2009 La Quinta Resort Plans
(Originally published in May 2010)
The previous ownership and asset managers of the La Quinta Resort and Club (until January 2011 Morgan Stanley Real Estate Funds and Pyramid Hotel Group) proposed in 2009 a major renovation and development plan. As of February 2011, the ownership of the resort has however filed for bankruptcy, and their web site with plans for the development is no longer active. There are a number of investment funds that have shown strong interest in buying the resort out of bankruptcy. For more information, please see the news articles below.
Please also see below some links to web sites with further information regarding this proposal, the hotel ownership and bankruptcy, and the securitised loan which includes the La Quinta Resort as collateral. If you have any additional links or information you would like added, please submit a comment in the form below.
News
Paulson gets more time for bankrupt hotel payoffs - Reuters, June 29, 2011
PGA West Seeks Not to Be Left In The Rough - Wall Street Journal, April 1, 2011
In Search of Financial Data, PGA West Members Stuck in the Rough - Wall Street Journal, March 17, 2011
MSR Resorts Seeks Approval of $30 Million Loan From Paulson - Bloomberg, March 4 2011
Bankruptcy Court Documents - Kurtzman Carson Consultants (Bankruptcy Claims and Noticing Agent)
Singapore Joins the Resort Fray - Wall Street Journal, February 23, 2011
Paulson Group’s Maui Resort, PGA West File for Bankruptcy - Bloomberg, February 1, 2011
Five CNL Resorts File For Chapter 11 Bankruptcy - Fox Business, February 1, 2011
Paulson Group Said to Hire Law Firm for Resort Bankruptcy Advice - Bloomberg, January 31, 2011
Paulson-Led Group Seizes Resorts From Morgan Stanley in Auction - Bloomberg, January 28, 2011
Ownership of CNL Resorts at Stake - Wall Street Journal, January 27, 2011
Paulson Group Said to Seize Some CNL Hotels From Morgan Stanley - Bloomberg, January 7, 2011
Buyers Circle as Hotels Come Under Pressure - Wall Street Journal, December 13, 2010Morgan Stanley Ponders Its Property - Wall Street Journal, July 20, 2010
Morgan Stanley Property Fund Faces $5.4 Billion Loss - Wall Street Journal, April 14, 2010
Pyramid's Press Release regarding Approval to remove Date Palm Grove - February 2010 (Link No Longer Active as of February 2011)
Minutes of LQ City Council approving Historic Resources Section for the La Quinta Draft EIR, Allowing removal of Grove - Pg. 4, Jan 21, 2009
Pyramid Developments PGA West (La Quinta) project is shot down by La Quinta Council - Desert Sun, December 24, 2009
Minutes of La Quinta City Council (re: Pyramids Remodel and Expansion Plans of PGA West) - Page 16, December 15 2009
Morgan Stanley Looks to Restructure CMBS - Wall Street Journal, December 3, 2009
Details of La Quinta Resort Securitized Loan - $1 Billion loan, maturing February 1, 2011
Morgan Stanley Real Estate to buy CNL Hotels & Resorts for $3.13B - January 22, 2007
Contact Details of Persons Associated with the Development
Pyramid Hotel Group One Post Office Square, Suite 3100, Boston, MA 02109, (617) 412 2800, www.pyramidhotelgroup.com
Ed Riley, Pyramid Resort Group, Senior Vice President, Project Management, eriley@pyramidhotelgroup.com
Ken Hoeppner, Vice President Resort Project Management, Pyramid Resort Group, khoeppner@pyramidhotelgroup.com
David Senza, Pyramid Resort Group, President La Quinta, dsezna@pyramidhotelgroup.com
Rob Bernheimer, Attorniey at Law, 45025 Manitou Drive, Indian Wells, CA 92210, (760) 360 7666, rob@robbernheimer.com
Erin Gilhuly, CV Strategies - Precision in Perception, Erin Gilhuly, Office: (760) 776 1766, Cell: (760) 641 0739, erin@cvstrat.com
Contact Details of Persons with the City of La Quinta dealing with the Development
Wally Nesbit, Planning Department, City of La Quinta, 78495 Calle Tampico, La Quinta, CA, Direct: (760) 777 7069, wnesbit@la-quinta.org
Monica Radeva, Secretary, Planning Department, City of La Quinta, 78495 Calle Tampico, La Quinta, CA, Direct: (760) 777 7125, mradeva@la-quinta.org
Pictures from the Developers May 14, 2009 Meeting:
