The Aspen Club & Spa’s new property last week paid off more than $ 30 million in debt and interest owed to creditors and construction companies for work and materials related to the expansion and renovation of the property on the east side of town.
“It was part of our business plan to make them pay in full,” Clark Briner of Revere Capital said Friday.
Revere and resort developer Meriwether Co. have completed their acquisition of the property, 1450 Ute Ave., on February 3 after bidding for $ 52.59 million at a foreclosure auction on January 6.
Some $ 25 million was also at stake because of contractors and subcontractors who pulled out of the project in the fall of 2017 because they had not been paid for labor and materials.
In addition to three foreclosure actions against the Aspen Club, which also filed for Chapter 11 bankruptcy, legal action has been taken by contractors and subcontractors seeking reimbursement. The mechanics’ privileges were also attached to the property when the new owners took possession of it.
“From our perspective, we not only paid them in full, but we also paid all the interest owed to them,” Briner said.
PCL Construction, which had been the general contractor for the project, received a payment of $ 18.77 million last week, according to public records. The amount of his initial lien was $ 17.72 million.
Details were not finalized on PCL’s resumption of the project from where it left off in 2017. Its lawyer who led its litigation, along with other construction companies, could not be reached on Friday. .
“We can’t wait to get it started,” Briner said.
Other creditors and businesses that were repaid, based on documents filed Friday at the Pitkin County Clerk and Recorder office, included: United Subcontractors Inc., $ 81,541; InsulVail, $ 132,682; CRG Financial, $ 156,852; Gateway Real Estate Investments, $ 101,250; Legal Notice Hospitality, $ 49,009; Edwards Building Center, $ 107,356; Gould Construction, $ 2.4 million; Otis Elevator Co., $ 57,052; Aspen Insulation Co., $ 53,649; Edge Construction Specialties, $ 781,964; Colorado Crete, $ 172,804; Western State Fire Protection, $ 246,299; Forte International, $ 173,008; Myers & Co., $ 2,417,417; Ludvik Electric, $ 3.34 million; Specialty wood products, $ 89,448; Summit Sealants, $ 254,113; Sopris Engineering, $ 107,027; Sopris Engineering, $ 52,691; IMI Inc., $ 236,774; PSI Crane & Rigging Inc., $ 423,986; Casey Concrete, $ 504,823; Mountain Man Masonry, $ 218,399; and RK Mechanical, $ 4.14 million.
The club closed in February 2016 to allow work to begin. It then had more than 1,000 paying members.
“We hope to work with everyone who was a member,” Briner said. “We haven’t contacted any on how to file bankruptcy yet because we won’t be a club for 24 months.”
Former Aspen club owner Michael Fox and investors bought the property in 1996, gaining city approval in 2010 to redevelop the property with 15 townhouses, six condos, affordable housing, and a new club and leisure / wellness center.