TELLURIDE: DEVELOPER ARRESTED FOR FRAUD
A New York developer who promised to take over Telluride's largest hotel and transform it into a five-start resort was recently arrested in Manhattan on four-dozen charges of theft and fraud, and accused of stealing $17 million from friends, business partners and family, the Telluride Daily Planet reported. Adam Hochfelder, a 37-year-old real estate entrepreneur, allegedly forged documents and lied about his financial status to secure loans from a host of sources.
The charges are unrelated to his Telluride venture, but the Peaks Resort is not without its problems. He has been accused of falsifying portfolios and failing to pay for legal assistance in Telluride. The 170-room Peaks lodge has been on the market for more than a year, and Hochfelder and partners said they would put more than $40 million into its renovation, going as far as to sign contracts but failing to close the deal.
VAIL: MOST SALES TAX IN SUMMER MONTHS
Sales tax in Vail rose to the highest figure it's been in any summer month in the last decade, the Vail Daily reported. The town collected $1,309,448 in sales tax for the month, up 3.45 percent from the previous year. However, March is generally the biggest month, which brought in $3,322, 065 in revenue last year. Sales tax is the town's top revenue generator.
FRISCO: GOING THE WAY OF RESORT TOWNS
Multi-home complexes and millions of dollars are changing the way downtown Frisco looks, the Summit Daily News reported. A variety of new projects, and others that are in the works, are taking over the town that says it's still trying to maintain its small-town character. Because of its proximity to Denver and Front Range ski resorts, along with the increasing cost of housing and development in towns such as Breckenridge, places like Frisco are still appealing to developers, analysts said.
