Why is the Tamarack Resort in Idaho closing?
BOISE, Idaho – Tamarack Resort in northcentral Idaho, once hailed as America’s newest all-season resort but now mired in foreclosure lawsuits, is shutting down operations. “It’s disheartening,” said resort spokesman Ken Rider, who wasn’t sure how many employees will lose their jobs. “We all knew that this was a possibility.” Tamarack is currently being run by a court-appointed receiver, San Diego, Calif.-based Douglas Wilson Co. Employees were told at the end of February of the resort’s impending closing. The resort 90 miles north of Boise opened in December 2004 intending to lure vacationers from across the nation for winter fun on its ski slopes. Summer visitors had an array of options, including an 18-hole golf course. Despite the sporting allure, the resort was being financed by real-estate sales. Development plans called for more than 2,000 lots to be sold over the next decade and a half to pay for $1.5 billion in expansion. But those plans began to stall with the credit crisis an
Tamarack Resort in northcentral Idaho, once hailed as America’s newest all-season resort but now mired in foreclosure lawsuits, is shutting down operations. “It’s disheartening,” said resort spokesman Ken Rider, who wasn’t sure how many employees will lose their jobs. “We all knew that this was a possibility.” Tamarack is currently being run by a court-appointed receiver, San Diego, Calif.-based Douglas Wilson Co. Employees were told at the end of February of the resort’s impending closing. The resort 90 miles north of Boise opened in December 2004 intending to lure vacationers from across the nation for winter fun on its ski slopes. Summer visitors had an array of options, including an 18-hole golf course. Despite the sporting allure, the resort was being financed by real-estate sales. Development plans called for more than 2,000 lots to be sold over the next decade and a half to pay for $1.5 billion in expansion. But those plans began to stall with the credit crisis and sputtering ec
Idaho’s Tamarack Resort Going Out of Business On the hook for a too-generous $250 million loan from Credit Suisse, the new resort was unable to survive the economic crisis. By Jonathan Weber, 3-01-09 Hailed just a few years ago as the first major new ski resort to open in the U.S. in decades, Tamarack Resort in central Idaho will be shuttered on March 4, victim of the real estate meltdown and the profligate lending and spending that’s brought a number of big Western resort projects to their knees. Tamarack has been in receivership since last year, when the ownership group led by Jean-Pierre Boespflug ran out of money and defaulted on a $250 million loan from a Credit Suisse-led consortium. The lender group agreed to provide interim funding to get Tamarack through the winter season and hopefully find a long-term solution, but with the continued deterioration of the economy and a weaker-than-expected ski season, Credit Suisse and its partners have agreed to provide only a very small amou
