CBRE Hotels has arranged the sale of the 134-room Four Seasons Resort and Residences in Vail for $121 million.
The price per key was $903,000, a record for Colorado that far surpasses the $144,000-per-key average sale price for U.S. hotels, according to CBRE Hotels.
The purchase by Extell Development Co. of New York City was the company’s first Western U.S. acquisition. Extell is a large hotel/resort player in the New York and Boston markets.
Prominently located at 1 Vail Road, the Four Seasons Resort and Residences is a leading lodging product in the center of one of North America’s most celebrated ski destinations. The resort offers guests a world-class ski experience through slope-side ski-valet facilities located adjacent to Gondola One in the epicenter of Vail Village.
Bernard Van der Lande of CBRE Capital Advisors, along with Mark Darrington and Larry Kaplan of CBRE Hotels, represented the seller, Barclays, in the transaction. Barclays, has owned the property since 2009, when it took control of project through a bankruptcy procedure while it was still under construction.
“The Four Season’s world-class service, luxury finishes, and robust amenity package position the hotel as a marquee and irreplaceable asset. Our experince in Vail and the mountain West has been unrivaled in recent years, which ultimately attracted tremendous buyer interest. This allowed us to achieve a pricing that reflects the market’s stature and the product’s premium. Working closely with our investment banking unit enabled us to execute a global and sophisticated offering process for the client,” said Darrington, senior vice president, CBRE Hotels.
The Four Seasons features 121 hotel guest rooms and 13 two- to four-bedroom condominiums conceived as fractional units, but currently operating as conventional hotel inventory. The resort features a 14,935-square foot Forbes Five-Diamond spa; more than 7,000 square feet of flexible meeting and event space; world-class dining with Flame and The Remedy Bar; and premium leased retail space.
CBRE said the hotel investment market in Vail is very active this cycle. The same CBRE investment team also sold the Vail Cascade Resort in December 2015 and the Holiday Inn Vail in January 2016.
