* Luxury Resorts Going Bust

Friday, February 26, 2010


A project like "Red" McCombs' Village at Wolf Creek would be a gamble in the best of times. Considering, today's business climate with it's spare future outlook, this Village at Wolf Creek seems like the height of folly.

There is good reason for pessimism and caution!
Below is a list of troubled resorts, each name is linked to a news source:
~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~

Hudson Valley Resort & Spa, New York


East West Resort Development, Lake Tahoe, NV


Anguilla Resort, Caribbean


Los Abrigados Resort & Spa - Diamond Resorts, Sedona, AZ


Daufuskie Island Resort & Breathe Spa, South Carolina


Dellis Cay development, Caribbean


Tierra Del Sol Resort, Florida


Rivers Inlet Resort, British Columbia


Point Breeze Hotel, Nantucket Island


Tamarack Resort, Valley County, Idaho


Hunt Resort, Fitzroy Island, Great Barrier Reef


Trump Entertainment Resorts Inc, all over


Yellowstone Club, Montana


La Manga Club, southern Spain


Rancho Manana, Cave Creek, AZ


The Whiteface Lodge, Lake Placid, NY


Transmontagne, Alps, Switzerland


Extended Stay Hotels, USA


W Hotel , San Diago, CA


Dubai's Istithmar World & 42nd Street at Broadway, NY, NY

~ ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ ~
But wait, there's more . . .


02/24/2010
Distressed CRE Assets Jump 15% at Nation's Banks

"...The amount of distressed commercial real estate assets on the books of the nation's banks and thrifts approached $60 billion as of year-end 2009. That is up from $52 billion just three months earlier, a 15% increase. The $59.9 billion includes loans..."

~ ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ ~

Here's another news round up, read on . . .

From Luxist:, "a web site dedicated to covering the best the world has to offer on a variety of luxury and fine living topics."

A review of 14... click here: Luxist

~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~

Locally the situation isn't much better.

Look at the lower elevation areas around Wolf Creek Pass, Colorado ~ they have a frightening saturation of unsold vacation homes, as documented in a Pagosa Sun article by James Robinson (7-8-9). Why add to the glut?


Also see Mark Pearson's March 5, 2009 Durango Herald's story "
(Luxury) Resorts morph into "toxic" real estate assets."
....................................................................................................................