Sheraton Steamboat is for sale

Ski Time Square, Thunderhead and golf course also on market

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— A group of resort properties that could figure prominently in the redevelopment of the ski area base are for sale.

Sheraton Steamboat Resort General Manager Chuck Porter confirmed Friday that a consulting firm in the hospitality industry has been retained to market the holdings of Ski Time Square Enterprises. They include the 315-room Sheraton hotel, Ski Time Square commercial buildings and Thunderhead Lodge.

"HVS Capital has been retained to represent the partnership in marketing its assets," Porter said.

In addition to the properties at the base of Steamboat Ski Area, Ski Time Square Enterprises owns Sheraton Steamboat Golf Course and Graystone residential subdivision on Steamboat Boulevard. Those assets, too, are available for sale, Porter said.

He said employees have been made aware of the news.

The decision by Sheraton owners to test the market comes at the same time American Skiing Company is looking for a buyer for Steamboat Ski and Resort Corp.

ASC's Chief Executive Officer B.J. Fair has said his company has a price in mind and would not hesitate to withdraw from the process if its goals were not met.

The possible sale of two of the biggest engines in Steamboat Springs' resort economy is set against the backdrop of a long-anticipated redevelopment of the aging base of the ski area.

The establishment of an urban renewal authority to generate public dollars for improvement of public infrastructure at the ski area base has helped open the gates to redevelopment. At the same time, real estate developers have established that slopeside condominiums at Steamboat can sell for $1 million and more.

Porter has acknowledged in public meetings that Thunderhead and Ski Time Square are viewed by Ski Time Square Enterprises as candidates for redevelopment.

Ski Time Square Enterprises is made up of six individuals, as well as Starwood Hotels, Porter said. Starwood acquired an interest in the partnership when it acquired the Sheraton flag. It also has the management contract for the Sheraton Steamboat.

HVS provides a wide range of services for the hospitality industry. It has gained a reputation for consulting on the value of hotels worldwide.

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