X

Thank you for sharing!

Your article was successfully shared with the contacts you provided.

CRESTED BUTTE, CO-New York City-based CDC Mortgage Capital Inc. has retained Denver-based HREC Investment Advisors to sell its 247-room Sheraton Crested Butte Resort hotel. CDC acquired it through a foreclosure last spring.

The hotel is the only first-class, full-service lodging property in the ski resort, says Geoff Davis, president of HREC. The hotel includes 105 suites. Rooms range in size from 365 sf to 500 sf.

The Sheraton also includes a full-service restaurant with 100 seats, a deli and a Starbucks. Other amenities are an indoor-outdoor swimming pool, outdoor whirlpool, exercise room and approximately 4,800-sf of meeting space.

Davis says he thinks the hotel will bring at least $7 million to $10 million, a fraction of its replacement cost. “I’ve already received a lot of interest from investors in Texas, both coasts, and quite a bit of interest from our own back yard,” Davis tells GlobeSt.com.

He notes that one exit strategy could be to convert the rooms into condominiums or timeshare units. “That would present a pretty clear path for an investor,” Davis says.

“We believe the hotel is best served by an aggressive operator/developer who can take advantage of the real estate market in Crested Butte, while continuing to enhance the operations of the hotel,” he continues.

The slopeside lodge was built in 1993 by Crested Butte resort chairman Edward Calloway. The resort defaulted on its loan, however, after business fell following the terrorist attacks of Sept. 11, 2001, and never fully recovered.

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?

Dig Deeper

GlobeSt

Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2021 ALM Media Properties, LLC. All Rights Reserved.