Viceroy Buyers reach Settlement with Related but Lender Objects, ADN

Attorneys for German nationalized Hypo Bank say that the court-appointed receiver for the Base Village project, Jim DeFrancia of Lowe Enterprises, “has determined that the proposed settlement is not in the best interests of the receivership property.”

ASPEN AND SNOWMASS REAL ESTATE - The once eager buyers of 62 units at the Viceroy hotel in Snowmass Village, now suing to get out of their purchase and sale agreements and get $13.7 million in deposits back, have collectively reached a settlement with Base Village Owners (BVO), LLC, a subsidiary of developer Related Companies of New York.And in an effort to finalize the settlement, attorneys for the 45 prospective Viceroy buyers-turned-plaintiffs have asked a local judge overseeing the Base Village foreclosure process to approve the settlement.But Hypo Real Estate Capital Corp. — which once loaned Related $520 million to build the 172-unit Viceroy condo-hotel and Base Village, and is now foreclosing on the stalled base area project — has objected to the proposed settlement.
By Brent Gardner-Smith, Dec. 20, 10 Aspen Daily News

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The Viceroy Hotel and Condos, Snowmass Base Village (Photo courtesy of the Viceroy Hotel)