The Ritz-Carlton Bachelor Gulch is reportedly going into foreclosure as a result of its owner, Miami-based Gencom Group, owing $61 million to Lehman Brothers. Word is Gencom has until August 24 to bring the loan up to date or a foreclosure sale will move forward.
But travel advisors should not worry—nor should their clients. Ritz-Carlton operates the hotel via a long-term managament contract, meaning whomever owns it, Ritz-Carlton will operate it. "We remain doing business as usual," assures Parool Shah, Ritz-Carlton's director of public relations in Colorado. "This is a financial transaction being handled by our property's owners and their lenders, which in no way impacts our daily hotel operations."
So, how much will the property fetch on the open market? Eagle County Assessor to the Vail Daily that the value for the hotel's real estate—the building and land on which it sits—is $24,260,000. He adds that The Park Hyatt Beaver Creek sold in May 2007 for $69,050,000.
The Ritz-Carlton Bachelor Gulch opened in 2002 and has 180 guest rooms , including 40 suites. Amenities include a ski valet, The Ritz Kids program, 24-hour room service and a 21,000-square-foot full-service spa and fitness center. Chef Wolfgang Puck operates a Spago restaurant on the property.