Florida developers Fort Partners and Merrimac Ventures are setting out on a grand adventure in the Rocky Mountains.
The duo is set to launch a nearly $1 billion project comprising a Four Seasons hotel and residential complex in Telluride, Colorado, the Wall Street Journal reported.
Renowned for their success with Four Seasons hotels in Florida, including the Surf Club, Fort Partners and Merrimac Ventures are targeting the picturesque mountain town for its untapped luxury real estate potential.
The project, scheduled to break ground late next year, will boast 52 guest rooms with an anticipated nightly rate exceeding $1,000.
While prices for the 68 residences are still under consideration, one-bedroom units are expected to start at over $2 million. The developers aim to open the property two to three years after the commencement of construction.
It’s the first domestic project outside of Florida for both firms, trying their hand beyond the saturated Sunshine State market. Telluride is an interesting choice, a niche in a charming ski town that has not seen any new luxury hotels for more than a decade.
Dev Motwani, co-managing partner of Merrimac, envisions the project as a mountain version of the acclaimed Surf Club. Despite being unfamiliar with skiing, Motwani was persuaded by a businessman from Telluride during a New York City visit. Merrimac’s partner, Nadim Ashi, a dedicated skier with three decades of winter visits to Telluride, jumped on the concept.
While Colorado’s high-end ski resorts have experienced robust performance in recent years, Telluride presents unique challenges.
The remote former mining town lacks direct flights and faces weather-dependent concerns, with fluctuating snowfall patterns and climate change impacts. But Ashi sees potential in turning Telluride into a year-round destination, engaging in discussions with European spa companies and tapping into summer activities such as music festivals and outdoor pursuits.
Bill Fandel of Compass and Brian O’Neill of the O’Neill Stetina Group are leading sales of the project.
— Ted Glanzer