The sale of Ketchum's Knob Hill Inn closed Aug. 25, according to a news release issued by Sun Valley Sotheby's International Realty. A group of investors calling themselves KHI LLC bought the property at auction July 26.
The group's winning bid was $4,724,500. The boutique inn and grounds had originally been listed for $17 million. The price later dropped to $8 million. The minimum bid at the auction was $3.1 million.
KHI is composed of Fred Crosetto, CEO of Ammex Corp. in Kent, Wash.; Dwayne Clark, chair and CEO of Aegis Living of Redmond, Wash.; Robert Cimino, CEO of Plaza Provision Co. in San Juan, Puerto Rico; and John Oppenheimer, founder and CEO of Columbia Hospitality in Seattle, Wash. Cimino's family and Clark have homes in the Wood River Valley.
Columbia Hospitality will manage and operate the property.
"Their signature imprint will bring value and class to our area," Janine Bear, a broker with Sun Valley Sotheby's International Realty, stated in the release.
Bear and Pam Colesworthy, also of Sun Valley Sotheby's International Realty, represented the buyers and seller in cooperation with New York City-based Concierge Auctions.
The 26-room hotel sits on 1.2 acres at the northern end of Ketchum. The inn had been owned and operated by the late Joe Koenig and his family.
"We are all thankful to the Koenig family for the Knob Hill Inn," Colesworthy said. "We are excited KHI LLC will continue on the legacy we all know and appreciate."
Rebecca Meany: firstname.lastname@example.org