Fairmont Hotels and a New York investment firm pulled out of a $46 million deal to buy the Peaks Resort, leaving Telluride’s largest hotel in long-term limbo as it prepares to reopen for the ski season. Two people with direct knowledge of the negotiations — one from each side of the table — said the hotel’s expensive infrastructure problems had torpedoed the deal. After examining the Peaks, buyers Fairmont and Manhattan-based Thor Equities concluded that the hotel needed $6-7 million in repairs, on top of a planned $60 million renovation... The impasse didn’t break, and on Friday, Fairmont and Thor...