KERHONKSON – In yet another example proving how difficult it is to run a resort in the region these days, the Hudson Valley Resort and Spa, formerly known as the Granite Resort, filed for Chapter 11 bankruptcy on January 7, 2010. According to bankruptcy court documents, the resort owes over $22.5 million to six lenders for six mortgages, taken out by property owner Eli Spitzer's company Everyday Logistics, LLC, in 2006 to purchase the resort from the Minnewaska Company, LLC, the latter being owed roughly $2.5 million for its loan to Spitzer. The company also owes about $770,000 in unsecured debt to its list of creditors, including many local businesses in and around the region.

In addition to facilitating Spitzer's purchase of the property, it was reported in 2007 that the funding was also to go toward creating a brand-new 18-hole golf course on the resort's grounds designed by professional golfer Vijay Singh. But plans for the golf course, and a slew of other improvements to the resort, got shelved in the face of the now-infamous financial crisis from 2008.   > MORE