pelorus group

New Hope For Tamarack Resort?

Filed under: Luxury Travel & Hotels, Real Estate Developments

In May 2009, Tamarack Resort in Donnelly, Idaho officially closed but now there is potential hope for a new buyer. A Salt Lake City real estate investment company, Pelorus Group, has expressed interest in buying the resort which was closed mid-construction amid massive debt. The resort has remained in bankruptcy court and the current owners still owe $300 million to a syndicate of lenders led by Credit Suisse Group, as well as facing unpaid bills from builders, contractors and suppliers who worked on the project.

Tamarack was welcomed with acclaim when it was announced in 2003 and buyers committed more than $500 million for condos, houses and building sites bringing a big rush of Aspen-style prosperity to the area. Tennis stars Andre Agassi and Steffi Graf were attached to building a luxury hotel complex, the Fairmont Tamarack Local stores and restaurants flourished, jobs abounded and rents rose. Former President George W. Bush visited the resort for a summer hike in 2005. But around the time of the start of the global recession in 2008 building slowed and eventually the investor who had already put up money for the Fairmont Tamarack decided not to put up any more money for the project. This led the developers to slow construction. Combine this with the nationwide real estate droop and you have a recipe for a boom town gone bust.

Tags: credit suisse, donnelly idaho, idaho, pelorus group, Tamarack