Snowmass Base Village goes back to the bank
November 16, 2011
ASPEN – The future of the stalled Base Village project in Snowmass Village was decided in about 30 seconds Wednesday.
A foreclosure sale on the steps of the Pitkin County Courthouse in Aspen placed the project back into the hands of the mortgage holder, Hypo Real Estate Group, which has been nationalized by the German government.
There were no bids Wednesday for the project.
“This means nothing happens,” said James Pavisha, with Destination Snowmass Services Inc., and receiver of the Base Village project. “These foreclosure proceedings can be really quick, like today, or can get a little exciting, which didn’t happen today.”
The foreclosure action in Pitkin County was filed by Hypo Real Estate Capital Corp. (HRECC) of New York, a division of Hypo Real Estate Group.
It was HRECC that originally put the $520 million loan together. And it filed the foreclosure action against Base Village Owner LLC, which took out the loan.
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“That was quite anticlimactic,” said Hugh Templeman, general manager of the Viceroy Snowmass luxury hotel in Base Village.
See Thursday’s Aspen Times for more on the sale.