The Telluride Mountain Village Owners Association announced yesterday (3/31) at their Board Meeting that CO Lot 161C-R Mountain Village LLC (CO Lot), TMVOA’s wholly owned subsidiary, concluded a purchase sale agreement (PSA) with Merrimac Ventures for Lot 161C-R, the premier 2.8-acre parcel located in the heart of Mountain Village for the development of a luxury brand hotel. The site is adjacent to the gondola stations and has always been envisioned for a branded hotel in Mountain Village.
President and CEO of Merrimac Ventures, Dev Motwani, plans to partner with Nadim Ashi of Fort Partners. The two are currently co-developing the Four Seasons Fort Lauderdale. Ashi also owns the Four Seasons Palm Beach and the Four Seasons Surf Club.
Terms of the agreement include:
· Sales price of $9M
· Qualified luxury hotel brand operator
· Dining restaurant and spa consistent with the standards of a luxury hotel brand
· Development in accordance with the Ridge Settlement Agreement
“We are excited to move forward with this project and bring an amazing luxury resort and residences to Mountain Village and the Telluride market. We have spent the last few years studying the market and truly believe this is the best ski town in North America” said Dev Motwani.
The Board-of-Managers for CO Lot was responsible for successfully negotiating the PSA with Motwani over the past two years. “The entire Board-of-Managers are extremely pleased to have secured the PSA with such a qualified and experienced developer” said Jim Royer, Tim Kunda and David Mehl.