Colorado

Jul 12, 2010 9:13 AM by Bea Karnes, News First 5

Base Village at Snowmass put into receivership

Chock-up another loss to the recession.

The Base Village at Snowmass project to add hotel rooms, homes and restaurants at the base of the ski area has been put into receivership. James Pavisha of Denver is the receiver. His spokesman Jim DeFrancia says the transition into Pavisha managing operations and finances for Base Village takes effect Monday.

Base Village is controlled by Related WestPac of New York. Four lenders have alleged in a complaint filed in Pitkin County District Court that Base Village owes $386 million on a loan and $48.5 million in loan-related expenses.

The lenders are trying to foreclose on the 400,000-square-foot property.

Related WestPac said Friday it is reviewing its legal options.

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