Winter Park – Koelbel and Co. acquires Coldwell Banker Mountain Properties
October 8, 2009
Rendezvous developer Koelbel and Co. has acquired a majority ownership interest in Coldwell Banker Mountain Properties, headquartered in Winter Park.
Dennis Saffell, broker-owner of Coldwell Banker Mountain Properties (CBMP), and Walter “Buz” Koelbel, owner of Koelbel and Co., made the announcement Wednesday during a luncheon at the Broad Axe Barn at Devil’s Thumb Ranch.
The deal had “been in progress for the better part of a year,” Saffell told the crowd.
After the announcement, he and Koelbel explained that the two companies formed a “strategic alliance” about a year ago. The more they worked together, the more convinced they became the alliance should become a financial one as well, Koelbel said, noting that Saffell first broached the subject.
Both men said terms of the deal will remain private.
Saffell said the deal made sense from CBMP’s perspective because of Koelbel’s solid financial footings, its credibility, its know-how, its management and its inventory in the Winter Park area, which he said totals more than 2,000 units and potential sales of at least $1 billion.
Koelbel said his company has always believed Grand County is a special place populated by special people and that consummating this deal brings his company “full circle.”
He explained the Koelbel family’s involvement in the valley dates back to the early 1900s and that the company began as a real estate brokerage. Moreover, he said he believes Grand County offers great opportunity.
“It’s the best value of maybe any resort in the state,” he said of the Winter Park area.
That, plus its proximity to the Front Range, combine to make it unique, he said.
Nor did Koelbel enter the deal just to sell Rendezvous and the 688 acres of the former Idlewild ski area the company recently acquired, he said.
“We think Grand County has a great future.”
Koelbel said it’s clear the market agrees, as demonstrated by 14 home sales at Rendezvous during July and August.
Chris Mygatt, President of Coldwell Banker Residential Brokerage, the largest brokerage in Colorado, also commented on the acquisition, saying it underscores the relationship between Winter Park and Denver.
CB Residential Brokerage, not connected to CBMP, has a cooperative relationship with Koelbel and Company in new home marketing, according to a prepared statement.
The deal “gives us a chance to bring more value to our customers, by expanding our marketing reach to the Grand County market,” Mygatt said. “The relationship provides the ability to showcase mountain properties listed by CBMP through avenues to our 1,200 Denver area agents.”
Mygatt said all real estate sales in the area will be enhanced by virtue of his company’s clients looking at Grand County property.
Saffell said he will continue to work in Grand County and looks forward to “doing what I really love – selling real estate.”
– Drew can be reached at (970) 887-3334 ext. 19600 or at firstname.lastname@example.org