SNOWMASS REAL ESTATE – The recent turmoil at Dubai World has publicly exposed yet another financially troubled international Snowmass investor. What that means for the stalled development of Base Village, however, is unclear.Dubai World, a holding company that is the investment arm of the Middle East emirate of Dubai, has been the focus of international news reports since it requested a six-month reprieve for its reported $59 billion in debt on Wednesday. Among its holdings is Leisurecorp, a company that specializes in developing “premium golf and lifestyle destinations,” according to Dubai World’s Web site, and lists Snowmass, Colorado its investment portfolio. Dubai World’s Web site refers to its involvement in the 80-acre planned redevelopment of Snowmass — including the Snowmass Center and the Snowmass Mall — that New York-based owner Related boasted of when it bought a significant chunk of Snowmass in late February 2007.
By Catherine Lutz, Nov. 30, 2009 Aspen Daily News

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