Summit Hotel Properties has agreed to acquire the 110-room Residence Inn by Marriott Steamboat Springs, Colo., for $33 million through its joint venture with GIC.
Opened in December 2020, the newly built Residence Inn by Marriott Steamboat Springs is ideally located in close proximity to the base of Mount Werner and Gondola Square, biking and hiking trails, downtown Steamboat Springs, restaurants, shopping, and numerous other attractions.
The hotel is well positioned to capture strong winter ski demand and summer leisure demand in what has been an extremely high-barrier-to-entry market, as only six other hotels have opened in the past 20 years, and there are none in any stage of development. In addition to robust peak winter and summer demand, the hotel is also expected to benefit from recurring special corporate and project business that will help balance demand patterns, particularly during shoulder seasons. As the newest hotel in Steamboat Springs and first Marrio
