RockResorts, an operator of luxury hotels in Colorado and the Caribbean, terminated an agreement with the Chateau at Heavenly Village, a 477-unit condo-hotel project in Lake Tahoe that has fallen on hard times. In a company-issued press release, RockResorts said it ended the agreement because the developer, Lake Tahoe Development Company has placed the project on hold in light of financing issues.

An article in the Tahoe Daily Tribune said the developer was seeking financing from foreign investors, and was in need of $200 million to restart construction which began last summer but stalled after the foundation was poured. Currently the quiet construction site, which also includes plans for a convention center, is draining the developer of some $1.2 million a month.

Securing financing has become increasingly tough for developers of condo-hotels, a formerly lauded concept at the height of the real estate market that steadily lost appeal to both buyers and investors. Several condo-hotel projects in San Diego and Las Vegas have faced similar financial struggles. The Cosmopolitan Resort Casino, a $3.9 billion condo-hotel slated for Las Vegas faced foreclosure this spring.