Court dismisses Related suit against Colorado ski resort development lenders

The $406 million lawsuit brought by an entity controlled by the Related Companies against Hypo Real Estate Capital and three other lenders in relation to its development at Snowmass Base Village was dismissed by a New York State appeals court Feb. 16, the Snowmass Sun reported.

The court found that the loan agreement between Related and the banks for Snowmass Base Village “explicitly and unambiguously” barred Related from making claims against the lenders for monetary damages, regardless of the banks’ actions.

The project was slated to include 600 luxury residential units as well as restaurants, shops and other ski-related amenities, as The Real Deal has previously reported.

Related filed its lawsuit against the lenders after they sued Related seeking $307 million in loan guarantees from Related executives and California developer Pat Smith, the Colorado paper said. [Snowmass Sun]