Holdings in Treasure Mountain Inn hit the market
August 19, 2016
The future of the Treasure Mountain Inn, an anchor of upper Main Street and one of Park City's most prominent properties, is up for grabs.
Andy Beerman and his wife Thea Leonard, who have been the face of the inn for more than a decade, recently made public their intention to sell both their lodging company that operates the historic condominium hotel and their roughly 30-percent stake in the property itself.
They said in an interview with The Park Record that they been contemplating putting their holdings on the market for more than a year and hope to line up a buyer soon.
"We've made a soft deadline for ourselves by after the winter, next spring, when we'd like to be in position to transition out," Beerman said. "But we're going to take our time to do it right."
A potential sale makes the future of the inn murky. Beerman and Leonard own only roughly 30 percent of its condo and commercial space, so any person or company that buys their stake would not be able to make major changes or redevelop the property without building a coalition of support from the other owners.
Such a coalition is possible, however, and Leonard speculated that a developer with a big vision could turn the property into something entirely different — potentially even razing the building, which was built in the 1960s and sits on just less than an acre of land, and constructing something new.
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"It depends who buys our position," she said. "If it's one guy or one entity that thinks they should buy our position so as to amass a big enough chunk that they can control its destiny, that would be one trajectory. The other one is it continues to motor on as it has. There's a small faction of people currently owning here that would prefer that outcome."
Beerman and Leonard have owned a significant amount of the hotel since the early 2000s, they said. Beerman bought his first condo unit in 1998, then he and Leonard purchased several condo units her father owned and started the property management company shortly after the 2002 Winter Olympics.
In the years that followed, they remodeled the hotel with the help of the other owners, eventually turning it into one of the most prominent lodging properties in town. For years, the Treasure Mountain Inn has been seen as a vital presence on upper Main Street, helping push visitors to nearby small businesses on a stretch of road that does not typically see the volume of foot traffic that other parts of the historic district enjoy.
However, Beerman and Leonard do not see a potential redevelopment of the hotel as a threat to upper Main Street. They said fewer small businesses now operate there than in years past, and the inn does not play the same role it once did.
"The level of activity is so high, and there are so few small business anymore, I don't know if we have that impact," Beerman said, adding that, all the same, they'd prefer to see the property remain a hotel.
Beerman and Leonard's decision to sell their stake in the hotel stems from Beerman's role as a Park City Councilor. They run the hotel like a mom-and-pop, but the time commitment of his position has placed much of the day-to-day responsibility of running the inn on Leonard. Selling their interests in the hotel would allow Leonard to pursue other opportunities and would let Beerman focus more of time on serving the city.
"I think it's fair to say that our interests have just expanded beyond the borders of this place," said Leonard, adding that they intend to remain in Park City for the longterm. "We've sort of gotten it to a point where it is transitionable to somebody who may not have had quite the vision that we did to resuscitate it."
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