Several long-term Steamboat Springs based businesses made headline news in the last quarter of 2022 for real estate sales. On September 15, 2022, Gravity Haus purchased The Ptarmigan Inn, one of the first ski-in, ski-out properties to be built at the base of the mountain. Built in 1969, the hotel was expanded in 1979 and recently underwent a $5 million renovation.

Gravity Haus

Gravity Haus, which already has properties in Breckenridge, Vail, Winter Park, and Truckee-Tahoe, call themselves a “social club for the modern adventurer.” Each property within their portfolio offers hotel accommodations, co-working space, fitness programs and access to premium gear. Their membership business model aims to connect travelers with locals, who can also join for as low as $120 per month. The group plans to add more amenities and upgrades to the property, which will be completed by next ski season.

Holiday Inn Sold

Earlier this month, the Holiday Inn sold, and with that, Rex’s American Bar & Grill closed its doors for the last time. The hotel, which was built in 1974, will continue to operate under new ownership, as will the restaurant, which was started 16 years ago by Scott Marr, the owner of the Holiday Inn, and Rex Brice of Rex’s Family of Restaurants.

Commercial Sales

In 2022, commercial land sales proved buoyant, driven in part by a lack of supply in commercial properties. In downtown Steamboat, the last parcel at RiverView sold in the fourth quarter.  Except for several residential lots with river frontage, most of the sales are slated for multi-family and mixed-use development. Two other development sites near the base of the Steamboat Ski Resort also closed in 2022, covering a total of two acres.

Rates for Industrial Spaces Doubles

Demand for light industrial space including small warehouses continues to be strong, causing rates to almost double over the last few years, from $200 per square foot to around $400 per square foot. Recent warehouse developments on Marble Court, close to the Steamboat Springs Airport at Bob Adams Field, were almost all sold or leased by the time of completion.

Lease Prices on the Rise

Lease prices across town have been rising, with occupancy rates for retail, light industrial, and office space sitting just over 90%. Increased interest rates have slowed residential sales, but realtors report a steady volume of 1031 Tax-Deferred Exchange commercial purchases being made locally. As real estate enters a new year in Steamboat, 12 commercial transactions are currently pending or have closed.