TAMARACK -- In a sheriff's sale on Monday afternoon, Credit Suisse was the only bidder on three big sections of Tamarack Resort. With its deal, Credit Suisse now owns almost every part of the resort, except for the unfinished Village Plaza, which is an incomplete part of the resort now owned by the project's general contractor.
In Monday's deal, Credit Suisse completed a credit bid to own the physical properties, rather than the collateral interest. The financial group now holds the mountain assets and Heritage portions of the property (for $65 million), the Whitewater and hotel parcels (for $10 million), and the Lake Wing property, which was designed to be a sister to the Lodge at Osprey Meadows.
The sheriff's sale Monday and resulting Credit Suisse ownership is considered by the Tamarack Municipal Association to be the most significant answer to financial questions in the post-bankruptcy years.
It's very significant because there was quite a bit of uncertainty as to who would own it and who would be responsible for all those different properties, Stephen Lord, Tamarack Municipal Association's attorney, said.
With Credit Suisse now fully-owning the majority of site titles, rather than collateral interest, the association's executive director believes a sale would be easier and allow the resort to resume construction.
The financial group will need to wait at least a year to sell the property; once that time period passes, a new owner can take the property free and clear of previous financial issues.
For the Tamarack Municipal Association, the Credit Suisse bid to formally takeover most of the property was the best possible outcome.
One of the benefits is that it for the near future assures that recreation, especially on the ski hill, will continue uninterrupted for the near future, Lord said. It means it's likely that in the near future, another developer could come in and acquire the property and restart development, and it means the title to all these things is no longer confused or unclear, which means it's now marketable.
Moving ahead, the Tamarack Municipal Association says it will continue to operate everything including the golf course and ski areas.
You will see no changes in the operation of the resort, Tamarack Municipal Association Executive Director Tim Flaherty said.
The only other portion of Tamarack that remains to be settled is a group of empty lots that should be settled early next week. The lots include the property where the Fairmont Hotel was supposed to be built. Once that property goes to a formal owner, the process of determining who owns each part of the resort will be finished.