Sino-American JV Buys Vail Resort For Record Price Per Room
A JV between NY-based Extell Development and Chinese firm Parkland Holdings ponied up $121M for the Four Seasons Resort and Residences in Vail, acquiring the property from Barclays Capital in a deal facilitated by CBRE Hotels. The price per key, almost $903k, is a record for a Colorado hospitality property, reports the Denver Post.
Barclays acquired the resort in 2009, taking control of the project from the original developer while it was still under construction. The property includes 121 hotel rooms and 13 two- to four-bedroom condos that were initially intended as fractional units, but are now part of the hotel inventory. The resort has ski valet facilities near the base of Gondola One, as well as a 15k SF spa and more than 7k SF of meeting space. [DP]