The receivership status of Base Village presents the opportunity to move forward with the development process
Snowmass Village, CO (Vocus) October 6, 2010
Snowmass has seen some exciting changes and developments over the past few years and it’s not stopping now. Already known for its world-famous ski slopes, Snowmass has transformed into what is arguably one of the finest resort experiences in the world with the new Base Village development. Over $1 billion has been invested in Base Village, including the new Viceroy Snowmass Resort with 173 rooms and 8,000 square feet of meeting space, four new restaurants and five retailers; Capital Peak and Hayden Lodge adding 300 new condominiums and over 5,000 square feet of new meeting space. The new Base Village is the centerpiece of a one-of-a-kind guest experience which connects the mountain to a diverse community of new shops and restaurants.
Companion to the new developments is the longevity and consistency of The Silvertree Hotel and Conference Center, the first conference center in a Colorado mountain resort and a longstanding favorite of meeting planners, ski groups and leisure guests for over 25 years. The Silvertree Hotel in Snowmass offers flexible and functional meeting rooms capable of holding up to 2,000 people. The 4,100 square foot Roof Garden with stunning views of the valley sits on top the Conference Center. In addition, The Silvertree is in the process of a multiphase renovation to be completed in 2011, giving the hotel and Conference Center a new stylish feel.
The first phase of Base Village development in Snowmass opened in November 2007 with the Treehouse Kids’ Adventure Center, the single largest capital investment in the history of Snowmass on the mountain and Aspen Skiing Company. The Treehouse Kids’ Adventure Center defies comparison to any other childrens' center in the nation. This unique 25,000 square foot, nature-themed facility offers summer programs such as mountainboarding and skateboarding, along with childcare, afternoon and evening activities for the whole family and new drop-in programs for children in cooking, art, and science. In winter, the industry-leading Treehouse Kid’s Adventure Center opens up a different world to families with its world renowned ski and snowboard school providing kids of all ages the lifelong joy of skiing and riding and much more.
The overall renewal of Snowmass also includes an on mountain investment of more than $50 million over the past four years including the new Village Express six-pack lift, Sky Cab Gondola, the Elk Camp Gondola, a new terrain park and the Elk Camp Meadows learning area. Other additions include the Snowmass Gondola Ticket Office and Ski & Snowboard Schools private lesson lounge. Also, new this summer, Snowmass opened the Elk Camp Gondola and Elk Camp Lift that takes guests up to more than 11,000 feet for breathtaking scenic mountain ridge views and an on mountain restaurant. Mountain bikers and hikers enjoy 25 miles of newly developed trails (totaling more than 45 miles of trails to explore on the west side of Snowmass ski area). The new trails coupled with activities such as a climbing wall, childrens' play area, bungee trampoline, fishing pond and the only 36-hole disc golf course in Colorado, provides summer visitors and locals alike with a memorable experience.
The new Viceroy Snowmass Resort which opened in 2009 is adjacent to Snowmass' Assay Hill Lift and offers ski in/ski out guest rooms. It also adds 8,000 square feet of new meeting space to the resort including a Grand Ballroom and several breakout rooms. Guest rooms range from stylish studios to expansive four bedroom residences, with galley or full kitchens, stunning mountain views and contemporary alpine décor. Guests can enjoy slope-side ski valet services; a dramatically designed fine-dining restaurant; an 87-foot-long, glass-topped, après-ski bar and plush lounge; a full-service 7,000-square foot spa; fitness room; and a Kelly Wearstler-designed pool café and slope-side pool experience complete with cabanas.
Base Village in Transition with a Bright Future Ahead:
Snowmass has seen its share of growth and development; however, like most ski resorts, it has experienced some financial challenges due to the current economic climate which caused a temporary delay in the completion of the Base Village development. A portion of the development is currently in a temporary foreclosure standing filed by Hypo Bank of Germany and is presently in receivership status with Destination Snowmass and Lowe Enterprises, who are continuing demonstrable activity to ensure that there are no negative impacts to the current product or quality service.
“The receivership status of Base Village presents the opportunity to move forward with the development process,” said Russ Forest, Snowmass Village Town Manager. “Any delay in progress that we have experienced over the past year has been lifted due to the advancement of foreclosure proceedings.”
The current Base Village retail development is 70 percent complete and totals 45,702 square feet. Its residential units are 40 percent complete with 246 out of 620 units finished. Also, current progress is being made on several other new buildings in Base Village. An attractive façade on the new Transportation Center is now complete and a new façade on Building 8 next to the Transportation Center will be completed before winter to include upgraded pedestrian circulation between Base Village and the Viceroy Snowmass.
The Viceroy Snowmass, which is part of the Base Village development, has not been affected by the temporary foreclosure due to a “non-disturbance” contract and is running status quo. The Viceroy Snowmass has 95 units currently open along with completion of its new spa, pool, Eight K Restaurant and over 8,000 square feet of meeting space.
Hypo Bank, the entity that foreclosed on the Base Village development, is keeping the progress moving forward. In addition, the German banks are known to be more stable and secure than U.S. banks which are more retail-oriented and governed by the FDIC. The German banks have a different philosophy than U.S. banks and do not unload properties below market prices—resulting in no fire sales or "write offs" as is customary with US banks that sometimes do as much as 20 percent a year. This allows German banks to take a more patient, long-term view and maximize profits.
On November 17, 2010 the Base Village development will be publicly auctioned by Lowe Enterprises which has already reported interest in the property. Even if no bid is accepted, Hypo Bank will acquire the development and move forward with the interest of maximizing its value for the long term and ensuring completion of the Base Village.
About Snowmass Village Groups & Meetings
The year-round resort town of Snowmass Village, Colorado is located nine miles from Aspen, Colorado. Snowmass is accessible by the local Aspen/Pitkin County airport and three regional airports offering hundreds of direct and one-connection daily flights. Top-of-the-line conference equipment and facilities, economy to luxury guest rooms, free local transportation, countless summer and winter activities and superior guest experience characterize Snowmass Village resort. With recent investment of $1 billion in the ski area, Base Village, and new lodging properties with meeting space, Snowmass is ideal for meetings and conferences, ski and social groups, corporate retreats and business guests. For additional information go to http://www.snowmassgroups.com/ or call 1-800-598-2006. Media information is available at http://www.snowmasspress.com.
Public Relations Manager
Snowmass Tourism Office
Snowmass Village, CO
Ppopejoy (at) tosv (dot) com
Resort Trends, Inc.- media communications for the travel and tourism industry
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