Brian Head Lodge Goes to NYC Investor

BRIAN HEAD, UTAH—New York City-based real estate investor Zohar Cohen through his ownership entity Cohen Braffits Estates Development, LLC, has purchased the $60 million first mortgage on a 2,600-acre Braffits Mountain property. The note was purchased prior to year end, 2013. In addition, the Cohen Brian Head Development, LLC has purchased Grand Lodge at Brian Head, a luxury ski resort. The purchase price for the properties totaled approximately $100 million. That transaction has recently closed.

The assets are being managed by Arthur Levine, special counsel and advisor to Cohen, along with Kenneth Denos an executive of the publicly traded firm, Equus Total Return.

The current resort facility, valued at more than $30 million, opened in 2010 and includes a 4 star luxury hotel, gourmet steakhouse and extensive dining and bar facilities.

“We are thrilled to have acquired this extraordinary property in one of the country's most desirable recreational areas. The property is in a prime tourism location that can serve guests, year round,” said Levine.

At present the rooms include granite countertops, stone fireplaces, tiled floors and the latest in Wi-Fi technology. A fitness center and the Red Leaf Spa, provide families with additional luxury amenities.

Ankur Gupta of the law firm McDermott, Will & Emery LLP, Chicago office, is counsel to the Cohen Brian Head Entity. In addition Timothy Walsh of the McDermott, Will & Emery firm is handling the litigation related to the acquisition of the Braffits Estate property out of bankruptcy court.

“Our intention is to work very closely with the local municipal and county government officials along with the community in the development of Braffits Creek Estates and to make the Brian Head resort one of the country's premier destinations for travel and tourism. Our plans for Braffits Creek Estates will be developed over the next twelve months. We look forward to meeting with all concerned about the future plans for these unique and magnificent properties.

“We believe that the properties and their future development, will be a tremendous economic generator for the area and we will formulate all future plans with the highest regard for the environment and natural beauty of Brian Head and Iron County,” added Levine.