Heavenly Resort Properties closed a deal with the South Lake Tahoe Redevelopment Agency that will transfer the site where the $100 million, quarter-share Grand Summit Resort Hotel will be built.
"This solidifies the work that has been done over the years," said Stan Hansen, senior vice president for American Skiing Company, parent company to Heavenly.
Hansen said that construction of the 199-unit hotel is scheduled to begin May 1, 2001 and should be completed by Nov. 1, 2002.
The Grand Summit will have 27 different floor plans. Quarter shares, which are purchased for 13 week periods, will cost between $40,000 and $350,000, Hansen said.
The hotel is now 84 percent sold out.
The 3.7 acre property, located off U.S. Highway 50 and bordering Park Avenue, Van Sickle Road and the Heavenly gondola site, was sold for $1.5 million, according to Lew Feldman, attorney for Heavenly
The next steps for Heavenly will be to inform quarter-share purchasers that it has secured ownership of the land, convert reservations to contracts and acquire a report from the Department of Real Estate.