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TELLURIDE, CO-Houston-based Valencia Group will break ground this month on lumière, an 18-residence luxury development in Mountain Village, an upscale adjunct to this ski town.

The hotel management and development company will offer four-bedroom, whole ownership units priced from $1 million to $2 million. Units range from 990 sf to 4,000 sf. The property is scheduled to open in the fall 2007. Ninety five percent of the units already are reserved.

“In keeping the property small, we’ve created a new model for exclusive condo hotels, making them more attractive for those who are looking for a residence that provides all the benefits of a luxury-brand boutique hotel, but feels like home when they’re there and also offers an investment income opportunity when they’re not,” says Matthew Nuss, Valencia Group’s executive vice president and principal. “With our intimate size, we are able to fit right in with the quaint atmosphere of Mountain Village,” he says. “We’ll also be able to achieve a personalized level of service not currently available in the boutique condo hotel marketplace.”

Many new condo hotels in ski resorts are sold as fractional shares, which traces its roots to timeshares. In this case, the Valencia Group imposes no time limits on how long they stay. Although owners can stay as long as they please, they also have the choice of using them as traditional hotel rooms, putting them into a rental program when they are not there and receive a percentage of the revenue generated. In addition, the property will feature ski-in ski-out convenience, luxury SUV service, ski concierge service, overnight tuning of ski equipment, a personal stay attendant, fitness center with steam room, hot tubs and a cold plunge tub.

KWB Development, based in Coronado, CA, is Valencia’s partner and is overseeing construction. Valencia Group will manage the ski-in, ski-out property, which is touted as the last development around the Lost Creek Lane cul-de-sac in Mountain Village. The condo hotel is co-listed by Playground Destination Properties Inc. and Peak’s Real Estate/Sotheby’s International.

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