Boutique resort and fractional developer, Timbers Resorts, is taking over the real estate sales for the Vail Plaza, which has recently emerged from bankruptcy.

Ferruco Vail Ventures just acquired the 100-room, 38-condo property for $52m in the federal bankruptcy court. The property was caught out in the economic crash and had filed for bankruptcy at the end of 2008.

“We feel that The Vail Plaza Hotel and Club is a great asset, which has the ability to contribute positively to the town of Vail,” said Greg Spencer of Ferruco Vail Ventures. “We understand any concern that may have existed over the last several months as the property navigated through many challenges and feel the previous owner should be commended on his development of the property and the considerable investment he made in the town of Vail. Our intention is to bring the property to its full potential and we felt that Timbers Resorts, as our partner, was uniquely qualified to achieve this goal. We hope to duplicate the success here that they have achieved at so many of their other resorts around the world.”

David Burden, CEO and founder of Timbers Resorts said "“Our vision together is to enhance the amenities, services and overall experience for their owners as well as provide a new boutique hotel experience for the returning visitors of Vail,” Timbers has several properties throughout the world that it has either developed or manages.