For the week of  October 10 - 16, 2001

Elkhorn purchase 
in negotiations

Chesapeake Hotel Group 
is interested party

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"They (the Chesapeake Hotel Group) have the vision to continue upgrading and improving the property."

- Hollie Hunter, Elkhorn’s sales and marketing director

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By PETER BOLTZ
Express Staff Writer

A Maryland-based hotel group is apparently considering a purchase offer for the Elkhorn Resort at Sun Valley, which includes the Elkhorn Golf Course.

The Elkhorn Resort at Sun Valley, which was constructed in 1976, is under consideration for purchase by a Maryland-based hotel group. Express photo by Willy Cook

Hollie Hunter, Elkhorn’s sales and marketing director, said Friday that she realized there were a lot of rumors circulating about the possibility the resort may be sold but, so far, there’s nothing to report.

"The Chesapeake Hotel Group is looking at us seriously, but to our knowledge, no closing date has been set," Hunter said.

"They are going through due diligence, but until that is finished and an offer has been made, there is no sale."

She said money for the sale was in escrow and that negotiations were continuing between the owner of the resort, Blackacre Capital Management, and Chesapeake Hotel Group.

Secured Capital Corp. is the real estate broker.

The Chesapeake Hotel Group has its corporate offices in Annapolis, Md., and is owned by John W. Cullen IV.

The group has eight hotels, including the Stanley Hotel in Estes Park, Colo., and the Biltmore Hotel in Providence, R.I.

Hunter works for the Coastal Hotel Group, a privately held hotel management company with corporate offices in Chicago.

She described the due diligence process as Chesapeake "evaluating the business, seeing if Elkhorn was a viable business for them to buy." "I don’t want to jump the gun," she said. "Right now, it’s business as usual. We’re excited about the possibility and we hope it comes to fruition, but just give us a little more time."

She said she was excited about the possible sale because "they have the vision to continue upgrading and improving the property."

The Idaho Mountain Express is distributed free to residents and guests throughout the Sun Valley, Idaho resort area community. Subscribers to the Idaho Mountain Express will read these stories and others in this week's issue.