Whistler-Blackcomb isn't the only ski resort having troubles.
In Aspen's sister resort, Snowmass Village, The Base Village at Snowmass project to add hotel rooms, homes and restaurants at the base of the ski area has been put into receivership. James Pavisha of Denver is the receiver. Base Village is controlled by Related WestPac of New York.
Four lenders have alleged in a complaint filed in Pitkin County District Court that Base Village owes $386 million on a loan and $48.5 million in loan-related expenses. The lenders are trying to foreclose on the 400,000 square foot property.
Two lawsuits filed in New York seek more than $200 million from a joint partnership that tried to build the Base Village at Snowmass. Hypo Real Estate Capital Corp. is seeking $195 million from Related and from Pat Smith, former president of Related WestPac, under a payment guarantee of loans for the project.
Hypo is also seeking $10.6 million in damages for alleged misconduct involving the use of an employee housing project for collateral.