Posts Tagged Beaver Creek Resort
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
On Friday the real estate brokers in the Beaver Creek Lodge office were hosted at Zach’s restaurant in Bachelor Gulch. The occasion was to learn more about Vail Resorts Signature Clubs in the Vail Valley. The Signature Clubs include the Vail Mountain Club, Arrabelle Club, Game Creek Club, Passport Club (all in Vail, Colorado) and the Beaver Creek Club, Bachelor Gulch Club, and Arrowhead Club (all in Beaver Creek, Colorado). Red Sky Ranch Golf Club is also part of the Signature Clubs.
In addition to a fabulous lunch, Tinsley Buffington, part of the Signature Clubs sales team, gave a detailed and interesting presentation on the Clubs. There really is a club for everyone in the Vail Valley. These clubs are a great way to quickly integrate new homeowners into the community. They offer not only great facilities, but all have many activities to choose from.
I have skied with the Bachelor Gulch Men’s Club and they are a fun group of guys. We have even accomplished the Talon’s Challenge as a group.
So it was a fun and educational day. See our group below with Zach’s in the background.
Welcome to my December, 2011 Beaver Creek Real Estate Market Update. 2011 will be a solid for the Beaver Creek real estate market. Sales should exceed the total we had in 2010. Prices dropped over the course of the year but appear to be stabilizing. Click on the links below to take a look.
The Birds of Prey World Cup Races in Beaver Creek were a great success. Bode won the downhill, Ted Ligety won a giant slalom and was second in another one, and Lindsay Vonn won a super giant slalom that was rescheduled to Beaver Creek due to a lack of snow in France.
Best Wishes and Merry Christmas to you and your family.
Beaver Creek sales are steady but the real story is the explosion in the lower-end of the market. Sales and under contract properties in the under $1 million market are hot.
Also, foreclosures sales are up but foreclosure filings are down. What does this mean? All this and more in this month’s Market Update. Click on the links below to take a look.
Fall is in full session across the Valley but winter is fast approaching. We’ve already seen snow and three ski areas are open. It’s about time to pull those skis and snowboards out of storage.
Click on the link below to check out the latest Beaver Creek Resort Update from Prudential Colorado Properties. The update includes Beaver Creek Listings and Sales in addition to some interesting market stats.