|By Ken Dey, The Idaho Statesman,
BoiseMcClatchy-Tribune Regional News
Feb. 19, 2008 - Tamarack Resort says it is slowing construction as it searches for additional financing.
An "extraordinarily difficult financing environment" has delayed the resort's plans, Tamarack CEO Jean-Pierre Boespflug said in a prepared statement.
"Tamarack finances our construction with large credit facilities, representing multimillion-dollar loans, used to pay the cost of construction needed to deliver projects such as the Village Plaza," Boespflug said. "Our finance team has been working diligently over the last several months to secure our next credit facility needed to continue our real estate development and construction projects."
The company declined to elaborate on recent layoffs at the resort, including some at its Boise office.
But Boespflug did say that the resort is taking steps to make sure it spends its existing capital wisely.
"Essential developer projects and functions have been identified which will continue through winter, such as Village Plaza construction at a reduced pace and resort operations at normal pace," he said.
Despite the slowdown in construction, the resort is enjoying its best season since opening, Jessica Flynn, Tamarack's communications manager, said.
She said lodging, food and revenue sales have exceeded the resorts expectations.
"We don't give out skier numbers, but the numbers have far exceeded previous years," she said.
Construction on Tamarack Resort began in 2003 and it opened for its first skiing season in December 2004. In its last yearly earnings reported in June for the year ending April 30, 2007, the resort reported nearly $93 million in revenue including $76.3 million in real estate sales.
Ken Dey: 672-6757
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