Tamarack Resort now belongs almost entirely to Credit Suisse, after the Zurich-based firm was the only bidder at a sheriff's sale on Monday, the AP reports; click below for the full report from the AP and KTVB-TV. Resort officials say the sale, which involves three big sections of the struggling ski and golf resort near Donnelly, won't lead to any changes in operations at the resort, and instead will make a future sale and development easier; the resort already owed Credit Suisse more than $300 million.
Credit Suisse buys 3 sections of resort
TAMARACK, Idaho (AP) — Credit Suisse was the only bidder on three big sections of the struggling Tamarack Resort, and now owns almost every part of the ski resort.
The deal was reached in a sheriff's sale on Monday.
Credit Suisse completed a credit bid to own the physical properties. A consortium led by Zurich-based Credit Suisse is owed more than $300 million for Tamarack, located north of Boise, Idaho.
KTVB reported the financial group now holds the mountain assets and Heritage portions of the property, the Whitewater and hotel parcels, and the Lake Wing property.
The sheriff's sale is considered by the Tamarack Municipal Association to be a significant answer to financial questions in the resort's 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 owning the majority of the site, the association's executive director believes a sale will be easier and allow the resort to resume construction.
For the Tamarack Municipal Association, the Credit Suisse bid to formally take over 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 the golf course, the ski areas and other attractions.
"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 in limbo 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 complete.
Information from: KTVB-TV, http://www.ktvb.com/
Copyright 2014 The Associated Press