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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.

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