The Kindred Resort will be a ski-in, ski-out hotel and condo complex on four acres. But lawsuits in New York City and Breckenridge reveal deep and lasting animosity between the two firms picked by Vail Resorts to co-develop the project.
The co-developer of a $300 million resort in Keystone says $8 million went missing from the project and the firm was then pushed out for revealing the other developer’s bank fraud.
But beyond the boastful press releases and smiley groundbreakings, there are lawsuits sitting at courthouses in New York City and Breckenridge that reveal deep and lasting animosity between the two firms picked by Vail Resorts to co-develop the project. The result could be years of costly litigation, with each side demanding the other pay tens of millions of dollars.
GGI had been convinced to partner with ORRA after learning the latter invested $15.8 million of its own money into the project — evidence of its strong commitment. But GGI now says that ORRA “fraudulently misrepresented” its investment in Kindred. “We worked really hard to identify and bring parties to the table to provide funding for Kindred Resort — funding that’s being used to build the project right now,” GGI said in a statement.
Bowe alleges in the lawsuit that GGI lied to ORRA and Vail Resorts when it claimed to know how to solicit investments. GGI’s website once said it was a licensed securities broker when it was not, according to ORRA. “Which is, itself, a federal crime,” Bowe wrote.
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