ASPEN REAL ESTATE – A developer whose bid to buy the Hotel Jerome fell through last year is at it again and this time he appears well positioned to take the property over. Fred Latsko, along with partner Mark Hunt, are the Chicago-based developers behind Jerome Properties LLC, which purchased the senior mortgage for the Main Street landmark on Aug. 31, according to Crain’s Chicago Real Estate Daily. The developers paid between $25 million and $30 million for their stake — a sizable discount for the mortgage, which still had $38 million remaining on it when it matured in May, Crain’s reported. Records show Latsko and Hunt bought the mortgage from Aurora Bank, an affiliate of Lehman Brothers Holdings Inc…He and Hunt could foreclose on the property and assume ownership of the 92-room historic hotel that opened in 1889. A foreclosure sale is set for Jan. 27. Or if the Hotel Jerome’s current owners, David Pisor and Stephen Kisielica, are able to satisfy the remaining debt on the loan, Latsko and Hunt stand to make a nifty profit. Pisor is the CEO of Elysian Worldwide LLC, and Kisielica is a principal of Lodging Capital Partners LLC Capitol, both based in Chicago.Pisor and Kisielica bought the Hotel Jerome in May 2007 for about $52.2 million.
By Troy Hooper, Oct. 26, 2009 Aspen Daily News

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