception includes mingling with Barbecue and Microbrewery festival purveyors
- Barbecue competitions judged by pros and attendees; $10,000 in cash prizes to be awarded
- Monday Cut & Slice Golf Event at Beaver Creek Golf Club
On Friday, May 25 celebrate the holiday weekend at the new Welcome Reception, which will be held at the Park Hyatt Beaver Creek from 5-6 p.m. Join visiting and local chefs participating in the event and talk brews with representatives from participating microbreweries. Tickets are $25 per person.
Vail Resorts announced that Epic Passes for the 2012/2013 ski season are now on sale. There are a variety of options to choose from:
- Epic Pass: The original. Completely unrestricted access to all 7 mountains in the Vail Resorts family including Vail, Beaver Creek, Breckenridge, Keystone, Heavenly, Northstar, and Kirkwood. Also unrestricted access to Arapahoe Basin.$659 for Adults, $339 for kids.
- Epic 7-Day: 7 unrestricted days at all Vail Resorts mountains except Kirkwood. $509 for adults, $259 for kids.
- Epic Local Pass: This pass has restrictions on when and where you can ski. Unlimited access to Breckenridge, Keystone, and Arapahoe Basin. 10 restricted days at Vail and Beaver Creek. Limited restrictions at the California resorts of Heavenly, Northstar, and Kirkwood. $509 for adults, $389 for teens, and $259 for kids.
- Summit Value Pass: Unlimited access to Keystone and Araphoe Basin. Limited restrictions to Breckenridge. $419 for adults, $329 for teens, and $209 for kids.
- Tahoe Local Pass: Access with limited restrictions to Heavenly, Northstar, and Kirkwood. $419 for adults, $319 for teens, and $199 for kids.
- Tahoe Value Pass: Ski or ride 7 days a week at Heavenly and 6 days a week at Northstar and Kirkwood with some restrictions. $379 for adults, $299 for teens, $179 for kids, and $299 for seniors.
It is hard to beat the value in these passes considering the price of 1-day lift tickets. For anyone skiing more than just a few days, one of these passes is bound to fit not only your plans for next season but also your budget. Go to the following site for more details and to reserve your pass now; Vail Resorts Epic Passes. You need to act before 4/15/12 to get the best prices.
- Vail Resorts set to buy Kirkwood to join Heavenly and Northstar in Tahoe area (examiner.com)
- Vail Resorts To Acquire Kirkwood Mountain Resort in Lake Tahoe, Calif., Creating an Unparalleled Offering for Skiers and Riders in the Tahoe Region with the Combination of Heavenly and Northstar (beavercreekvoice.com)
- Top 10 hardest EpicMix pins to get at Breck (buzz.snow.com)
As I expected, the foreclosure of the Bachelor Gulch Ritz-Carlton was the owner’s method to restructure his debt. It was announced on February 28, 2012, that the owners had completed the recapitalization of the Ritz-Carlton. The text of the announcement is below:
Gencom & GD Holdings Complete Recapitalization of The Ritz-Carlton, Bachelor Gulch in Avon, Colorado
MIAMI, Feb. 28, 2012
MIAMI, Feb. 28, 2012 /PRNewswire/ — Affiliates of Gencom and GD Holdings, through a joint partnership, have completed the recapitalization of the 206-room The Ritz-Carlton, Bachelor Gulch, located in Avon, Colorado, today announced Gary Lake, EVP of Gencom.
The Gencom/GD Holdings partnership has successfully completed a long term recapitalization which includes the restructuring of its loans on both the hotel and the residential component of the Resort thereby reinstating its outstanding loans to good standing. In addition to the debt restructuring, the Resort has embarked on a $10 million renovation program to refresh and enhance the property’s already unique mountain lodge decor within its guest rooms, ballroom/meeting space and public areas. The renovation program is expected to be completed in early 2014.
Opened in November 2002, The Ritz-Carlton, Bachelor Gulch is a AAA 5-Diamond luxury ski in/ski out boutique hotel nestled at the base of the world-renowned Beaver Creek Resort and is the focal point of the Bachelor Gulch Village. The Resort features the internationally acclaimed Wolfgang Puck’s Spago Restaurant, a world-class spa and has been the recipient of numerous awards and accolades since its opening, including:
- Conde Nast Traveler “2012 Gold List: The World’s Best Places to Stay” – (January 2012)
- Travel + Leisure “The World’s Best 500 Hotels” – #1 in Colorado (January 2012)
- Forbes Four-Star, AAA Five-Diamond Resort
- AAA Four-Diamond Restaurant, Spago by Wolfgang Puck
- Forbes Four-Star Spa
- Golf Digest “The 75 Best Golf Resorts” – #19 (November 2011)
- Conde Nast Traveler “#1 Spa Resort in the Continental U.S.”
