ASPEN SNOWMASS REAL ESTATE – A lawsuit filed by an entity led by Related Companies of New York has revealed that Related and its partners expected to make $193 million in profit from the Base Village project in Snowmass Village.The entity, Base Village Owner LLC, filed a lawsuit this week in New York State Supreme Court against an international consortium of banks, including Hypo Real Estate Capital Corp., claiming the banks broke their commitments to finance the project in the wake of the 2008 financial meltdown.Base Village Owner LLC is seeking $406 million from the banks, claiming its action was “causing Base Village Owner to lose its entire equity interest in the project of approximately $213 million, as well as depriving it of the profits of approximately $193 million, which it would have earned but for defendants’ wrongful actions.”The suit does not specify where the $193 million in profit was supposed to come from, but does state that Base Village Owner LLC expected to realize $100 million in profit just from the sale of 73 condos connected to the Viceroy hotel. The condos have yet to be built or sold.
By Brent Gardner-Smith, August 13, 2010, Aspen Daily News

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