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Examples
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A Gencom adviser on Tuesday declined to divulge what changes Gencom is seeking to the loan terms.
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Miami-based Gencom built the Ritz Bachelor Gulch in 2002 in Avon, Colo., near Vail and renovated it in 2007 to convert 120 of its 237 units into for-sale condominiums.
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Gencom, which owns 27 hotels globally, recently sent a modification proposal to the servicer overseeing the property's mortgage.
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Gencom last year brought in an equity partner, Argentine investor Alfredo Roman, who supplied $250 million in capital to help it restructure troubled loans on several projects, including a Ritz in Rancho Mirage, Calif.
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Black Diamond Debt Hotel and resort developer Gencom Group has asked to modify its $61 million securitized mortgage on the Ritz-Carlton Bachelor Gulch near Vail, Colo., because it no longer wishes to cover the property's debt-service shortfalls.
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However, like many developers that pursued projects that mixed condos and hotels, Gencom had difficulty selling the condominiums.
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Properties that Gencom still is trying to rescue include the Ritz-Carlton Kapalua and the Ritz-Carlton Molasses Reef project, stalled in construction in the Turks and Caicos islands in the Caribbean.
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Gencom and its partners bought the Ritz-Carlton Kapalua for $175 million in 2006 in partnership with Whitehall and took out the loan from Lehman in 2007.
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The Ritz-Carlton Kapalua foreclosure filing is a setback for closely held Gencom, the Miami-based owner of 27 hotels and resorts globally.
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Gencom last year sold a 50% ownership stake to Argentinian investor
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