Founded in 1987 by Karim Alibhai, Gencom is a leading domestic and international investment and development firm specializing in the hospitality and residential real estate sectors. By aligning itself with prominent investors and institutional relationships, Gencom has maintained a strong market position with both luxury and mixed-use hotels and resorts with significant residential components, and in other hospitality-related investments that include both portfolios and single assets. The firm continues to opportunistically grow its portfolio holdings in key resort and urban markets in the United States, Canada, Mexico, Caribbean and Europe. Gencom is headquartered in Miami with representative offices in Houston and London. For more information, visit www.gencomgrp.com.
About GD Holdings
GD Holdings, LLC is a privately held real estate investment company engaged in the acquisition, development, ownership and management of hotels and commercial real estate assets. The firm was established by Salomon Juan Marcos, Chairman and CEO of Grupo Denim (www.grupodenim.com.mx), which brings with it a tradition of decades of success in the apparel industry. The firm and Mr. Marcos employ a highly disciplined investment approach focused on value creation, capital preservation, and enduring quality.
EAGLE COUNTY, Colorado — Vail Resorts is changing its management around for what company CEO Rob Katz said will best position the company to achieve its long-term strategic vision.
Katz said an email to company employees last week announcing that John Garnsey will become president-international as of April 15. The restructuring also means Vail Mountain Chief Operating Officer Chris Jarnot “will take on oversight over Beaver Creek and Doug Lovell, chief operating officer of Beaver Creek, will report to Chris.”
Blaise Carrig, currently a co-president along with Garnsey, will take on the oversight of North American mountain resort operations, according to Katz’s email. And in Summit County, Pat Campbell, the chief operating officer of Breckenridge, will continue to report to Carrig and will also take on oversight of Keystone, while Keystone General Manager John Buhler will now report to Campbell.
Beth Howard, the vice president of mountain dining, will now report to Carrig, and Tim Beck, vice president of mountain planning, will continue to report to Garnsey.
“To think big, we need a team with incredible strength, experience and leadership and we are very fortunate to have leaders who can deliver that and more,” wrote Katz. “For the vast majority of you, these changes should be business as usual. But for all of us, down the road, we will undoubtedly look back on these changes as the building blocks to achieving something very special.”
Will Marks, managing director at JMP Securities and a Vail Resorts analyst, said the company told analysts last year that it was looking at potential expansion in Europe and Asia, and potentially South America.
“This news kind of further highlights that they are serious about expanding outside of the U.S.,” Marks said.
Garnsey said he has already been focusing a lot of his efforts on the international side of the business for about the last year and a half.
“It’s a really exciting opportunity for me to do this,” Garnsey said. “One of the strategies that our company is focusing on is growing the company, and growing it not only domestically, but also globally. One of my roles will be to continue, as I’ve been doing for the last two years, exploring those opportunities.”
Garnsey said part of the role is to understand more about the international ski industry and what opportunities may exist. He said a potential goal, while reiterating that nothing has been defined yet, could be international acquisitions.
“How long that takes, we have no idea,” Garnsey said. “We’re out there trying to listen and learn and understand the landscape.”
Vail Resorts spokeswoman Kelly Ladyga said of the shift that all senior leaders are stepping up to share responsibility for the Mountain Division now that Carrig is taking on leadership at all the North American resorts. She said, via email to the Vail Daily, that Jarnot’s new role is well suited because he has an “intimate knowledge of Beaver Creek, having been VP of marketing for both Vail and Beaver Creek in the past and VP of marketing for the company from 2003-2008, and is very familiar with all of the issues facing Eagle County.”
Lovell, Ladyga said, will continue overseeing Beaver Creek as he does now, with Jarnot becoming Lovell’s “more frequent contact to ensure alignment with all of our company and county-wide objectives, with (Carrig) continuing to provide broad strategic direction for both resorts.”
“And, importantly, John (Garnsey) will remain fully engaged in community efforts in Eagle County and still resides there,” Ladyga wrote.
Community Editor Lauren Glendenning can be reached at 970-748-2983 or firstname.lastname@example.org.
I am pleased to announce that Terry Nolan has accepted the position of Managing Broker for both the Beaver Creek Lodge and Villa Montane offices.
Terry brings experience and a keen interest in serving in this role – to lead and support the brokers of the offices, Melanie Seatvet, and the company. His organizational qualities, vision, accountability and proactive attitude will be a great asset to all of us.
In the coming days and weeks you will hear from Terry about upcoming opportunities to meet. In the interim I encourage you to reach out to him with your thoughts as we make this transition.
Please join me in welcoming Terry in his new role!
Michael Slevin ǀ Vice President
Prudential Colorado Properties
(o) 970-845-8700 ǀ (m) 970-390-9440