Global Region: North_America
Country: United States of America
City: Montrose
State / Province: Colorado
Postcode: 31014
Price: $40,000,000
Rooms: 75
Baths: 75
Address: 921 Wlk Walk Way
Floors: 2
Year Built: 2005
|
Other State/Province: Ouray
Square Feet: 127,000
Lot Size: 275 a
Status: Active
Listing Website: http://www.elkmountainresort.com
|
Full Description: Resort Overview: Elk Mountain Resort (“Elk Mountain” or the “Resort”) is a high-end hotel resort located in the heart of the San Juan Mountains and National Forests in southwest Colorado. The Resort owns 275 acres in Ouray County, Colorado, approximately 50 minutes from Telluride, 35 minutes from Telluride Regional Airport (TEX), and approximately 25 minutes from the Montrose Regional Jet Airport (MTJ). Elk Mountain is self sustaining and self sufficient, similar to a town in the Colorado Rockies. The Resort was designed such that none of the facilities are visible from any non-Resort property, creating complete seclusion, security, and anonymity for guests of the Resort. The Resort is comprised of 47 buildings, which includes the main lodge, 18 cottages, Valhalla Shooting Club and Training Center, the Wine Shaft, the wedding chapel, equestrian center, spa/salon cottage, fitness center, garage/mechanics shop, housekeeping/shipping-receiving/storage building, and Swedish sauna building. In addition to the buildings, there are numerous outdoor activities and facilities available to guests/ members of the Resort.
The Resort’s website is, www.elkmountainresort.com.
Financial Overview: The Resort has been open on a selective basis, which has not permitted the financial performance of Elk Mountain to reach its immense potential. Spending resources and time marketing the Resort will provide the means necessary to grow revenue. Options to operate the Resort include: as a fractional (timeshare) resort, standard hotel/ resort, corporate retreat, private compound or some combination.
Awards & Recognitions: Elk Mountain has been recognized and featured by many sources. 2006 Condé Nast Johansens “Most Excellent Resort in the U.S.A” Colorado Meetings & Events Magazine – “Best Team Building Facility/Organizer” Award Selected as one of the “Top 10 Most Exclusive Private Retreats on Earth” by P.U.R.E. Since the Resort has been open it has been featured and reviewed by many sources including, Premier Hotels & Resorts, Elle Magazine, Luxury Living, Robb Report, GQ, Executive Traveler, Beverly Hills Report, as well as many others. The Resort has been featured on television programs including ABC’s World News Tonight, Comedy Central’s The Daily Show, MSNBC’s Countdown with Keith Olberman, and RTL Television. Elk Mountain was also the setting for a New York Times Best Seller by Brad Thor, called “The First Commandment.” The Resort is a member of multiple exclusive associations including Preferred Boutique, Private Unique Retreats on Earth, and Abercrombie & Kent North America. Elk Mountain was the first Resort ever accepted as a member by Small Luxury Hotels, prior not only to the opening of the Resort, but prior even to its completion.
Location: Elk Mountain is located at 97 Elk Walk, Montrose, Colorado 81401. Elk Walk is located off Dave Wood Road. The Resort is located in Ouray County, which is in the Southwest portion of Colorado, but keeps a Montrose address for mailing purposes only. The Resort is set in the scenic San Juan Mountains, surrounded by dense National Forests on three sides and a large private estate on the fourth.
Highlights Proximity to Telluride The Resort is located roughly 50 minutes from the towns of Telluride and Mountain Village and 35 minutes from the Telluride Regional Airport (TEX). A direct road between the Resort and the highway to Telluride has been contracted to be upgraded with a portion being paved within 5 years.
Minimal Opportunity to Develop near Telluride Ouray County’s Building Code for a Resort-PUD clearly states that any future applicant will have to meet or exceed the quality of any existing Resort-PUD, meaning that due to the five-star standards to which the Resort was built, it would be near impossible in today’s or any future market, to have conditions that would make it financially viable for a competitor to come into the region. In addition, as a complex, Elk Mountain has 47 buildings on only 11% of the 275 acres, with the ability to build on up to 25% of the property per the Resort-PUD code.
