Elevation Hotel under contract

Some improvements could be evident this winter

After falling into foreclosure in May, 260 units in the Elevation Hotel are now under contract, with a Naples, Fla.-based real estate group in position to sign off on the deal sometime this year.

According to Lynn Kiklevich, Crested Butte Mountain Resort’s vice president of property management and the general manager for the Elevation Hotel, the contract could be ready to sign by December 1.
Kiklevich said the details of the purchase are still being worked out, but added the resort, which is managing the hotel for Wells Fargo, is negotiating a management contract with the new owner.
Kiklevich said she expected the new owners to make a “significant investment” in the hotel, with some improvements evident this winter.