Tapatio resort files for bankruptcy
In anticipation of new ownership, bankruptcy petitions were filed Tuesday by the Tapatio Springs Resort and Conference Center and a related firm, the Kendall County Development Co.
“It was a planned move,” Michael Shalit, partner in the two Boerne-area businesses and a nearby utility that’s also part of the pending deal, said of the Chapter 11 filings in U.S. Bankruptcy Court in San Antonio.
Shalit declined to name the buyers or terms of the sale. But he predicted the sale would reinvigorate the struggling resort that was put on the market more than a year ago for $22 million.
The initial inability to attract buyers led to it being listed for foreclosure last month to satisfy an unpaid $15 million loan, but the auction slated for March 2 was canceled.
“We’re very happy with the transaction and the new buyers are planning on making major improvements to the entire facility,” Shalit said Wednesday.
Shalit said he’s part of the new ownership group, but his current partners, Jack Parker and his son Jay, are not.
Shalit said that besides the resort, which includes a 112-room hotel, conference center, 27-hole golf course and clubhouse, the deal includes the development firm, which owns more than 1,000 acres surrounding the resort, and the Kendall County Utility Co., which provides water service to the resort and about 300 upscale homes nearby.