WSJ: Florida Developers Head West With $1 Billion Ski-Town Project
December 25, 2023 Florida-based developers Fort Partners and Merrimac Ventures are venturing into the Rocky Mountains with a nearly $1 billion luxury hotel and condo project in Telluride, Colorado, marking their first domestic project outside Florida. The development aims to replicate the success of their Florida projects in a less crowded, niche ski town environment, featuring 52 guest rooms and 68 residences, with expectations to break ground late next year. The project seeks to capitalize on the increasing demand for luxury accommodations in ski resorts, as evidenced by significant revenue growth in high-end Colorado ski resorts in recent years. Despite the challenges of weather dependency and climate change, the developers are optimistic, planning to make Telluride a year-round destination with the addition of European spa companies and attractions for summer tourists. This venture into Telluride reflects a strategic move to diversify into less saturated markets while leveraging the luxury market’s growth.