Ritz Carlton – Bachelor Gulch in $61 Million Dollar Foreclosure

by Staff at the EagleCountyTimes.Com

The property known as the Ritz Carlton Bachelor Gulch is in a $61 Million Dollar Foreclosure according to public records obtained from the Eagle County Public Trustees office.  Bachelor Gulch is considered a part of the overall Beaver Creek Ski Resort located in Eagle County, Colorado.  As best as can be determined by the ECT, this is the single largest dollar foreclosure in the history of Eagle County, Colorado.

Sifting through a legal maze (LLC’s, Registered Agents, endless lawyers) of public records from the Eagle County Assessors office and the County’s Public Trustees Office the ECT was able to determine that the property in foreclosure appears to be owned by the Gencom Group.

The Gencom Group according to their web site was founded by Karim Alibhai (Click Here)

The foreclosed party from the County’s Public Trustees office is listed as ‘Bachelor Gulch Properties, LLC’ – with a physical address that exactly matches the Gencom Groups address in Miami, Florida.  That same physical address is where the Eagle County Property Tax bill ($443,286.24 for tax year 2010) was mailed.  At the time of this report – that Property Tax bill had not been paid.

From a review of the Deed of Trust (foreclosure documents – Click Here) for this property – it appears that Mr. Alibhai’s Group (along with original lender Lehman Brothers) entered into an agreement to have the Ritz Carlton manage and have the Ritz Carlton name identified with this property.

Special thanks to ECT contributor Robert W. for help researching this story.

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16 responses

  1. Just FYI (like the Vail Daily story “No one from Gencom returned phone calls”– the Wall Street Journal ALSO reported that “Gencom could not be reached for comment” re its Hawaii Ritz-Carlton that was foreclosed on Sept 2010)

    So to the VD and Reporter, I will state I don’t really buy this next line of baloney – “the foreclosure doesn’t seem to be a distress issue”

    Gencom has two recent 2010 “financial restructurings” of Ritz-Carltons that resulted in….a Hawaii Ritz foreclosure and a unfinished Ritz in CA. (See below)

    GOOD job ECT-you broke the story!~
    ——————————————————-

    Sept 11, 2010 … This week, the Lehman estate… filed for foreclosure (Ritz-Carlton) against Gencom Group & Goldman Sachs Group Inc.’s Whitehall Street Global-

    It was bought by Gencom in 2006 and plans were made to spend over $100 million to rebuild the hotel-In April 2009, the owners of The Ritz-Carlton, Kapalua defaulted on the loans they had taken out to rebuild the hotel in 2007. Lehman Brothers Holdings Inc. has filed court papers to foreclose on Hawaii’s Ritz-Carlton Kapalua resort- The luxury resort has been owned since 2006 by a venture of Gencom Group and Goldman Sachs Group Inc.’s Whitehall Street Global Real Estate LP

    The amount owed, principal and interest, approached $300 million

    Gencom could not be reached for comment, but The Wall Street Journal reported that it did not intend to “fight the foreclosure.”

    http://www.mauinews.com/page/content.detail/id/540296/Debt-due-for-Ritz-Kapalua.html
    ———————————————————

    Ritz-Carlton in Rancho Mirage CA

    Jul 23, 2010. The hotel, which was being rebuilt by Miami-based Gencom Group for an estimated $600 million, started out as a Ritz-Carlton in 1988. It became The Lodge in 2001. Gencom bought it in 2005 and closed it in 2006 to rehabilitate it and reattach the Ritz-Carlton brand name.

    The hotel has sat unfinished since construction stopped in September 2008. The opening date for the $600 million Ritz-Carlton in Rancho Mirage is up in the air – Hemphill said the main construction contractor — San Diego-based Ledcor Petty Construction — decided to stop working until Gencom’s financing situation is cleared up.

    http://www.inlandsocal.com/business/content/commercial_realestate/stories/PE_Biz_D_ritz23.3a15581.html

    April 2010
    The recent announcement from Ritz-Carlton that The Ritz-Carlton, Lake Las Vegas is closing its doors May 2 because of lack of funding from its owners is another sign of the troubled financial environment

    Meanwhile, The Ritz-Carlton, Rancho Mirage (Gencom owned) , a redevelopment project in Rancho Mirage, Calif., has been on hold since 2008.

    http://www.meetingsfocus.com/Topics/ArticleDetails/tabid/162/ArticleID/13648/Default.aspx
    ———————————————————

    Gencon Group is making the news all right….

  2. My old stomping grounds is being foreclosed on, say it aint so.. 🙂 Good job getting the word out, our article will run in the am. And of course we linked back to the Eagle County Times..

    WOW.. So when are they going to start giving rooms away?

  3. Pingback: Ritz-Cartlon Bachelor Gulch Owes $61 Million Dollars Heads to Foreclosure | Mountain Weekly News – Colorado, national and world news – mtnweekly.com

  4. The guy’s name would indicate he might be an oil-rich Saudi who is abusing the U.S. foreclosure process. But then his kind abuse the U.S. political process and weak-minded people to force Americans to buy oil from them. Democrats see no problem with this arrangement. Rather than wish them well, I wish him hell.

  5. Pingback: If only it were – TRUE! «

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  7. Pingback: Bankruptcy at the Ritz Carleton – Bachelor Gulch «

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  9. Pingback: Ritz Carlton – Bachelor Gulch – New Financing Approved – Foreclosure Cured « News from Eagle County, Colorado

  10. as of a few years ago the ritz carlton hotel chain was bought out by abbot james monroe bradher of the first temple of bob bolian mynistries. making the ritz carlton hotel chain a non taxable churh property. therfor it cannot be held in forclosre b eagle creek nor any other athority. we at the first temple of bob boblian mynistries thank you to keep you exceptionaly large noses out of church affars.
    sncerly, abbot james monroe bradsher b7478065.
    zhai’hlleva

  11. Pingback: Happy 2013 – Puttin’ on the Ritz – Bachelor Gulch Style « News from Eagle County, Colorado

  12. Pingback: Ritz-Cartlon Bachelor Gulch Owes $61 Million Dollars Heads to Foreclosure » Mountain Weekly NewsMountain Weekly News

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