The Crested Butte News Serving the Gunnison Valley since 1999
Converting hotel rooms into residences
By Kendra Walker
One of the major base area players at the ski resort is actively committed to investing into the revitalization of Mt. Crested Butte. This week, hospitality concept developer and operator WoodHouse, owner of the 262-unit Elevation Hotel & Spa, announced the recapitalization of the hotel in partnership with private equity real estate investment firm South Street Partners. Their redevelopment plan will include major renovations over the next several years, which are anticipated to be completed before the 2026 ski season.
“The goal continues to make the Elevation property the hub and living room of the base area and create our own energy given the lack of other outlets in the base area,” said Elevation managing director Nick Klaus.
According to a press release, “South Street and WoodHouse will work together toward a redevelopment plan that enhances the hotel and the overall experience for guests and locals alike, with the retention of a genuine sense of place, and community remaining the main priorities. The partnership will launch a comprehensive renovation of Elevation with a plan to convert a portion of the hotel rooms to residences.”
Klaus told the Crested Butte News that the Elevation will bring the development team on board over the next three months, with small renovations taking place in the next year. Major renovations will begin in April 2025, with the plan to convert some of the 500-square-foot hotel studio units into two- and three-bedroom condo residences.
According to Klaus, the renovation will result in 40 to 45 residences. That will bring the number of hotel rooms down to 130 to 140. “All the utilities are there to convert and add the amenities we need for the condos,” he said.
Klaus said the condos will be free market residences and the team will also be working on a workforce housing solution. He said the team recognizes the housing need in the community, and “It’s really a necessity for our internal employees.” Currently, the Elevation houses approximately 60 of its employees and 40 Crested Butte Mountain Resort employees.
Klaus said the Elevation will also plan for extensive interior and exterior work renovations and improvements.
In the interim for this winter season, Klaus said the Elevation will offer additional programming, with a big focus on its new lobby billy barr and the Matchstick Lounge.
Starting December 5, the billy barr, Matchstick Lounge and José restaurant will have new menus. There will also be live music most of the winter season Thursday through Saturday. “We’re definitely enhancing the music programming this winter,” he said, “with DJs outside on the José patio and acoustic sets at the billy barr.” The Matchstick Lounge will also hold trivia nights every Thursday.
Downstairs, the Elevation recently added an arcade, and local business The Fountain will add a second IV and oxygen bar location in the Elevation in the coming weeks. “We’re also bringing in brands throughout the season to do demos on snow as well as events and activities throughout the winter,” said Klaus.
WoodHouse acquired Elevation in August 2022 and has dedicated the past year to fostering initiatives designed to connect the property more closely with the Crested Butte community, while establishing it as a sought-after destination.
“WoodHouse is thrilled to partner with South Street on the redevelopment of the Elevation Hotel & Spa,” said Brady Wood, founder and CEO of WoodHouse. “Our companies’ visions are perfectly aligned, and we look forward to a fruitful relationship that will result in a one-of-a-kind destination that celebrates the local, authentic culture of Crested Butte.”
