Ritz-Carlton Bachelor Gulch in foreclosure | SummitDaily.com

Ritz-Carlton Bachelor Gulch in foreclosure

Penny Parker
the denver post

The Miami-based owners of the Ritz-Carlton Bachelor Gulch, one of Eagle County’s ritziest resorts, are in a $61 million foreclosure, according to Eagle County public records.

The foreclosure filing, submitted Wednesday and first reported by the Eagle County Times, shows that Gencom Group in Miami, the hotel’s owner, has until a scheduled Aug. 24 foreclosure sale to bring the loan up to date with the lender.

Ritz-Carlton does not own the resort, but has a long-term management agreement, which means the company would run the hotel no matter who owns it, as long as the Ritz contract is in place.

“We remain doing business as usual,” said Parool Shah, Ritz-Carlton’s director of public relations. “This is a financial transaction being handled by our property’s owners and their lenders, which in no way impacts our daily hotel operations.”

Karla Herridge, Eagle County’s chief deputy public trustee, said short of the loan being brought up to date, her office will publish an auction notice in the local newspaper July 7, with an Aug. 24 auction date.

“The foreclosing lender has the right to postpone the auction up to 12 months from the original date – to Aug. 24, 2012,” said Herridge, who added that the hotel’s foreclosure is the largest amount in Eagle County since she started working there in 2006.

The Ritz-Carlton Bachelor Gulch opened Nov. 21, 2002, with 180 guestrooms, including 40 suites. Amenities include a ski valet, The Ritz Kids program, 24-hour room service and a 21,000-square-foot full-service spa and fitness center. Famed chef Wolfgang Puck operates a Spago restaurant on the property.

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