British Columbia Resort Clears Debt

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Owners of the Revelstoke Mountain Resort in British Columbia say they have recapitalized and are now ready to move forward on the ambitious project.

The master plan for Revelstoke calls for 1,500 condos, 2,000 hotel suites, 850 townhomes and 550 single-family lots, as well as more than 500,000 square feet of commercial space and a Nick Faldo-designed golf course.

Launched in Dec. 2007, Revelstoke quickly hit a brick wall when the second-home market stalled. In Jan. 2009 minority partner Northland Properties Corp. took over control from the original development team, which was led by Don Simpson, founder of Denver-based Simpson Property Group LP.

Northland is controlled by billionaire Bob Gaglardi, one of the richest people in Canada. Northland controls Sandman Hotels and a variety of restaurant chains, among other interests.

Last week Northland announced it had refinanced more than $100 million in debt on the Revelstoke project.

"The costs to develop the resort to its present state were approximately $200 million," Northland president Tom Gaglardi said in a statement. "All of the debt we inherited has been retired, and we are now planning for further growth."

Construction of the golf course and a new ski lift are among the first priorities, he said.

Despite the financial issues, the resort says sales have residential units have been "strong," with 11 condos selling at prices ranging from $339,000 to nearly $900,000 in recent months. Last December, head of residential sales Mike Vopni told the International Herald Tribune 100 of the 115 condos in the first two buildings had sold, as have 32 of the 49 single-family lots.

The ski resort markets itself as "North America's highest lift-serviced vertical and is the only resort worldwide to offer lift, cat, heli and backcountry skiing from one village base."

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