The long anticipated sale of the Sheraton Steamboat Resort & Conference Center and the Sheraton Golf Course was completed the last week of May. Starwood Hotels, one of the nation’s largest hotel companies purchased the hotel and golf course property for just under $57 million. Over the last three months Ski Time Square Enterprises have liquidated their base area holdings. In early May, Cafritz Interests purchased the ski-in, ski-out Thunderhead Lodge along with the Ski Times Square commercial area for $54 Million. In April VGS Enterprises purchased the 11.3 acre Greystone Park subdivision on the Sheraton golf course for $5.1 million.

The three new property owners all have their sights set on big re-development plans, including new ski-in, ski-out condos, new fractional ownership opportunities, a new single family home subdivision, and a re-vitalized commercial area. Along with the $256 million sale of the ski area to Intrawest in March, and the over $23 million in base area improvements to be done by the base area URA (urban renewal authority), things are ready to change drastically at the base area.

Colorado Group Realty, with our prime Sheraton Steamboat Resort office is located at the center of all this re-development and can help you in regards to these exciting changes. Please contact your Colorado Group Realty broker with any questions that you have.