fortress

Whistler Blackcomb Facing Foreclosure Auction

Next month's Winter Olympics have been anticipated for years in Whistler. But one resort is facing an unexpected snag, foreclosure. Whistler Blackcomb, which will be hosting part of next month's games may end up being auctioned off in the middle of the Olympics. The owner, private equity firm and hedge fund Fortress Investment Group, has failed to make payments on a $1.7 billion loan. The company bought resort operator Intrawest for $2.8 billion in 2006 back when everything was smooth sailing in the real estate world.

Flash forward to now and Fortress is trying to refinance the loan and lenders to Fortress have been publishing notices of foreclosure in places like the Wall Street Journal announcing a public auction of the assets of Intrawest which includes a bunch of winter resorts sprinkled across North America. The auction date of February 19 puts the sale of Whistler Blackcomb smack dab in the middle of the Olympics. Intrawest is said to be negotiating with the lenders but plans to continue with business as usual and the auction likely won't affect the running of the event. Intrawest properties also include the Whistler Sliding Centre, shown at right, which is the site of the Olympic bobsled and luge events.

The Globe and Mail reports that Intrawest ULC has sold its Panorama Mountain Village resort as part of its effort to stave off the auction. Panorama is located in eastern British Columbia and neither the buyer nor the price have been revealed. Intrawest already sold Copper Mountain in Colorado last November.

Tags: foreclosure, fortress, hotel foreclosure, HotelForeclosure, hotels in trouble, HotelsInTrouble, intrawest, OlympicGames, olympics, whistler, whistler blackcomb, WhistlerBlackcomb, winter olympics, WinterOlympics

The World's Most Expensive Dessert

by Rigel Celeste (RSS feed) —

Filed under: Dining

If you've got both expensive taste and a sweet tooth then you may want to add at a least a few, if not all, of the world's most expensive desserts to your wish list of things to try. The list topper (and therefore THE most expensive dessert in the world) is The Fortress Aquamarine from Wine3 at The Fortress in Galle, Sri Lanka. The focus of the sweet treat is an 80-carat aquamarine gem resting on a specially shaped sliver of fine chocolate representative of the company's logo. It's a gorgeous looking dessert, but not many have any idea if it tastes equally as good since priced at $14,500 the restaurant has yet to sell their first one.

Via The 9

Source

Tags: brulee, chocolate, creme brulee, CremeBrulee, dessert, desserts, fortress, most expensive, MostExpensive, sundae, sweet, sweets, top 10, top ten, Top10, TopTen