DALLAS, TX (May 7, 2012) — Lantern Asset Management (“Lantern”) has announced that it assisted an affiliate of Centerbridge Capital Partners, L.P. (“Centerbridge”) with the acquisition of Sunrise at Escala, a completed, but unsold condominium development located within the Canyons Resort in Park City, Utah.
Lantern will provide asset management services for the property, which will be converted from a condominium project to a branded timeshare resort later this summer.
“This acquisition represents another step forward in the expansion of Centerbridge’s timeshare business through its Resort Finance America (“RFA”) timeshare platform and furthers its goal of investing in and repositioning high-quality projects,” said William T. Phillips, President of RFA and Senior Managing Director of Lantern. “Within the next 45 days, we plan to announce a partnership with one of the world’s leading timeshare operators to provide sales and property management services for this project on a fee-for-service basis, adding another well-built, highly amenitized and attractively located property to our portfolio of timeshare offerings.”
Developed by Silverado Property Company, Sunrise was delivered in June 2009 as the second phase of the Escala Lodges Condominiums development. The ski-in/ski-out property is composed of 83 units (155 keys). The property will provide consumers with a ski lodge feel in both the common areas and individual units, along with a variety of amenities, including a heated outdoor pool/spa, fitness center and business center. The proximity to ski lifts and other amenities within the Canyons Resort, coupled with the magnificent views of the Park City landscape and close proximity to the Salt Lake City International Airport makes it an ideal, year-round vacation destination.
About Resort Finance America, LLC and Lantern Asset Management, LLC
Resort Finance America, LLC (“RFA”)was formed in connection with the acquisition of $1.0 billion portfolio of loans related to timeshare resorts throughout North America from Ally Commercial Finance LLC in September 2010 by Centerbridge Capital Partners, L. P. (“Centerbridge”) and management. Lantern Asset Management, LLC (“Lantern”) is a real estate asset management company headquartered in Dallas, Texas with offices in Orlando and New York that is wholly owned by affiliates of Centerbridge and management. Lantern was formed at the time of the acquisition to assist Centerbridge and RFA with the origination, underwriting, acquisition and servicing of commercial real estate assets. In addition to asset management and continued investments in the Ally portfolio, RFA seeks to make new debt and equity investments across the timeshare industry. RFA is managed and operated by principals of Lantern.
SOURCE Lantern Asset Management