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Steamboat Springs — Sheraton Steamboat Resort officials hope to have a buyer for their property by the end of the month.

The first round of bids from prospective buyers have been submitted, Sheraton Steamboat Resort general manager Chuck Porter said Tuesday.

"As far as our property goes, we're still in discussions with several groups," Porter said, adding that the second round of bidding is under way.

"There are a lot of components to a bid besides price," Porter said, mentioning the length of the due diligence period. He said several deadlines were set for the sale process, but they were pushed back for several reasons.

"First, we wanted to wait for the ski area to make their announcement," Porter said. Surveys of the properties also had to be completed and reviewed.

The Sheraton Steamboat Resort went on the market six weeks after American Skiing Co. announced in July its intention to sell the Steamboat Ski Area. A consulting firm in the hospitality industry was retained to market the holdings of Ski Time Square Enterprises, whose base-area assets include the 315-room Sheraton hotel, several Ski Time Square commercial buildings and the 75-unit Thunderhead Lodge. The properties have been identified as playing significant roles in future redevelopment of the aging base area.

Ski Time Square Enterprises assets outside the base area include the Sheraton Steamboat Golf Course and the Graystone residential subdivision on Steamboat Boulevard.

On Dec. 19, Intrawest announced its intentions to purchase the ski area for $265 million. Intrawest President and Chief Operating Officer Alex Wasilov has said the company has looked at also buying the Sheraton Steamboat Resort.

"We're actively aware that it's up for sale and on the market," Intrawest spokesman Ian Galbraith said.

But neither Porter nor Galbraith would say whether Intrawest submitted a bid for the Sheraton property.

"That's not to preclude other groups (from purchasing the Sheraton)," Porter said. "Whoever owns it, I see it as a cooperative (redevelopment) effort with the ski area."

Porter said the announcement that Intrawest will purchase the ski area has been good for the sale process.

"It answers the question that our interested buyers had about who is going to own the ski area," he said.

The ski area deal also may translate into a higher price for the Sheraton property.

"It hasn't hurt, so, sure," said Mike Sullivan, managing director of HVS, when asked whether the ski area sale announcement increased the value of the Sheraton.

His company has been hired to market the Sheraton properties.