ASPEN — A development group that wants to build a hotel at the base of Lift 1-A on Aspen Mountain filed for Chapter 11 bankruptcy Friday. John Sarpa, a principal with Aspen Land Fund II, said the filing was a strategic move designed to prevent a third party from acquiring the land and development rights on South Aspen Street. “It’s an effective tool to continue to operate the business,” Sarpa said. He said the real estate development company will reorganize its finances as it moves forward with a citizen-based task force called the Lodge at Aspen COWOP (convenience and welfare of the public) for an approval to build a 160,000-square-foot hotel.
By Carolyn Sackariason, Sept. 27, 2009, Aspen Times

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Loan Troubles Prompt L.A.M. Bankruptcy, ADN

ASPEN – A lender behind the Lodge at Aspen Mountain hotel proposal has been in negotiations to sell its loan on the real estate development to a third party that would build a previously approved townhome project on the mountainside site, prompting the project’s developers to file for Chapter 11 bankruptcy in an attempt to continue pursuing its hotel project.
By Curtis Wackerle, Sept 26, 2009, Aspen Daily News

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