According to this article, not only did Ritz-Carlton not file for bankruptcy protection on their beautiful resort in Tahoe, which opened last year, their first year performance exceeded all expectations! Now that is an achievement in today’s world.
According to this article in Bloomberg, there is a rather large turn of events happening with regard to the foreclosure action taking place in Snowmass, CO. Apparently Base Village Owner, LLC, the developer of the new Base Village there, has now filed a $406 million suit against the lenders who are foreclosing on them. This is a somewhat parallel story to one I ran yesterday and a follow-up to one that I ran a few weeks back on this very development. It looks like there is going to be a much worse problem than I had thought. These developments are really going to become wastelands if they get tossed into a court battle.
Here is another sad story about the Golf industry in Arizona. Just last week I posted a different story, which stated there were 8 foreclosed courses, this one claims the number is 15. The 8 was a bad enough number. When will it end?
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