This week’s confirmation (of the deal falling through – editor) continues what could only be considered as a challenging 18 months for Related WestPac. The wheels started to fall off in October 2008 when three local property transactions involving Related WestPac fell apart or were delayed because of the credit crunch and the difficulty in securing construction financing. They included the cancellation of Building 11 in Base Village (which was supposed to have been a private residence club), and the aforementioned collapse of the sale of the Timbermill building on the Mall.At the time, Pat Smith, then president of Related WestPac told the Sun that the Silvertree Hotel and Conference Center contracts “are firm,” but won’t be completed “for years.” (Smith has since left the company, handing the reins of the operation over to Dwayne Romero.)
ASPEN SNOWMSSS REAL ESTATE – Perched on the edge of one of the state’s largest ski areas, the 260-room Silvertree Hotel was considered a hot property back in 2007 when Pat Smith and Related WestPac, in a partnership with Chaffin/Light real estate, entered into a contract to buy the slopeside dwelling as well as the Silvertree Conference Center and the 140-room Wildwood Lodge.But the deal, which was supposed to have closed on April 15 after two extensions, is now officially dead, according to the lead partner.“The Silvertree Joint Venture, LLC (of which Related WestPac is one entity in this partnership) has made a business decision to not go forward with the closing on the contract for the Silvertree Hotel,” Related WestPac spokesman Steve Alldredge said this week.
By Madeleine Osberger, April 21-27,2010, Snowmass Sun
Link to article