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| By Andrew Kirk, Park Record, Park City,
UtahMcClatchy-Tribune Regional News
March17, 2010 --The Zermatt Resort appears to be in serious financial trouble. Located in Midway, the condo hotel is popular for meetings and conventions with a list of awards many Park City companies would envy. It regularly achieves four-star and four-diamond status and received 14 "Best of State" awards over the past three years. But since the recession began in 2008, the managers of the Midway property have struggled to pay almost $340,000 in taxes to the Wasatch County Treasurer's Office and almost $114,500 to the State Tax Commission. Dozens of complaints have been filed with the Wasatch County 4th District Court in the last year for debt collection. In the last few weeks at least two media companies have filed suit to recover over $25,000 for unpaid ads. In August of last year America First Credit Union filed a Notice of Default with the Wasatch County Recorder's Office for lack of payments on a $16,500,000 loan made in 2006. No further action has been taken. A representative from the company, Zermatt Resort LLC Development, said the causes are larger than the recession, but that they're being worked out. It's largely an internal, private issue. The county and court records don't show that negations and settlements have already been reached with the bank and many creditors, he said. Much of his confidence in the future is based on the resort's leadership team, which added Bobby Foster as general manager back in January. <>Foster was the marketing director and mouthpiece for Premier Resorts International before the company's demise last fall. He left Premier in late summer. The former Zermatt general manager, Jan McCormick, left to pursue an executive level position at another company.----- To see more of the Park Record, or to subscribe to the newspaper, go to http://www.parkrecord.com. Copyright (c) 2010, Park Record, Park City, Utah 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. |
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