Tuesday, May 22, 2007

Steamboat Sheraton was sold to Starwood

I heard this from credible sources a month or two ago but it is now a done deal. I understand they will make an official announcement soon but they could take their time to put a good story together. It is good to see this wrapping up. The firm that handled this deal was a little to proud of themselves, sometimes bumbling (I am being careful here to comment not on my own experience with them but on more than enough anecdotes from others) and often appeared to be operating in ways that did not optimize value. This resulted in a longer process than it needed to be and lower values realized for their clients than could have otherwise been unlocked. Now that they are out of the way things can proceed and a wonderful new village can come out of the legacy of neglect that the previous owners left behind. They had plenty of cash but preferred to let things deteriorate. Steamboat will be much better off without them.

Back to the Steamboat Springs blog main page for more.

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