Tamarack Announces New Resort Management

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In 2007, the Tamarack Resort, just outside of Donnelly, had experienced half-a-billion dollars in real estate sales and the ski runs were being hailed as some of the best in North America. But what once promised to be one of the finest resorts on the planet ended up in bankruptcy, with half-finished buildings and a bench warrant for former Tamarack owner, and still-missing, Jean-Pierre Boespflug.

Following a series of on-again, off-again auctions in which some of the last remaining pieces of the Tamarack Resort were to go on the block—including Tamarack's ski operations, hundreds of acres of land and an unfinished wing of the Lodge at Osprey Meadows—Credit Suisse walked away this past March  with much of property after being the one and only bidder. The acquisitions came close to $80 million.

But in a carefully crafted press release issued this morning, Tamarack officials blamed many of their problems on "the implosion of the U.S. real estate market and arrival of the recession in early 2008," with no mention of the former owner who is still wanted by law enforcement.

The same announcement heralds "new ownership and management" of the resort: a holding company called New TR Acquisition Company or "New TRAC," to own the resort and its assets, with the exception of Village Plaza, Osprey Meadows Golf Course and the Arling Center.

The on-site manager for New TRAC is David Papiez.

Among the immediate to-do items: repainting chairlifts, repairs to the snowmaking system, marketing cottages in the Trillium neighborhood, and repairing roads, retaining walls and a drainage system.


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