LAKE PLACID -- Whiteface Lodge has left the T-Rex Capital, LLC portfolio of property.

The Adirondack resort closed the past two weeks for renovations but reopened Friday for the season, according to the concierge who answered the phone there Thursday.

The property's suites, among the most expensive timeshares in the Adirondacks, were purchased by T-Rex Capital LLC at the beginning of 2007 from Joseph J. Barile whose firm, Resort Holdings, built the first units on the site off Route 86.

Barile, a 1988 Olympic competitor, is now chairman of Sagewood Investments LLC and Sagewood Partners LLC, with offices in Lake Placid, Dallas and Los Angeles.

T-Rex Capital LLC of Stamford, Conn., reportedly bought Whiteface Lodge for $62.2 million and announced shortly thereafter a joint venture on the deal with ZAIS Group.

In 2006, Barile was selling one-sixth shares in a unit at the Whiteface Lodge for $148,000, according to a travel section report in the New York Times.

Room rental rates started near $400 per night.

TRANSFERRED INTEREST

T-Rex said Thursday it has transferred its interest in the property to "an affiliate of the lender."

But press officials were not able to clarify what that means or whether the Whiteface Lodge is in financial reorganization, given the current second-home market.

In a press statement, T-Rex officials said they opened the Spa at Whiteface Lodge in 2007 to "staggering reviews" and completed buildout of the remaining luxury units "making The Whiteface Lodge 100 percent complete."

Newswire reports in January this year said the resort has 94 suites.

The decision to divest of the property was a "market-related decision," T-Rex Capital President Ciff Preminger said.

"We have been proud of our association with the Whiteface Lodge."

The transaction is expected to take place this month.

kdedam@pressrepublican.com

Trending Video

Recommended for you