Snake River golf projectlures Aspen investors
A group of local investors who are pursuing a couple of large hotel projects at the base of Aspen Mountain have partnered with a Sun Valley, Idaho, developer to acquire a stalled luxury golf course development in Jackson Hole, Wyo.Valley Blue Sky Inc., led by Sun Valley developer David Hutchinson, has signed a $90 million deal to acquire the Canyon Club golf course and residential development, according to a report in last week’s Jackson Hole News & Guide.The purchase, if approved by creditors, could pull the troubled project out of Chapter 11 bankruptcy. The investment group involves several principals in Aspen Blue Sky, the investment group that is a partner in both the proposed Residences at Little Nell and Lodge at Aspen Mountain, confirmed R.J. Gallagher. He handles marketing for Aspen Blue Sky projects and would have an ownership interest in Canyon Club if the reorganization plan wins approval in bankruptcy court.Aspen Blue Sky’s Brooke Peterson, Stephen Bellotti, Nigel Scott and Dave Coflin, along with Gallagher, constitute the Aspen contingent in the plan to purchase Canyon Club, which Gallagher described as a stunning piece of property along the Snake River. The development, located outside Jackson, is about 20 minutes from the Grand Tetons, he said.Valley Blue Sky reportedly signed the purchase deal with Canyon Club developer Dick Edgcomb last week; it has been submitted to U.S. Bankruptcy Court for approval. The acquisition involves 555 acres along the Snake River, 360 of which have been subdivided into what is now a partially completed golf course and lots, according to the News & Guide.Valley Blue Sky will reportedly invest $6 million to finish the golf course. Fourteen holes have been constructed; four remain to be developed, Gallagher said. The company would also pay off creditors to the tune of $27 million and offer $12.4 million in credit to investors who can then buy Canyon Club lots and golf memberships. Valley Blue Sky would issue a $45.2 million promissory note to Edgcomb, the News & Guide reported.Janet Urquhart’s e-mail address is firstname.lastname@example.org
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