Residence Inn Steamboat Springs Sells for $33M

The newly-built Residence Inn Steamboat Springs in Steamboat Springs, Colo., has sold for $33 million to Summit Hotel Properties, a leading publicly-traded lodging real estate invetment trust based in Austin, Texas.

Mark Darrington, Larry Kaplan and Rick Rush with CBRE represented the seller, Pine Grove Hotel Venture, LLC.

The three-star 110-room property is located at 1480 Pine Grove Road. It features ski and bike storage, 24-hour fitness center, and a year-round heated outdoor pool and hot tub. Located off U.S. Highway 40, the property is nearby to restaurants, shopping, skiing, and biking and hiking trails.

“Investor interest continues to be extremely strong for high-end assets in resort markets. In a high barrier to entry market like Steamboat Springs, a new high-quality hotel is not only attractive to investors, but also to guests,” said Mr. Darrington.

Photo courtesy of CBRE

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