A 140-unit hotel with a 42,000-square-foot spa and fitness center, a full-service restaurant, a coffee shop and dozens of additional units owned by individuals, the Peaks was the first major resort project near Telluride. Developed in 1992 by Doral, the Peaks has changed hands several times through mergers and been sold twice. Previous owners in chronological order include Carefree Resort, which purchased the property; Patriot American, which bought Carefree; Wyndham, which merged with Patriot; and then Blackstone, which acquired the property in 2005.

The new ownership includes local investors Ted and Todd Herrick, the latter being president of Highlands Resorts; Mike Theile, a local real estate agent; and Bruce MacIntire and Kevin Jones of LuxWest, a local brokerage and development company. The out-of-town ownership includes Grand Heritage principals John Cullen and Brian Martin.

Since Blackstone took over, according to the new ownership, the Resort's reputation and performance has been plagued by shifting strategic goals and a challenging economic environment. Over the last four years alone, in addition to several aborted sales attempts, the Resort has experienced a substantial renovation of the spa, a full condo-sales program, temporary closure and a re-opening as a hotel, according to the new ownership. At the present time, $4.8 million in renovations is underway related to the settlement of a lawsuit between Blackstone and the Resort's HOA.