Ashford Prime Snaps Up Beaver Creek Property For Record $145M
Ashford Hospitality Prime finalized its acquisition of the 190-room Park Hyatt Resort & Spa in Beaver Creek, which the Dallas-based investor bought for more than $145M. At $766K/room, that is a local record for a hospitality property.
"The irreplaceable nature of this ski in/ski out resort garnered strong interest from domestic and international institutional investors," CBRE Hotels senior vice president Larry Kaplan said. "In an era of significant hotel development in urban markets, the true high barriers to entry of resort destinations become even more apparent, and compelling as long-term investments.”
Kaplan, along with CBRE Capital Advisors director Bernard Van der Lande and CBRE Hotels senior vice president Mark Darrington, repped the seller, WTCC Beaver Creek Investors.
"[The] property fits perfectly with our strategy of owning luxury hotels and resorts, and further diversifies our portfolio by establishing a presence in the Vail Valley market," Ashford Prime CEO Richard Stockton said.
The company used the proceeds from recently completed public offerings to fund the acquisition, and intends to finance the property with about $68M of mortgage debt.
"The Park Hyatt Beaver Creek has a long and storied history in the Vail Valley,” Darrington said.
The Park Hyatt was built in 1989 and its rooms include 23 suites. It also features a Forbes Four-Diamond 30K SF spa, 20K SF of meeting and event space and more than 18K SF of retail. The property will continue to be managed by Hyatt.
Ashford Prime's purchase of the Park Hyatt surpasses last December’s $121M record sales price for Four Seasons Vail, which CBRE Hotels also brokered. The company also recently facilitated the $90M sale of the 292-room Vail Cascade Resort and Spa, which underwent a $50M renovation.
