CBRE announced the $33 million sale of the newly built Residence Inn Steamboat Springs in Steamboat Springs, Colo., to Summit Hotel Properties.
Mark Darrington, Larry Kaplan and Rick Rush with CBRE represented the seller, Pine Grove Hotel Venture, LLC.
The 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.
About CBRE Group, Inc.
CBRE Group, Inc. (NYSE: CBRE), a Fortune 500 and S&P 500 company headquartered in Dallas, is the world’s largest commercial real estate services and investment firm (based on 2020 revenue). The company has more than 100,000 employees serving clients in more than 100 countries. CBRE serves a diverse range of clients with an integrated suite of services, including facilities, transaction and project management; property management; investment management; appraisal and valuation; property leasing; strategic consulting; property sales; mortgage services and development services. Please visit our website at www.cbre.com.
