In late November we reported on Glenwood Hot Springs’ plans to buy the historic Hotel Colorado. Now officials say the much anticipated deal won’t happen.
Hotel Colorado was scheduled to close for major renovations on Jan. 31, but “prohibitive” costs discovered during the building’s evaluation have caused Glenwood Hot Springs to drop the deal. The two properties have a long history together, and Kjell Mitchell, president and CEO for the Hot Springs, was intent on reuniting the two. But in a statement released on Monday morning, Mitchell says, “After extensive investigation and evaluation, the cost to fully renovate Hotel Colorado is simply prohibitive.”We were very excited about the prospect to rejoin the two companies, but due to substantial increases in some very late-breaking cost estimates, our conclusion is the acquisition is not possible for us,” said Mitchell.The deal was set to close this week, with shop owners and employees preparing to relocate or find other jobs. Now, the hotel says everything will remain as is, and it will continue to stay open through the new year.
