Lodge Sale Packet - Chipeta Solar Springs Resort

Chipeta Sun Lodge & Spa
southwest with style
Unique Opportunity for Vacation Interval Ownership
Offering fully furnished condominium
residences Including: gas fireplaces, full
kitchens, living rooms, steam showers
and whirlpool baths, individually
decorated with wood, leather, tile,
artistic appointments, and decks with
great views. Also includes membership
to the Spa and Fitness Center.
Vacation Ownership Options from:
Studio....................$95,000
One Bedroom.......$125,000
Two Bedroom.......$145,000
Thirteen weeks per year (1/4 share).
Use it or lease it.
In-house management available.
Sales Information: 970.626.9711
LODGE INFORMATION
Updated July 2008
Views around the Chipeta Sun Lodge & Spa
CHIPETA SUN LODGE SALES PROJECTIONS
July 1,2008
Current Quarter Share Interest Projection on
8 Condos with 32 Quarter interest deeds currently available on Lot 113 only
2- Studios @
$ 95,000. per 8 = $ 760,000.
4-1 Bedroom@ $125,000. per 16= $2,000,000.
- (5 SOLD $625,000)
2-2 Bedroom@ $145,000. per 8= $1,160,000.
- (1 SOLD $145,000)
Total Remaining at current pricing
$3,150,000. Gross
Development scenario with converting all existing rooms to Condos:
Proposed total Condo buildout there are:
Approximate
7 Lodge units , Existing bld.( converting 12 into 7 Suites)
(Conversion cost $250,000)
8 Condos units Existing bld.
4 Kiva units Existing bld. (converting 6 Rooms into 4 Suites)(Conversion cost $125,000)
4 Spa Suites
(Conversion cost $250,000)
9 Suites with buildout of Lot 112A proposed
(Construction cost $1.6m)
8 Suites with buildout of Lot 115 proposed
(Construction cost $1.4m)
40 Total units
Total cost $3,650,000.
Other options for future sales currently projected are:
Condotel / whole ownership would net 40 units for sale @ Avg. $175,000 $ 7,000,000
Given a 5 year buyout , whole ownership would Avg. more like $240,000 $ 9,600,000
Fractional ownership :
1/4 interests would net 160 units for sale
@ Avg. $100,000
$ 16,000,000
less Conversion/Construction costs – $3,650,000
Net Profit
$ 12,350,000
1/10 interests would net 400 units for sale
@ Avg. 50,000
$ 20,000,000
less Conversion/Construction costs – $3,650,000
Net Profit
$16,350,000
In both scenarios Owner/Management would retain Mgmt. fees plus 50% typically of room
revenues when rented, and all units would be rentable except for owner stay
CHIPETA SUN LODGE AND SPA RESORT VALUE DETAIL
Value per Sq. Ft. 9/1/2007
Lot
Description
Sq. Ft.
114
113
112A
112B
112C
115
Maint.
Lodge 12 Rooms
Spa / 8 Condos
Vacant Bld. footprint
Kiva Conf. 6 Rooms
6450
7480
2914
3875
2757
2188
650
Restaurant, Bar & Fitness Center
Vacant Bld. footprint
Maintenance Bldg with plaza on roof
@$300. sq. ft.
Price
$
$
$
$
@$400. Sq. Ft. $
$
@$400. Sq. Ft. $
Figures represent buildings and lots only at replacement values
Total*
Note. The above 6 Lots represent 100% of the Solar Ranches PUD 3A
COMMON ELEMENTS
Solar Heater “Green Energy” Pool
Maintenance & Pool Building.
Paved Parking lots,
Entry Head gates,
Sidewalks, Patios
Landscaping, Fountains, Waterfalls
Laundry Facilities
DETAIL LIST INCLUDES:
25 Rooms- Queen and King size beds, all interior furnishings, deck furniture & artwork.
Laundry - cleaning equipment, laundry machines, room supplies & linens
Lodge Bld /Office – computers, telephone systems, wireless, sound systems, materials
2 Bars plus equipment and wine inventory for rooms
All common area leather and wood furniture, art work
Spa- 4 furnished treatment rooms, linens, supplies, computer, sound system, computer
Gift Shop- clothes, products, inventory, non-consignment items
Gallery – Non-consignment art, display cases and shelving
Kiva Conference Center-custom table and chairs, surround sound system, projector,
audio/visual system, DVD, conference supplies and equipment
Restaurant – tables and chairs, leased kitchen equipment, upper deck furniture
Fitness Center- leased equipment, owned equipment, yoga mats, pads, balls, weights,
mirrors, computer, sound system, phones.
