Vacant lot 161 CR, the #1 hotel site in the village core of the Mountain Village recently went under contract with a development group out of Florida, Merrimac Ventures. Merrimac Ventures recently completed a Four Seasons hotel in Miami, Florida, and their intentions are to develop a Four Seasons managed hotel on lot 161CR. TMVOA (Telluride Mountain Village Owner’s Association) has owned the lot since 2015 and the sale price is $9mm. Merrimac and TMVOA have been in negotiations for the last two years and the deal just recently came together. No specifics on exactly what the hotel will entail, but no doubt it will be 5 stars with a mix of hotel suites, privately owned condominiums, spa, restaurant/bar and commercial space. Lot 161 is a 2.8 acre lot, located directly adjacent to the Mountain Village gondola station. This will be one of the last remaining pieces to the puzzle of the village core and prices for the condominiums and penthouses will certainly command real estate values never seen in the region with the location and views the lot benefits from. With the success of the Hotel Madeline from a hotel and real estate sales standpoint, I would foresee significant demand for this future hotel and real estate offerings associated with it. High end penthouses and condos will likely see prices in excess of $2K a sq. ft. With the limited amount of real estate currently for sale, this will be a welcome sight to buyers and real estate agents. The Telluride area has never had such a major hotel operator or “flag” for that matter, so this is very exciting and speaks volumes to the growth of the Telluride area and the Mountain Village.