Business is booming for Silverthorne’s newest hotel | SummitDaily.com

Business is booming for Silverthorne’s newest hotel

Elise Reuter
ereuter@summitdaily.com

Sold out for Martin Luther King Weekend, business has been booming for Silverthorne's latest hotel addition. The new, 88-room Hampton Inn Hotel and Suites opened shortly before Christmas and has been at high occupancy since.

Just four days after opening, the hotel hit 80-percent occupancy and is already booked out for Presidents Day weekend. According to the hotel, rates range from $129 to $209 per night for the rest of the ski season.

"When the staff learned we were almost sold out that first week, I swear I thought they were all gonna walk out," general manager Christine Reinhardt laughed. "It's been amazing — it's been a wild ride, crazy and chaotic, but a lot of fun."

Located on Meraly Way, overlooking the Outlets at Silverthorne, Interstate 70 and Highway 6, the Hampton Inn is the first hotel to open in Silverthorne in 25 years. With several independent hotels scattered across the county, the Hampton joins two other Hilton-brand lodges in Summit: The DoubleTree and Valdoro Mountain Lodge, both located in Breckenridge.

"We're thrilled to be here — we're very excited," Silverwest Hotels, LLC CEO and president Ed Mace said. "We're getting Silverthorne on the map."

Ed worked with wife and architect Debbie Mace to develop the property. They had an eye on the site for more than 20 years, long before Silverwest Hotels was incorporated in 2013.

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"This had been my baby from the beginning," Debbie said. "Ed saw the site had just come up. … I drove and parked right on it."

She noted the site was difficult and expensive to develop, requiring several screw piles to anchor the foundation into the sloped ground. Rather than following the typical, rectangular floor plan of most Hampton Inns, Debbie Mace made some adjustments to fit the building to the site.

The steep property "was kind of leftover, in a way, from the shopping center," Ed added.

TAX MATTERS

With most hotels in the area at a 50-percent annual occupancy, he projected an estimated 50- to 70-percent annual occupancy, with the brand new hotel drawing in additional visitors.

While the town will not receive property tax from the development — Silverthorne does not collect a this form of tax — they will receive a total of four percent in sales tax and lodging tax.

"It helps quite a bit," Silverthorne revenue administrator Kathy Marshall said.

Historically, the Outlets have provided the largest chunk of sales tax, she said. Lodging accounts for 3.6 percent of the town's total revenue, but she expects that number to rise.

In the short-term, the town may not see the full amount, as they partnered with the developers for their Enhanced Sales Tax Incentive Program (ESTIP), allowing applicants a sales-tax rebate over a four-year period in exchange for a public benefit. In this case, the public benefit would be additional jobs.

Other ESTIP recipients include Target, Murdoch's Ranch and Home Supply and Baker's Brewery.

"We are looking forward to seeing how they do," Marshall said. "It's a beautiful addition to the town."

The amount the county would receive is not clear, as the assessed value of the property has not yet been determined. Summit County Assessor Beverly Breakstone said the assessment would be based on hotel sales in the area, as a year's worth of income information will not be available until the following year. Still, she noted the hotel's success in the midst of a busy winter season.

Several hotels in the county are already sold out for Presidents Day weekend; fellow Hilton hotel Valdoro Mountain Lodge is completely booked, and the DoubleTree is seeing rates upwards of $400.

"I'm glad to hear the hotels are doing well," Breakstone said. "The snow is good; if you're gonna come, you're gonna pay."