Possible buyer for Tamarack Resort

An offer to buy Tamarack Resort is officially on the table. Green Valley Holdings, out of Eagle, Idaho, announced a $40 million cash offer to purchase Tamarack Resort. They have submitted a letter of intent to the U.S. Bankruptcy Court overseeing Tamarack’s bankruptcy and the Tamarack Resort LLC itself.

They have been quietly working on the acquisition for months and have hired a team of professionals with expertise in real estate development, recreation ad resort management. They are requiring Tamarack to close by March 15th, 2011.

The bid was submitted in late November and no announcement has been made at this time as to whether the offer is accepted.

Tamarack, in central Idaho, has been in receivership since 2008, 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 hotel and the Robert Trent Jones Jr. designed golf course called Osprey Meadows have remained open but much of the village buildings remain unfinished. The skiing and snowboarding is also operational for the 2010-11 season. The last skiing at Tamarack was in March 2009, when bankers refused lending Tamarack any more cash and shut down ski lifts.