Maintenance and Pool Building. with supplies and tools
2400 s.q. ft. 150 Person White Event Tent
$
1,935,000
2,244,000
250,000
1,162,500
1,030,000
250,000
260,000
7,131,500
CURRENT QUARTER SHARE INTEREST PROJECTIONS
8 Condos with 32 Quarter interest deeds currently available on Lot 113 only
Current 1/4 Share Interest
2- Studios
4- One Bedroom
2- Two Bedroom
@ $95,000
@ $125,000
@ $145,000
per 8
per 16
per 8
Total Gross
$760,000
$2,000,000
$1,160,000
$3,920,000
Current 1/10 Share Interest
2- Studios
4- One Bedroom
2- Two Bedroom
@ $45,000
@ $55,000
@ $65,000
per 20
per 40
per 20
Total Gross
$900,000
$220,000
$1,300,000
$4,400,000
Additional scenarios:
At total build-out there are:
• 9 lodge rooms, existing (11 existing, converting 4 to 2 larger suites)
existing
• 8 Condos
• 6 Kiva rooms existing
• 9 suites with build-out of 112A proposed
• 9 suites with build-out of 115 proposed
• 41 Total units
Commercial condos
Restaurant, Fitness Center, Spa, Conference Center, Lodge Mgmt. Co. and offices
Other options for future sales currently available in the region are:
Fractional ownership :
1/4 interests would net 164 units for sale
1/10 interests would net 410 units for sale
Condotel ownership would net 41 units for sale
In both scenarios Owner/Management would retain Mgmt. fees plus 50% typically of
room revenues when rented, and all units would be rent able except for owner stays.
Chipeta Sun Lodge and Spa -Voted one of Colorado’s top 10 Inns
Chipeta Sun Lodge is located in Ridgway, Colorado in the Solar Ranch subdivision. It
was originally a P.U.D., developed as a Resort with 6 building sites. Four buildings exist
presently with 25 Rooms; the two vacant sites are ready to be built upon. There are
current plans/architectural renderings in place for these vacant sites and can easily be
customized to suit. There are 63 parking stalls, a solar heated lap pool in a beautifully
landscaped central court yard, with fountains, stone patios, water features and an elevated
observation deck and lounge with spa tub.
Chipeta is a resort surrounded by world class hiking, biking white water rafting, six
great golf courses & gold metal trout fishing. Ouray County is considered to be the
jeeping capital of America with two great local Hot Springs, and world class skiing at
Telluride Ski Resort, Silverton’s Kendall Mountain, and Durango Mountain.
Completed in 2006, our new elegant restaurant just opened with a roof top deck & bar
with spectacular views of the surrounding peaks. We operate the new 1250 ft. Fitness
Center on the ground level, it is the only fitness center/club in Ridgway and has a 200+
local membership base. Both the restaurant and fitness center could be condo-minimized
and sold or leased separately in the future.
Our conference Kiva, is a round beautiful space used for retreats, conferencing,
weddings, and special events. It houses video & sound systems and epitomizes the
southwestern, adobe / solar architecture of the resort . There are 6 luxury rooms in this
building with 3 private balcony hot tubs.
The Spa is the heart of the resort, featuring classes in yoga, strength training and
pilates. We have a Spa Gift Shop and a new Gallery with fine art, clothing, glass &
jewelry . There are 4 treatment rooms, fire place warming room, outdoor spa garden
steam room, cedar sauna & jetted hot tub. The Spa space is a condominium and could be
sold or leased separately as such. There are 8 condominiums in this building, 2 Studio,
4-1-Bedroom, and 2 -2-Bedroom. All with 32 ¼ share interest deeds in our current sales
program with 5 shares current sold (July 31st, 2008).
The original Lodge, is passive solar with 11 rooms, a true adobe structure and houses
our reception, offices, the Great room and plant filled solarium.
