An ambitious project to add more hotel rooms and homes as well as restaurants in Snowmass (Colorado) has hit financial problems. Hot on the heels of Intrawest’s selling off of some of it’s ski resort assets, The Base Village at Snowmass has been put into receivership.

Debts are reported as over US$113m, with lenders trying to force foreclosure on the 400,000 square foot operatiopn that has already been developed. Initially 1 million square feet were earmarked for the project, but this had to be re-evaluated as the financial situation in 2008 deteriorated. Related WestPac of New York claims that it is committed to Snowmass, and has been trying to negotiate with the lenders over the past year.

image: aspensnowmass.com