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April 8, 2006

STEAMBOAT SPRINGS - With the real estate runup of the last few years, it's hard to conceive of a base-area housing project that has taken years to sell out. But that was the case at an $80 million condo-hotel in Steamboat Springs.

There, the ski area operator, American Skiing, had a 480-room hotel called the Steamboat Grand Resort Hotel. The AAA-rated four-star hotel opened in 2000, but then sales lagged. All of that slow motion ended on a recent Saturday when a third of the remaining whole-ownership and one-eighth share units were sold at an auction

The Steamboat Pilot & Today reports that the cheapest studio units sold for $14,500 for a one-eighth share; a full-ownership one-bedroom condo went for $230,000.


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