Four Sea­sons Re­sort and Res­i­dences sells for $121M

The Denver Post - - BUSINESS - By Em­i­lie Rusch Em­i­lie Rusch: 303-954-2457, er­usch@den­ver­ or @em­i­lier­usch

Vail’s Four Sea­sons Re­sort and Res­i­dences has traded hands for $121 mil­lion — just shy of $903,000 per ho­tel room.

A joint ven­ture be­tween New York­based Ex­tell Development Com­pany and Chi­nese firm Park­land Hold­ings pur­chased the 134-key prop­erty from Bar­clays Cap­i­tal in a deal ar­ranged by CBRE Ho­tels.

The sales price — roughly $902,985 per key — is a record for a ho­tel/re­sort prop­erty in Colorado, ac­cord­ing to a CBRE spokes­woman. The av­er­age sale price per room for ho­tels in the U.S. this year is $144,000.

The record price re­flects both “the mar­ket’s stature and the prod­uct’s pre­mium,” said Mark Dar­ring­ton, se­nior vice pres­i­dent of CBRE Ho­tels.

Bar­clays had owned the re­sort since 2009, when it took con­trol of the high­pro­file project from the orig­i­nal devel­oper while it was still un­der con­struc­tion.

“The Four Sea­sons’ world-class ser­vice, lux­ury fin­ishes and ro­bust amenity pack­age po­si­tion the ho­tel as a mar­quee and ir­re­place­able as­set,” Dar­ring­ton said in a state­ment.

The AAA Four Di­a­mond ho­tel fea­tures 121 ho­tel guest rooms and 13 two-to­four bed­room con­do­mini­ums that were ini­tially en­vi­sioned as frac­tional units but are cur­rently op­er­at­ing as ho­tel in­ven­tory. Ameni­ties in­clude a 14,935square-foot spa, more than 7,000 square feet of meet­ing and event space, Flame restau­rant and The Rem­edy Bar. The re­sort also has ski valet fa­cil­i­ties near the base of Vail’s Gon­dola One.

An ac­tive res­i­den­tial, com­mer­cial and hos­pi­tal­ity devel­oper, Ex­tell is led by Gary Bar­nett, a well-known player in New York City lux­ury real es­tate. Among his New York cred­its are One57, a 90story glass res­i­den­tial tower that’s also home to the Park Hyatt, and the W Ho­tel in Times Square.

For Vail, the Four Sea­sons deal marks the se­cond ma­jor re­sort trans­ac­tion of the past 12 months.

In De­cem­ber, Los An­ge­les-based Lau­rus Corp. pur­chased the 292-room Vail Cas­cade Re­sort and Spa for ap­prox­i­mately $90 mil­lion, al­most im­me­di­ately an­nounc­ing plans for a $35 mil­lion ren­o­va­tion dur­ing the off-sea­son.

On the ho­tel side, the Hol­i­day Inn Vail also traded hands in Jan­uary for $22.4 mil­lion. The new owner, a pri­vate East Coast in­vest­ment group, is ren­o­vat­ing and repo­si­tion­ing the ho­tel as a Dou­ble Tree, ac­cord­ing to CBRE.

Na­tion­wide, the av­er­age sales price in the lux­ury ho­tel mar­ket was $851,000 per room in 2015, ac­cord­ing to data and an­a­lyt­ics firm STR.

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