We have plans to combine 4 rooms to 2 suites as our market is continuing to move
towards more high end accommodations. There are 3 rooms with private balcony hot
tubs on the decks in this building currently.
The two yet to be built sites will produce 17 more units as designed for a total of 40
units.
Our present direction is to launch our own interval vacation ownership sales program
this fall. We have the option to sell the condominiums as quarter shares, one tenth shares
or whole ownership.
Jack Young and Patsy Young 970-626-5102 , 970-209-4265, or 970-209-8577
March 2, 2007
Havens | Ridgway, Colo.
A Mix of the Old and New West in the Rugged Rockies
By CINDY HIRSCHFELD
RIDGWAY, which sits hard up against the San Juans, the most rugged of Coloradoʼs
mountain ranges, used to be a place you just passed through on your way to the ski
slopes of Telluride, a 45-minute drive away. Ridgway still serves as a portal to Coloradoʼs
southwest corner, but it has recently had a serious growth spurt, attracting young
families priced out of Telluride as well as urban refugees and second-home buyers
seduced by the gorgeous scenery, rural setting and smorgasbord of recreational options.
“Ridgway was asleep, but sheʼs awake now,” said Barbara Morss, a 31-year resident of
the region who is an owner of the White Horse Saloon, a local beer-and-pool joint, and is
volunteer president of the townʼs chamber of commerce.
Randy and Jennifer Charrette, in their mid-30s, moved to Ridgway in 2006 from the
Boulder area after regularly visiting for eight years. They were in search of “more of a
small-town setting” to raise their young son, Mr. Charrette said. The couple opened a
bike shop, and immediately “the community was behind it 100 percent,” he said.
The panorama of the serrated Sneffels Range to the southwest, dominated by 14,150foot-high Mount Sneffels, and the Cimarron Range to the east rivals any in the state.
“Iʼve been everywhere in Colorado, and itʼs the most beautiful place Iʼve ever seen,” said
Howard Owen, of Austin, Tex., who bought a six-bedroom house on 10 acres in the Log
Hill Village area three years ago.
After selling a condo at Keystone ski resort in Colorado, Mr. Owen and his wife, Karen,
chose Ridgway as a getaway and eventual retirement spot because of the relatively low
elevation (just under 7,000 feet) and an attractive house price. “But the views were what
sent us over the edge,” he said.
The Scene
Even as it shakes off its slumber, Ridgway, established in 1891 as the northern terminus
of the Rio Grande Southern Railroad, retains an Old West flavor. Roads in the historic
downtown — where east-west streets bear the first names of the town founders and
north-south streets the names of their wives and daughters — are gravel, though paving
is planned. Ranches, among them Ralph Laurenʼs 22,000-acre spread six miles from
town, still occupy much of the county.
Residents form an eclectic stew of ranchers, environmentalists and outdoors fanatics, a
modern-day Western mix. Elite mountaineers call the town home in between expeditions
to Nepal. Green-building advocates carry on the legacy of the late actor and
environmentalist Dennis Weaver, who built his solar-powered Earthship house there in
1989 (it is on the market, for $3.3 million).
Full-time residents and second-home owners alike talk of a close-knit and welcoming
sense of community.
“We have more friends here than we have in Florida, and weʼve been in Florida for 23
years,” said Pam Baker, who spends summers in Ridgway while her husband, Steve, an
orthopedic surgeon, shuttles back and forth from Port Charlotte. “Our friends are
ranchers, artists, teachers, cowboys.”
Carol Dahlstein, of Pasadena, Calif., appreciates the casual ease of social interaction
when she and her husband spend time at the century-old farmhouse they bought in
1991. “I love it that people just drop by,” she said.
Ridgway, in other words, is not a place for misanthropes. Spend a few days in town —
browsing the well-stocked shelves at Cimarron Books and Coffeehouse, combing
through the half-dozen antiques stores, indulging in a chocolate martini and homemade
cheesecake at Drakes Restaurant — and youʼre apt to encounter familiar faces.
Pros
Recreational opportunities, many of them in the nearby Uncompahgre National Forest,
fan out in every direction. In winter, residents go cross-country skiing, snowshoeing and
snowmobiling. The nearby Ouray Ice Park lures ice climbers — and spectators — from
around the country, while the San Juan Hut System draws hardy backcountry skiers.
