Hilco Real Estate Auctions, LLC Invites Buyers to Name Their Price on 275-Acre Five-Star Luxury Elk Mountain Resort

Once Named as Conde Nast’s Most Excellent Resort in the U.S., the Property is Ideal for Hospitality, Healthcare Industries or as a Secure Private Retreat

NORTHBROOK, Ill.--(BUSINESS WIRE)--Hilco Real Estate Auctions, LLC (www.HilcoReal.com), the nation’s premier provider of real estate auction services, today announced that the famed Elk Mountain Resort - nestled in the heart of the San Juan Mountains – will be up for auction, enabling potential buyers to name their price on a once in a lifetime property.

“After five years of operation, we decided that the resort just didn’t fit into our core businesses so we decided to close it in late 2009”

Located on 275 acres, just 34 miles from Telluride and 22 miles from the Montrose, CO Regional Airport, Elk Mountain Resort is a secluded oasis of breathtaking beauty and is surrounded by thousands of acres of the pristine Uncompahgre National Forest. Known as nature’s ultimate playground, this four-season resort has delighted a number of celebrity guests and well-known leaders in business and government. Major international corporations such as Texas Instruments and Cartier have also turned to Elk Mountain Resort when hosting exclusive corporate meetings and retreats because of its secured location and state-of-the-art electronic, anti-eavesdropping technology.

The resort was opened in 2004 by the Hospitality Division of the Tavitac Corporation. The attention to detail and high-end workmanship comes through in every aspect of Elk Mountain Resort. “After five years of operation, we decided that the resort just didn’t fit into our core businesses so we decided to close it in late 2009,” said Michael Forman, Chairman, Tavitac Corporation. "While the resort has been closed, it has been continuously maintained and kept in pristine, ready-for-operation condition. This is a very hard to value property because there is nothing comparable in the world,” says Forman. By auctioning the property, the seller is able to set the timing and terms of the sale, enabling them to pass significant savings onto the buyers and accelerate investment of the proceeds in other business ventures.

“This is an extremely rare opportunity to acquire an exceptional, world-class hospitality property at an auction price,” said Michael A. Fine, CEO and Principal of Hilco Real Estate Auctions, LLC. “There are a multitude of potential uses of this property. A high net-worth individual could make this his or her private, secure family estate, mountain retreat or luxury ranch. A hospitality company could reopen this property as a showcase mountain resort and spa or outdoor recreational center. Or a healthcare company could turn this into a private medical treatment and rehabilitation facility. The sky’s the limit.”

“Because of the privacy and security features incorporated into the property, it could be the Presidential Camp David for an individual, a national or international corporation, or other business enterprise” said Alan Kravets, Executive Vice President and Principal of Hilco Real Estate Auctions, LLC.

Some of the features of the property, which has received many accolades from leading publications such as Conde Nast’s “2006 Most Excellent Resort – USA,” include:

• A total of 47 buildings including a 22,000 square foot lodge which features state-of-the-art security including anti-eavesdropping technology
• 21 unique and spacious luxury lodge rooms, connected to the main lodge by heated walkways
• 18 three-bedroom, two-story 2,400 square foot luxury residences, including a great room with wood-burning fireplace and 26-foot cathedral ceiling, kitchen and dining area, three well-appointed bathrooms, and a lock off master bedroom providing 36 possible room nights.
• The state-of-the-art 16,000 square foot former Valhalla Shooting Club, which also includes an outdoor skeet, trap and 5-stand shooting range
• Extensive event space
• Swiss-inspired, hillside 160-seat private wedding chapel
• 20-seat wine cellar for private dining and wine tasting
• Main Lodge includes an 87-seat world-class restaurant overlooking spring-fed Tait Lake, 160-seat outdoor dining deck, 60-seat lounge, and 27-seat cigar bar
• Indoor full-service fitness center
• One-mile fitness trail, with 15 workout stations
• 30-foot, manmade climbing monolith rock
• All-seasons permanently operating helipad, for helicopter skiing, scenic tours, and easy guest access
• Snowmobile and ATV trails, with snowmobiles, ATVs, and SUVs included in the sale
• Equestrian center
• 4.5-acre competitive paintball course
• Heated Paddle Ball & Tennis courts
• Just a short drive to the scenic town of Ouray and the breathtaking Black Canyon National Park
• Great open hunting in the adjacent National Forest for deer, elk, turkey, bear, bobcats, and mountain lions, subject to proper licenses

Attractive seller financing is available to qualified bidders.

A detailed Bidder’s Information Packet is available for the property and includes title reports, surveys, environmental reports, the approved purchase and sale agreement, an explanation of the auction process and the Terms of Sale. The purchase of the packet is required to bid and will be available by contacting the Elk Mountain Project Manager at [phone] or by visiting www.HilcoReal.com/ElkMtn.

The property will be open for viewings by appointment in February and March. If necessary for inspection by potential buyers, helicopters can land on Elk Mountain Resort’s helipad which has a 265 foot perimeter, 85 foot width, asphalt landing zone and is equipped with a lit wind sock, red strobe lights and six green portable landing lights that can be deployed for night time take-offs and landings.

Bids are due on April 10, 2013 by 5:00 p.m. Central Time and are to be delivered to the Elk Mountain Resort Project Manager at 5 Revere Drive Suite 206, Northbrook, IL 60062.

Interested buyers can view the property specific information, photos and inspection/auction details by visiting www.HilcoReal.com/ElkMtn.

About Hilco Real Estate Auctions, LLC

Hilco Real Estate Auctions, LLC (www.HilcoReal.com) is headquartered in Northbrook, Illinois (USA). Hilco Real Estate Auctions is a national provider of real estate auction services utilizing, open-outcry auctions, technologically-advanced online auctions, and sealed bid auctions. Each and every auction receives added customization providing buyers and sellers with unmatched expertise along with efficiently-managed and completely transparent sale methodologies for conducting real estate transactions.

Hilco Real Estate Auctions, LLC is a unit of The Hilco Organization, a privately-held, diversified financial and operational services firm whose principal competency is understanding and maximizing the value of business assets, including retail, consumer and industrial inventory; machinery and equipment; real estate; accounts receivable; intellectual property; and, going-concern enterprises. Through 500 professionals operating on five continents, Hilco helps companies and their professional advisors assess asset value, maximize value for said assets through asset monetization solutions, and enhance value through advisory and consulting solutions. For more information please visit our web site: www.hilcotrading.com.

Please call Elk Mountain Project Manager, Hilco Real Estate Auctions, LLC at [phone] or visit www.HilcoReal.com for more information.