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Bankruptcy Court Awards Bishop’s Lodge to New Owner | Local News

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Three months after the reopening of a renovated Bishop’s Lodge complex northeast of Santa Fe, a U.S. bankruptcy court judge in Delaware awarded ownership of the luxury property to an Arizona company.

Juniper Investment Advisors, based in Scottsdale, Ariz., Will own 100 percent of the 317-acre Bishop’s Lodge property in exchange for a $ 35 million debt forgiveness, the the Wall Street newspaper and Law360 reported. Judge Mary Walrath released her ruling on Tuesday.

On August 30, the previous resort owner, BL Santa Fe LLC, filed for Chapter 11 bankruptcy to restructure $ 78 million in secured debt and $ 3 million in unsecured debt incurred due to construction costs and delays. BL Santa Fe presented the Juniper Acquisition Agreement to Walrath.

The move follows a closure and renovation of the historic property that has gone on for years. It finally opened on July 1 as part of the Auberge Resorts Collection operation, with room prices over $ 1,000 a night.

Richard Holland – a managing member of BL Santa Fe who said earlier this year that a foreclosure complaint on the property was “procedural” – opposed the bankruptcy filing by his partners and offered alternative financial solutions . However, Walrath rejected Holland’s proposals, the Wall Street Newspaper and Law360 reported.

Juniper and his attorneys did not respond to calls seeking comment on the judge’s ruling. Neither Holland nor lawyers for BL Santa Fe LLC responded to requests for comment.

Holland bought the property in 2014 and closed it in 2015 with the intention of redeveloping it and reopening in 2017. But construction only started in the summer of 2019 and was still not complete when the renovated complex has reopened.

Holland and his affiliates only owned about 8% of Bishop’s Lodge, but he led the renovations to century-old structures and the construction of 22 new buildings. Renovations were carried out on 13 buildings, including the main pavilion, which dates back to 1915 and today houses the SkyFire restaurant. The new buildings include 12 three- and four-bedroom vacation homes.

“The news is positive and we continue to do what we have been doing,” said John Volponi, Regional Vice President of the Inn and former General Manager of Bishop’s Lodge. Juniper is “familiar with the project,” he added. “That brings this chapter to a close and we’re moving forward. They’re happy with the way things are going.”

Volponi said room occupancy rates were around 65% to 70% for the 70 rooms currently available. Construction continues on the last 30 rooms.

Juniper owns the Virgin Las Vegas in Nevada which it acquired as the Hard Rock Hotel & Casino. She bought and sold the Trump International Hotel and Tower in Canada and renamed it the St. Regis Toronto Hotel. The company is also the asset manager of the MacArthur Place Hotel & Spa in Sonoma, California.