Financial Crisis Axes Tamarack Ski Resort
March 1st, 2009Posted in Skiing Everywhere
The financial woes impacting the credit markets have claimed a major ski resort as a new victum. Hailed as the first new major ski resort in years when it opened a couple of years ago, Tamarack Resort will close this Thursday, according to the IdahoStatesman.com. A few months ago the resort sought Chapter 11 bankruptcy protection after defaulting on a $260 million loan syndicated by Credit Suisse. Continued operating losses this winter apparently have dried up any hope for refinancing to salvage the resort, which as of October, still need an additional $56 million in new money to complete its village.
Often refered to as a “luxury” resort, a label I can’t vouch for having never skied or visited it, I hope its failure sends a clear signal through the ski industry to back off on the “luxury” angle and get back to the basics of providing exciting recreational opportunities for the greater number of skiers who participate for sheer joy of skiing, not for showing off their McMansions in the mountains. Skiing is better off as a sport, not a real estate play.
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