Wisp Seeking Financial Aid
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3 comment(s)
Publish Date
08/26/2011
SAM Magazine-McHenry, Md., Aug. 26, 2011-The owners of Wisp Resort are considering a variety of options, including the sale of the area as a last resort, to help pay or refinance a $28.5 loan that funded construction of a golf course and infrastructure for a resort community at Wisp.
Wisp's ownership group operates three corporations involved in and around the resort. Wisp itself is held separately, as part of Recreational Industries Inc. Partner Karen Myers said that slow sales following the real estate collapse have left sister company DC Development unable to repay its loan on the golf and real estate venture. The course has been completed, but less than a quarter of the project's 197 lots have been sold.
Myers said that the resort itself remains a "very healthy, vibrant, profitable business." Last season, it had $16 million in revenues and 195,000 skier visits, according to press reports. Business has been bolstered by record summer revenues, GM Tim Prather told SAM.
Comments
na
na on 08/27/2011 - 2:00am
Oh, c'mon. The area is the one thing that is doing well and Prather has a lot to do with that. Real estate is dragging them down...WISP Needing JMY/WDC
J. Murph Yule on 08/27/2011 - 2:00am
Sounds like a project for JMY/WDC! Check JMY out at www.waterforddevelopment.compast tense
The ghost of the past on 08/26/2011 - 2:00am
Maybe they should have seen what Prather did to Red Lodge in Montana, how bout it Tim?