Difficulty to Obtain Development Permits Given the strict building codes in place for the region, it is crucial that Elk Mountain has secured a two year extension on the permits to build Phase II of the Resort. The Phase II permits include the construction of a 60,000 square foot lodge building that consists of 35 additional lodge rooms, a restaurant, spa, and conference facilities. The permits also allow for the construction of 1 additional cottage. These permits are extended until May 2009, by which time plans will have to be submitted for approval to the Ouray County Planning Commission. From the management teams experience in Ouray County, they believe there would be no substantial problem with amending the current permit application to include more square footage, rooms, or cottages if needed. Currently the Resort is built on 11% of the Property and the permits in place allow up to a 25% build-out of the property. This could allow a potential purchaser to more than double the existing structures with a plan more specific to their needs.
Limited Future Zoning Elk Mountain is the only Resort Hotel PUD that can be built in this region, including San Miguel County where Telluride is located. This is due to Regional Zoning constraints that did not affect Elk Mountain as the Resort was permitted and developed prior to more strict zoning regulations being put in place. Rosewood Resort in Telluride was the last Resort Hotel PUD issued in this area. Rosewood is expected to open sometime in 2009. Nearby Golf Community Developments As detailed later in the Elk Mountain Discussion section, there are two golf communities being developed within 3 minutes of Elk Mountain. The first is a Greg Norman-designed golf course which opened in the summer of 2007. The community is called Cornerstone Colorado and will eventually include 412 home sites on 6,000 acres. The other community is called Hideout Lake and will feature a Jack Nicklaus Signature golf course and 374 residential lots. The Resort has recently reached an agreement that will provide guests of the Resort with golf privileges at the Jack Nicklaus Signature Course and opportunities exist to make the same agreement with the Greg Norman Course.
Ease of Travel The property is conveniently located 25 minutes south of the Montrose Regional Airport (MTJ). Montrose is a jet service airport with major carriers such as American Airlines, Continental, Delta, and United. The Montrose Airport has private hanger space for planes as large as G5’s. If guests prefer not to drive the 25 minutes from the Montrose Airport to the Resort, Elk Mountain has an FAA rated, fully lit heliport, available for use at any time. Multiple helicopter services are available in the area.
Security / Seclusion The Resort consists of 275 acres surrounded on three sides by 60,000 acres of National Forests and on the fourth side by a 3,900 acre private estate. Elk Mountain was designed with privacy in mind, and, as such, no buildings are visible from any non-Resort property. The facility is self sustaining and self sufficient, similar to a town or city in the Colorado Rockies. The main conference room was “hard wired into itself”, which means there can be no industrial espionage from this room while a meeting is taking place. This security, as well as general security for the entire property, has influenced corporations such as Texas Instruments and Cartier to hold meetings at Elk Mountain.
Opportunity to Sell Timeshares or Fractional Memberships Elk Mountain was designed with Timeshares or Fractional Memberships in mind. The Resort currently has 18 cottages, 2,300 square feet apiece, that are designed to support the sale of fractional memberships. These fractional memberships are already permitted under current Colorado statutes. It is important to note that these are un-deeded fractional memberships. The Resort must remain a “single owner entity” per the permits under which the Resort was built and under which the Phase II permits were approved. The fractional memberships carry an estimated value of between $90,000 and $120,000 per membership based on similar memberships in the market. The potential value of these fractional memberships is significant. Conservatively, the memberships could be valued between $60 and $70 million, assuming each cottage sold only between 40 and 50% of the 50 fractional units/weeks available.
Please let me know if you would like to see additional information regarding the rare and unique "Value Add" opportunity.
|
Features - Air Conditioning
- Alarm
- Cable/Satellite TV
- Conference Facilities
- Dishwasher
- Disposal
- Hardwood Floors
- Licenced Bar
- Microwave
- Patio
- Restaurant
- Waterfront
- Wheelchair Access
|
Community Features - Association Member
- Bike Paths
- Clubhouse
- Controlled Access
- Courtyard
- Fitness Center
- Golf Course
- Playground/Park
- Public Transportation
- Spa/Jacuzzi
- Sports Complex
- Tennis Courts
|
|
)
)
)