Blackstone Sells Peaks Resort, Land for $20M

MOUNTAIN VILLAGE, CO-The largest resort in the Telluride region has changed hands for approximately $20 million in a deal that includes additional land. Blackstone Group sold the two entities that own the property to newly formed group that includes local investors and two principals of Grand Heritage Hotels and Resorts, an Annapolis, MD-based hospitality company that operates 11 properties in the US and abroad. The property came to market two years ago with an asking price of $50 million.

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.