Breckenridge’s Grand Colorado sells $49M in shares, eyes potential expansion | SummitDaily.com

Breckenridge’s Grand Colorado sells $49M in shares, eyes potential expansion

Elise Reuter
ereuter@summitdaily.com

With its frame looming over the base of Peak 8, Breckenridge's newest timeshare has already reached millions in sales months before its anticipated opening date. With pre-sales starting as early as December 2014, Grand Colorado already sold $49 million in shares by the end of 2015.

"Sales are out of control," Breckenridge Grand Vacations vice president of marketing Ginny Vietti said. "We think it's an industry record for a single property."

The planned ski-in, ski-out resort will be the fourth addition to Breckenridge's Grand Vacations' timeshare lineup, with the first phase set to open in November. The building will have a total of 59 rooms, divided into one-, two-, three- and four-bedroom units.

The cost of a week share for the property ranges from $25,000 to more than $300,000, depending on the room size and season.

"What makes us so different is our location," Vietti said. "Our price point is a lot higher than most timeshares, too, but being on a mountain like that is hard to beat."

The property will be smaller, more modern and pricier than Grand Vacations' other properties. With local Matt Stais serving as the architect, the style of the new building will be less rustic and more contemporary, with the use of glass, metal and polished stones.

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Vietti said that the property would retain Grand Vacations' family focus despite the sharper look. It will contain similar amenities to the development company's other properties, such as an indoor-outdoor pool, a game center and a movie theater.

"Certainly our main clientele are skiers or people who love Breckenridge that have kids," she said.

She estimated that 70 percent of Grand Vacations timeshare owners are from across the state, while the rest are from the same markets that frequent Summit County ski areas, including Texas and Florida.

The new resort will also include activities for the grown-ups, including a spa and fitness center. A new restaurant will include artifacts of the Bergenhof day lodge, the historic slopeside après hangout that formerly occupied the site.

LOCATION, LOCATION

Just steps away from the Colorado and Rocky Mountain Superchairs, location is certainly one of Grand Colorado's strongest draws.

"The location is certainly unbeatable," she said. "We think our future owners will love being that close, having that kind of access."

With several lining up for a piece of the property, Breckenridge Grand Vacations is looking to purchase the lane next door to Grand Colorado. Currently, the location of the lift ticket office and the gondola terminus, the land is already planned for new development according to Breckenridge's Peak 7 & 8 master plan.

"The ticket office, ski school and everything are going to be incorporated into this new building." Breckenridge town planner Michael Mosher said.

The proposed extension would add a total of 105 units, combined into two- and four-bedroom lock offs, to Grand Colorado. With plans already approved by the town's planning commission, the addition was given the green light by Breckenridge Town Council Tuesday night.

The master plan was modified after Breckenridge Grand Vacations purchased transferrable development rights, to account for the added density from the new resort. Breckenridge Grand Vacations has not yet purchased the property.

"There is definitely a plan to have another building of some type, and we hope that will be ours," Vietti said. "There's still a ways to go before that's official."

Having worked on the master plan since 2000, Mosher is prepared to see an update to the base area. This summer, he said a 10-foot stretch of Ski Hill Road near the base would be redone to lessen the grade of the slope as part of the project.

"It's been looking like we're almost there for the last 10-15 years," he said.

BYE BYE, BERGIE

The location of the current construction was once home to the Bergenhof, a bar and restaurant dating back to the ski area opening in 1961. The restaurant lasted through several ski area ownership changes before it was demolished in May of 2013.

Vail Resorts was originally poised to develop on the property but instead sold the 2.1 acres to Breckenridge Grand Vacations for just over $11 million the same year the Bergenhof was razed.

"The building was to be owned by the ski area instead of Grand Lodge. I guess the economic downturn made them sit back," Mosher said.

Vietti said Grand Vacations was able to develop despite the recession, as their business was not affected as strongly as more traditional real estate investments.

"We were looking at a couple pieces of land. That one made the most sense," she said. "I think it's a win-win for the ski area and us. We have high occupancy levels."