Elkhorn
purchase
in negotiations
Chesapeake Hotel
Group
is interested party
"They
(the Chesapeake Hotel Group) have the vision to continue upgrading and
improving the property."
- Hollie
Hunter, Elkhorn’s
sales and marketing director
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."