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The Honolulu AdvertiserMcClatchy-Tribune
Regional News
February 23, 2010 --A consortium of lenders today assumed ownership of Turtle Bay Resort, resolving a more than two-year foreclosure case filed against former owner Oaktree Capital Management LLC by lender Credit Suisse. The out-of-court settlement puts a group of roughly 20 lenders in control of the 880-acre resort with large-scale expansion plans opposed by many area residents. Bob Boyle, vice president and regional operations director of Benchmark Hospitality, which manages Turtle Bay, said day-to-day operations are not expected to change, but the transaction gives the resort a clearer future. "It just opens up the skies to move forward," he said. "This is a great day for Turtle Bay Resort and all of its employees." Stanford Carr, a local developer who was overseeing operation of the resort under an agreement between Credit Suisse and Oaktree, will assume a similar role for the lender consortium as asset manager. Oaktree retained no ownership stake, according to Boyle. ----- To see more of The Honolulu Advertiser or to subscribe to the newspaper, go to http://www.honoluluadvertiser.com. Copyright (c) 2010, The Honolulu Advertiser Distributed by McClatchy-Tribune Information Services. For reprints, email [email protected], call 800-374-7985 or 847-635-6550, send a fax to 847-635-6968, or write to The Permissions Group Inc., 1247 Milwaukee Ave., Suite 303, Glenview, IL 60025, USA. NYSE:CS, |
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