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The Borrego Ranch Resort & Spa (formerly Casa del Zorro) and adjoining Montesoro Golf & Social Club (formerly Rams Hill), which earlier warned they would close November 30 if they could not find an investor, have now extended the deadline until Jan. 8, both confirmed. First, they extended the date to Dec. 15, and then to Jan. 8. Borrego Ranch, once owned by Copley Press, was sold for a reportedly very low price and refurbished, but still has problems attracting visitors. Montesoro, which went through bankruptcy twice while named Rams Hill, has had trouble selling homes and getting golfers and social club members. Both have filed with the state, indicating there will be layoffs should they close. Borrego Springs Ranch & Spa would lay off 64 people and Montesoro 31.

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Comments

SurfPuppy619 Dec. 16, 2009 @ 5:39 p.m.

How much hotel inventory was there?? Like 10 years worth???

No one could have predicted the meltdown we have had-no one. It has been worse than anyone came close predicting.

I don't see this place being able to make a profit anytime soon either.....it is going to take years to clear out the residential REO inventory-and after that is cleared out the commercial REO inventory should be hitting the market.

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Don Bauder Dec. 16, 2009 @ 6:10 p.m.

Response to post #1: Perhaps nobody predicted the collapse with any precision, but there have been some economists who were quite accurate: Nouriel Roubini, A. Gary Shilling, James Grant, Henry Kaufman, David Rosenberg, to name a few. I agree the commercial real estate inventory is one helluva overhang. Best, Don Bauder

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Visduh Dec. 16, 2009 @ 8:02 p.m.

Borrego Ranch Resort apparently hasn't learned much in the past year or more. A few days back, I tried to book a room there--not seriously, just to check the rates--on line. The website is most attractive, but is short on specifics. What I got out of the effort was that a room including dinner for a single night was a steep $295 . . . per person! I still think that $295 there including dinner for two would be rather steep, but for one person out of a room for two is outrageous. Throw in all the spa services, plus three meals, and it is still out of line. Yet, when I was one mouse click away from booking, the price for two adults for one night in a single room was $590. That was their best rate available, and unless I'm mistaken was described as some sort of "special."

Extend the deadline all they want, if they still keep the rates at that level, they'll have almost no guests. And when that is the case, I suppose it will close. What a waste!

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Don Bauder Dec. 16, 2009 @ 9:55 p.m.

Response to post #3: Borrego Ranch Resort has tried to go super-upscale. But while Borrego Springs is charming, it's not a haven for the plutocrats. The same factors bedevil Montesoro, the former Rams Hill. Borrego ain't Rancho Santa Fe. Best, Don Bauder

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basilisk Dec. 16, 2009 @ 11:45 p.m.

For a few years, a group of us friends would go and rent a couple of condos at Rams Hill in early May and late November. We would spend the weekend doing what men do. Playing golf, poker and just having a good time. When they decided to go private, there was no point for us to go there anymore. Plus we could not afford it. These people really screwed themselves.

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Don Bauder Dec. 17, 2009 @ 7:30 a.m.

Response to post #5: I have had several posts on the woes at the two clubs. Many people have responded. There seems to be a consensus that the wounds at each are self-inflicted. Best, Don Bauder

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dcityheights Dec. 19, 2009 @ 11:43 a.m.

Don, Do you have any idea what this place sold for when Copley sold it?

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Don Bauder Dec. 19, 2009 @ 1:54 p.m.

Response to post #7: No, we never found out. There should be a record of it. Best, Don Bauder

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