STEAMBOAT SPRINGS, CO-Grand Summit Resort Properties Inc, a subsidiary of American Skiing Co. of Park City, UT, plans to auction more than 200 fractional-share units and more than 30 traditional condominiums. The March 18 auction, billed as the largest of its kind in the nation, is the remaining developer inventory at Steamboat Grand Resort Hotel & Condominiums.
The Grand Resort, as the base of the Steamboat Ski Resort, is one of the newest hotel properties in Steamboat, says B.J. Fair, president and chief executive officer of American Skiing. "By making these units available at auction rather than through traditional sales, we expect to create exceptional savings for our buyers," he says.
The resort hotel includes a full-service spa and fitness center, an outdoor heated pool, two large whirlpool spas and 17,000 sf of indoor/outdoor convention space.
Grand Summit Resort Properties decided that public auction is the most timely and cost-effective method of accelerating the sellout of the property. The auction allows GSRP to reduce marketing and carrying costs and sell a significant amount of inventory in a very short period of time.
The company says it can then pass on savings to its buyers in the form of discounted prices at the auction. Of the inventory offered, 100 units will be offered absolute, selling to the highest bidders regardless of price. Buyers may choose from studios, one-, two- and three-bedroom units and penthouse residences. All units are furnished and owners will have access to all of the amenities provided by the resort hotel. GSRP has contracted with the Keenan Auction Co. of Portland, ME, to sell the units.
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