An arm of The Related Companies will reclaim control of Snowmass Base Village from the consortium of European banks that foreclosed on the stalled project last year, it was announced Tuesday afternoon.
Snowmass Acquisition Company LLC, an affiliate of Related, has reached an agreement with Snowmass BV Holdco LLC, resolving all outstanding litigation between the developer and the lender.
Related was the developer on the $500-million project when the great recession hit, and construction on the project stopped. Lawsuits raged between Related and the banks, led by Hypo Real Estate Capital Corp. of Germany.
The agreement, upon closing, will allow for the transfer of title of Base Village assets including the Viceroy hotel, retail units, unsold Capitol Peak & Hayden Lodge condominium units, the Arrival Center, parking garage, the Little Nell building and various Base Village land parcels to Snowmass Acquisition Company LLC.
“Working collaboratively we have been able to reach an agreement that will bring clarity, new capital and long-term stability to Base Village,” Dwayne Romero, president of Related Colorado, said in a press release. “We remain committed to the town’s vision for a world-class resort community, continue to be encouraged with the long-term potential of Base Village, and are excited to have a role in that process.”
Related continues to maintain ownership in the Snowmass Center, Snowmass Mall, Mountain Chalet, Snowmass Inn, and operating companies Snowmass Hospitality and Snowmass Property Management.
Lowe Enterprises Real Estate Services asset management team, led by Michael Tande, senior vice president, will continue to manage the properties on behalf of the bank ownership group until the closing, which is anticipated to occur later this year.
This article will be updated.