March 5, 2003
GT Band, GT Resort
deal looms
Read more:
REACTION: News of deal spurs praise, some concern
ANALYSIS: Gambling may not be near at GT Resort
TIMELINE: Key events in history of the GT Resort
CASINO: No casino for years
TAXES: Land won't come off local tax rolls
PLANS: New GM's focus will be dual marketing
No details yet on future plans
By
Record-Eagle staff writer
ACME - After a few unsuccessful attempts the Grand Traverse Band of Ottawa and Chippewa Indians is finally closing in on a deal to buy the Grand Traverse Resort and Spa, sources familiar with the situation say.
The band is expected to announce at a 10 a.m. news conference today its intention to buy the multimillion-dollar resort from KSL Recreation Inc. of LaQuinta, Calif., according to sources familiar with the deal who asked to remain anonymous.
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Record-Eagle/Jim Bovin
The Grand Traverse Band is expected to announce its intention to buy the Grand Traverse Resort and Spa. |
No details were available about price, how resort management and its 600-1,000 staff might be affected, or what plans the band has for any further development of the resort.
Band spokesman Luke Haase refused to comment about today's press conference in Peshawbestown, noting only in a written statement that band leaders will make a "major announcement."
Resort manager Paul McCormick could not be reached for comment Tuesday.
During a round of discussions in the fall between the band and resort owners, band officials said only a small portion of the resort property would be used for a casino operation, pending state and federal regulatory approval. Gaming at the resort eventually would eliminate the need for the band's Turtle Creek Casino on U.S. 31 in Williamsburg, less than a few miles away, tribal officials said then.
The band also operates the Leelanau Sands Casino in Peshawbestown.
The band in December 2001 announced plans to build a 350-room hotel and convention center at Turtle Creek, before discussions began last year about the tribe buying the resort.
In December the band said it was walking away from the resort deal, saying after examining the resort's operations its purchase was not in the tribe's best interests.
The resort features 950 acres, 424 hotel rooms, 236 furnished condominiums and the largest convention center in northern Lower Michigan. It also features a 73,000-square-foot health club, 11,000-square-foot spa, indoor and outdoor tennis courts, several restaurants and lounges, a 23,000-square-foot shopping gallery, a cross-country ski center, a beach club, a golf clubhouse and 54 holes of golf on three courses.
KSL Recreation bought the resort from the Detroit General Retirement system on Aug. 11, 1997, for $45 million.
A year earlier the Grand Traverse Band failed to reach a deal with the pension system to buy the resort.
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