Wisp Seeking Financial Aid
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.