Surrounded by the Rocky Mountains in Steamboat Springs, Colorado, (about 92 miles north of Vail), the Sheraton Steamboat Resort boasts easy access to the area's popular ski areas and hiking trails.

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Twenty years ago, the hotel magnate stepped down from Starwood, which later sold to Marriott for $13 billion. Now, he wants to give it another go. By Michael J. de la Merced Barry Sternlicht made ...