Downhill skiers and snowboarders head to Telluride or to Silverton, an hour south.
Summer options include hiking or mountain biking on miles of Forest Service trails,
climbing 14,000-foot peaks, four-wheeling along some of Coloradoʼs hairiest roads, and
boating and swimming in the reservoir at Ridgway State Park, just north of town.
The occasional craving for culture can be satisfied by a quick trip to Telluride. The
Bakers say they drive over to attend ballet, classical music concerts and the Telluride
Bluegrass Festival. But they relish retreating to Ridgway.
“Weʼre close enough to enjoy the amenities,” Ms. Baker said, “but we donʼt have to live
in the tourist town.”
Cons
Ridgway has a small grocery store, but the nearest large supermarket is in Montrose, 25
miles north. The closest movie theater is there, too. As for night life, an eveningʼs
highlight for many can be getting to bed early to rest up for the next dayʼs outdoor
adventure.
Air access via the Montrose airport is generally good, though schedules are reduced in
spring and fall, Mr. Owen noted.
Overdevelopment is a fear in the area. Ridgway updated its master plan in 2000 to
control growth and maintain it at 5 percent annually, said Greg Clifton, the town
manager.
The Real Estate Market
Alan Stapleton, managing broker at the Ridgway Real Estate Corporation, says that a
dwindling supply of developable land in both the town and surrounding Ouray County
has caused land prices to double in the last three years, and home values have
appreciated 30 to 50 percent in that span.
But compared with Telluride, where the median price of a single-family house in 2006
neared $2.3 million, according to Mike Shimkonis, an agent at Telluride Properties, a
Ridgway bargain is not an oxymoron.
Despite Ridgwayʼs historic commercial buildings, many houses in town were built in the
last 20 years, with several new subdivisions. “It can be hard to find a nice home in town
for under $350,000,” said Shari Gardner, an agent with ReMax Cimarron.
Vacation-home buyers gravitate toward areas with larger lots — with or without houses
on them — several miles out of town, especially in Log Hill Village; the Divide Ranch and
Club (formerly Fairway Pines), a 702-acre golf course development that recently
changed hands; and Pleasant Valley. “The baby boomers and retirees are ready for
more elbow room,” said Mr. Stapleton, “but with a real strong community base.”
House prices in these neighborhoods start in the mid-$400,000s but can surge to the
high six figures and beyond. According to several local agents, while houses under
$400,000 usually sell in two to six months, those listed at $1 million plus can easily stay
on the market for a year to 18 months.
As desirable homesites become harder to find and construction costs rise, buyers will
increasingly seek out pre-existing and spec houses, Ms. Gardner believes.
“It used to be people would come and didnʼt even want to look at houses,” she said.
“They wanted to build their own homes. Spec homes have really caught on in the last
two years.”
Lay of the Land
POPULATION 752, according to a 2005 estimate by the Census Bureau.
SIZE Two square miles.
LOCATION Southwest Colorado, around 300 miles driving from Denver.
WHOʼS BUYING Second-home owners from Sun Belt states, retirees, telecommuters
and workers in Telluride, all attracted by climate, price and a small-town lifestyle.
GETTING THERE Most people fly into the Montrose Regional Airport, 29 miles away,
which has flights all year from Denver and, in winter, from several other major cities.
WHILE YOUʼRE LOOKING The adobe-style Chipeta Sun Lodge and Spa (304 South
Lena Street, 800-633-5868; www.chipeta.com) offers 25 Southwestern-style rooms,
suites and condos for $95 to $215 a night in winter. The lodge has a restaurant and is
just a couple of blocks from the historic downtown. The Ridgway-Ouray Lodge & Suites
(373 Palomino Trail, 800-368-5444; www.ridgwaylodgeandsuites.com) has 52 motel
rooms for $65 to $95 a night.
The Doghouse BBQ Bistro (257 Sherman Street, 970-626-3193), a two-level restaurant
and sports bar decked out in vintage mining equipment, is a popular spot for entrees like
North Carolina-style pulled pork sandwiches ($7.99) and dry-rub baby-back ribs (full
rack, $21.99). Wash it all down with one of 12 beers on tap ($4 for a pint).
A Mix of the Old and New West in the Rugged Rockies