Q Burke disaster
180 people laid off including 45 full-year/full-time employees
"Reports sugest 2016-17 operations are at risk"
Lean pending by hotel contractor if $5.5M not paid by next week.
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As a side note, I hope this doesn't bode poorly for Mt. Snow's delayed EB-5 escrow release. Their earnings call said they've spent half their available cash on West Lake and without the release of funds they'd get close to, if not pass, their 1.5 debt ratio covenant meaning they'd have to put even more money in escrow for their long term debt payments.
Comments
The whole Q Burke thing made the evening news a few days back-- hotel sits empty while they work out the escrow stuff that shuttered the whole project. Not sure why the state had to step in and do what they did. Seems like just another level of red tape. That area is going to need some tourist dollars to stay afloat during the summer and that means mountain bikers for Kingdom Trails.
thesnowway.com
The Q in Burke has proved to be clueless. As for the EB 5 investors, they got their green cards. If they don't see any of the "investment " they are still ahead.
So how many rooms do you think it has and how much a night will they be able to charge on average?
Says there are 116 suites 1-3 rooms. Also one night stays not possible. I hate when hotels do that.
"PeakCM President Jerry Davis has instructed his attorney to begin filing a lien on the Q Burke Hotel, the Burlington Free Press reports. PeakCM claims it is still owed $5.5 million for the $50 million EB-5 hotel."
That name sounds so familiar...
So if they only open weekends after 1000 weekends they will break even