Travel News: Winter Olympics Site Declares Bankruptcy

The Whistler-Blackcomb ski area in British Columbia, Canada, has declared bankruptcy. The real estate market collapse and weakening consumer spending has caused the New York-based Fortress Investment Group to be unable to meet payments on the remaining $1.7 billion due on the loan.

In 2002 the two ski resorts of Whistler and Blackcomb merged to create the largest ski area in North America, 54% larger than now second place Vail, Colorado. In 2006 Fortress Investment Group paid $2.8 billion for the resort, which included loans from Lehman Brothers and Davidson Kempner.

This is all especially newsworthy as the auction of bankrupt Whistler-Blackcomb is slated to take place during the 21st Winter Olympics, hosted by Vancouver, B.C., February 12 - 28, 2010. Since Vancouver sits at sea level, the ski events of the games are scheduled to occur up at Whistler-Blackcomb. The lenders plan a public auction on February 19, in the middle of the Olympic games.

Representatives of the Vancouver Organizing Committee (VANOC) for the Olympic games are confident that the auction will not affect the ski venues at Whistler-Blackcomb. VANOC has received legal advice indicating it can still put on the games at Whistler-Blackcomb even if Olympic venues become part of the bankruptcy proceedings.

This is good news for everyone who has been planning a winter vacation to the exciting 21st Winter Olympics. The legal wrangling and financial woes surrounding the ski area do not affect Whistler-Blackcomb timeshare resorts and there are still many timeshare rentals available during the Olympic games for you to have a budget-friendly Olympic experience. Down in Vancouver itself budget timeshare rentals are still available at WorldMark-The Canadian. If you stay in Vancouver you can still attend the ski venues at Whistler-Blackcomb by riding the frequent buses that will be running up the mountain.

So plan now to take the family to the 21st Winter Olympics for a once-in-a-lifetime experience of global proportions. You'll be thrilled at how affordable the trip can be by renting a budget timeshare. See our previous post "Vacation in Vancouver for the 2010 Winter Olympics."

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