The Number 1 real estate transaction in the Telluride regional market in 2014 was the sale of the Hotel Madeline, www.madelinetelluride.com/, for $ 38 million. Featuring a perfect ski in ski out location in the mid-mountain alpine setting of Mountain Village, the luxury resort, a Conde Nast Hotel of the West award winner, was built in 2009. Sold by Ektornet US Telluride, Inc. (a Swedebank Group affiliate) to Northview Hotel Group, http://www.nvhg.com/, and private equity giant Apollo Global Management LLC (http://www.agm.com/Home.aspx), the sale included 8 retail commercial condos, 11 suites, 60 residences, 89 guest rooms, 10 employee units + garage, meeting spaces and spa facilities. Representatives from Northview have noted that up to $ 10M will be spent to update residences which will be sold, and common area upgrades. The hotel will be rebranded as The Madeline Hotel and Residences. No cars are necessary as you walk or ski out of the hotel, with easy free Gondola access into the iconic Victorian western Town of Telluride.
The real estate community is abuzz with the prospect of fresh new condominium inventory becoming available by mid January. Rumor has it that early buyers will benefit with sales in a very competitive range, perhaps ranging as low as $ 500 to $ 800 per square foot for the first 12 units to come available. The 89 hotel rooms are deed restricted as that and will remain as hotel rooms in perpetuity, in order to provide guaranteed ‘hot beds’ for Mountain Village.
The runner up sale of the year was of course Oprah’s return to Telluride, with her 60 acre ski in ski out, double lot purchase at $ 10.85 million.