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May 1, 2012 Steve Alldredge
RELATED SIGNS AGREEMENT TO ACQUIRE BASE VILLAGE
Related Companies today announced that an affiliate, Snowmass Acquisition Company LLC, has entered into an acquisition agreement with Snowmass BV Holdco LLC, the current owner of Snowmass Village’s Base Village.
The agreement, upon closing, will allow for the transfer of title of Base Village assets including the Viceroy hotel, retail units, unsold Capitol Peak & Hayden Lodge condominium units, the Arrival Center, parking garage, the Little Nell building and various Base Village land parcels to Snowmass Acquisition Company LLC. The agreement is the result of discussions between Related and the lender group that assumed ownership of the assets this past November and resolves all outstanding litigation between the parties.
“Working collaboratively we have been able to reach an agreement that will bring clarity, new capital and long-term stability to Base Village,” said Dwayne Romero, President of Related Colorado. “We remain committed to the Town’s vision for a world-class resort community, continue to be encouraged with the long-term potential of Base Village, and are excited to have a role in that process. We look forward to discussing the future of Base Village with all interested parties, and to sharing additional details of our plans once the transaction has closed.”
Related has a long-term commitment to Snowmass Village and continues to maintain ownership in the Snowmass Center, Snowmass Mall, Mountain Chalet, Snowmass Inn, and operating companies Snowmass Hospitality and Snowmass Property Management.
Lowe Enterprises Real Estate Services asset management team led by Michael Tande, Senior Vice President, will continue to manage the properties on behalf of the bank ownership group until the closing which is anticipated to occur later this year.