Is the Vail Plaza hotel in financial trouble?
Vail, CO Colorado
VAIL, Colorado ” Connie Dorsey’s job is getting the Vail Plaza Hotel ready for the coming ski season. But there could be financial trouble brewing for Vail’s newest hotel/condo project.
“The hotel’s in good shape,” said Dorsey, the hotel’s general manager. “We had a good summer, and a great fall. We’re gearing up for the
But Dorsey acknowleged that’s about all he can say about the hotel. Developer Waldir Prado didn’t return a call seeking a comment.
Meanwhile, Vail’s rumor mill was buzzing about the possibility that Capmark Financial Group, the company that financed the project, was ready to launch foreclosure proceedings against the hotel.
Company executive Joyce Patterson confirmed that Capmark financed the project, but said she couldn’t comment beyond that. But Eagle County Treasurer Karen Sheaffer said that last week two men came to the Eagle County Public Trustee’s Office ” which she also runs ” asking for information about filing foreclosure papers. The men said the property in question was the Vail Plaza.
Nothing had come through the Trustee’s Office as of about 4:30 p.m. Monday, and the Trustee’s Web site had nothing posted after business hours.
If Capmark does file for foreclosure against the hotel, it will only be the latest in a series of legal actions against the hotel this year.
A records search at the Eagle County Combined Courts turned up a pair of lawsuits filed against the hotel. Both were settled a matter of days after the suits were filed.
A search at the Eagle County Clerk and Recorder’s office Monday showed that a variety of liens against the project have been filed this year. Those liens seek payment for outstanding bills. Most were filed by subcontractors that helped build the hotel.
Some of those liens have been settled, either fully or partially. The biggest of those liens ” seeking $8.1 million ” was filed by Shaw Construction, the general contractor on the project.
Other liens against the Vail Plaza are still active, and seek payment of bills ranging from $82,000 to $358,000.
Meanwhile, Dorsey and his crew are hiring staff for the winter season, waiting for snow and watching the national news.
“We’re getting ready,” Dorsey said. “I just hope the (national) economy doesn’t destroy us.”
Vail Daily Business Editor Scott N. Miller can be reached at firstname.lastname@example.org or 970-748-2930.
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