>> WESTERN USA TIMESHARE NEWS:
AVON & VAIL: East West Partners is getting substantially BIGGER, in more than one way.
To begin with, the company has formed a joint agreement with an affiliate of KSL Capital Partners, LLC and Aspen Skiing Company to purchase and complete the Snowmass Base Village project. (Finally!)
The new joint venture is acquiring the base village project from Snowmass Acquisition Company. It includes all remaining development parcels, all commercial spaces in Base Village, the Snowmass Hospitality property management company and the Viceroy Hotel, including the unsold condominium units within the hotel.
The lot where the Limelight Hotel will be built is also part of the purchase and will now be developed by the joint venture. Aspen Skiing will purchase the Limelight Hotel and four Mountain Sports spaces from the joint venture when they are complete.
That’s a big hunka hunka!
The transaction is expected to close by the end of this year and construction in the Base Village is expected to commence next spring, with East West handling for all day-to-day operations. Andy Gunion from East West will be appointed to lead the joint venture. Andy has been with East West for over 12 years and has led the acquisition work on Base Village for East West.
In addition, East West Destination Hospitality has been awarded the property management contract for The Lion, a new Vail luxury residential development scheduled to open in early 2017.
Developed and owned by Grupo Pegaso, The Lion will offer 65 “alpine modern” residences ranging from 2- to 5-bedrooms, all with high-end finishes and spacious balconies, plus three levels of underground parking and an on-site restaurant. Amenities at The Lion will include a huge outdoor salt water hot tub, an indoor infinite current lap pool and salt water hot tub, a fitness center with steam room and an entertainment room. Located a quick walk from Vail’s Eagle Bahn Gondola, The Lion will offer ski lockers with boot dryers.
Sure, it isn’t timeshare but it will operate very much like a condo hotel so that counts, and anyway it’s in the getting BIGGER category just for the addition of the management contract.
Named Colorado’s “Best Property Management” company for 2016 by ColoradoBIZ Magazine, East West Destination Hospitality currently manages 65 homeowner associations for more than 13,000 individual owners and more than $1.2 billion in assets under management. And that ain’t hay, as the saying goes.
BROOMFIELD: Meanwhile, over in Broomfield, luxury destination club company Quintess has filed for Chapter 11 bankruptcy, citing a debt of $13.1 Million and a mere $50,000 in assets. Ouch.
Names of the top 20 unsecured creditors are being withheld, but they are all Members of the Club and the amount of debt owed to them ranges from a high of $1,075,229.00 to a low of $491,625.00.
It’s still early days in this process, the bankruptcy having only been filed on Oct. 7, but Duncan E. Barber, attorney for Quintess, has already filed a 327-page “Debtor’s Prepackaged Chapter 11 Plan of Reorganization and Related Relief” so things are moving along smoothly at this stage of the game.
Once upon a time, in the early years of the rise of non-equity destination clubs, the field was littered with hopeful independent companies such as Private Retreats/Tanner & Haley, Dream Catcher Resorts, High Country Club, Ultimate Escapes, Solstice, and the Lusso Collection. Today Inspirato, Quintess and Exclusive Resorts are pretty much the last independent destination clubs of their class left standing.
(Note that I’m differentiating between destination clubs in which members own no equity and private residence clubs where members actually invest in fractional/equity ownership.)
It’s entirely possible that the company might emerge at the other end completely reorganized and intact, with all or most of its members content. Anyone laying odds?
“If you haven’t got anything nice to say about anybody, come sit next to me.” -Alice Roosevelt Longworth
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