HomeNews Just one bidder at sale of Elevation units
Just one bidder at sale of Elevation units
Written by Seth Mensing
Wednesday, 23 May 2012
Search continues for a buyer
The sheriff’s sale of more than 260 units in the Elevation Hotel in Mt. Crested Butte on Thursday, May 17, went off without a hitch, or even a competitive bid. All of the properties had been owned by SunVest Properties, which still owed almost $70 million in financing to Wells Fargo, before the foreclosure was final.
When it was, several prospective buyers showed up for the sale although Wells Fargo was the only bidder, for more than $11 million. Now the bank maintains ownership of the 267 units, but as the bank’s representing attorney Luke Danielson points out, “It’s a bank. It’s not a hotel operator.” Instead, he said, the receiver who manages the property hired Crested Butte Mountain Resort to run the day-to-day operations at the hotel and doesn’t expect that to change. “It’s Wells-Fargo’s intention to keep CBMR in place as the manager for the foreseeable future,” Danielson said. “I don’t know of any reason to think anything else and the public shouldn’t notice anything different.”