FOR IMMEDIATE RELEASE
Boulder, Colorado, July 29, 2010: Attorney Pete Dordick, the lead hotel transactions advisor with HVS’ hotel consulting and valuation division in Boulder, advised on the sale of 313 acres of land owned by the Kochevar family in Crested Butte, Colorado. The $3,000,000 sale to the Trust for Public Land (TPL) closed on Wednesday, June 30.
Dordick originally worked on behalf of the owners in 2009 to determine if the land was suitable for a hotel and resort development, which ultimately proved unfeasible. Dordick was then asked to find a suitable buyer for the land and to structure the transaction.
“When I finished my analysis and we determined that development wouldn’t work, we shifted focus,” said Dordick. “To advise our clients on how to achieve the best possible returns on their property, we have to be open to all possibilities. The owners wanted to build a hotel and condominiums with spectacular views of the town and mountain, but when the ski area expansion fell through and opposition to annexation grew we knew we had to help them go in a different direction.”
Kochevar family representative Sylvain Hayoun said that “Pete’s assistance in determining the highest and best use of the property was extremely important. His analysis was thorough and detailed. He took the time to work through all of the issues and he took the extra time we needed to explain everything to us. Pete helped us find a non-traditional buyer by working with TPL, and he helped structure the transaction so we got both cash and tax credits at closing.”
The Kochevar sale is the largest land conservation sale in Crested Butte’s history. Learn more about it here.
For more on how HVS hotel experts can help you, please visit www.hvs.com.
Pete Dordick, Esq.