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TELLURIDE, CO-Northridge Capital, LLC, an independent real estate management firm out of Washington, D.C., bought the 58-unit Hotel Telluride in this ski town in late April. Now, it is converting it into hotel condominiums.

Hotel rooms in the first phase of the condo conversion of the Hotel Telluride are priced from $267,300 for a standard first-floor units to $761,495 for a corner suite on the second floor. Each unit at the Hotel Telluride will be equipped with a kitchenette and new carpet, and the hotel will continue to provide a full range of amenities for owners and guests.

Owners will also be provided with lockers in the basement for gearstorage when they’re not in residence, and a new exercise room will go in on the ground floor. Occupancy restrictions limit unit owners to 30 consecutive days in residence and 60 days total in any given calendar year, and each unit will have monthly homeowner association dues. Owners can anticipate revenue from the rental of their units as hotel rooms when they’re not in residence.

This marks the first condo conversion of its type, according to the company. Work is slated to begin on the conversion last this month. Premier Resorts is managing Hotel Telluride. It will remain open during the renovation and conversion into condo units.

The hotel’s condominium units will be sold in three offerings of approximately 20 each. The first offering includes a selection of rooms on all three levels and the current prices are based on a starting price of $825 per sf with upgrades that bring the price as high as $890 per sf. Upscale homes and condominiums in the Town of Telluride often trade for $1,000 per sf or more. Prices are expected to increase in the subsequent two phases.

David W. Jackson, president of Northridge Capital, notes there are high barriers to entry in Telluride and these units are close to the slopes. “We believe there is unsatisfied demand for high quality condominium-hotel units in Telluride and this property will fulfill the needs of consumers,” Jackson says.

The hotel opened in September 2001, not the best time for vacation properties, considering the economic uncertainty and drop in travelfollowing the terrorist attacks. However, Colorado’s ski resorts, measured by hotel occupancies, rates and sale of second homes, have bounced back dramatically since then.

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