Vail and Beaver Creek See Record Hotel Sales in 2017In addition to a white-hot single family housing market in Vail and Beaver Creek, Colorado, condominium sales within the area’s luxury hotel-resorts are similarly demonstrating growth. Investors are looking toward the Vail Valley as a place to invest based on the area’s accessibility to major metropolises’ along with unparalleled, year-round recreational offerings. The trend of these record-breaking hotel sales helps strengthen the overall resort economy, while simultaneously positioning the area as a true international destination. Hotel sales also demonstrate a sign of continued and planned investment into the area, which is a positive catalyst for a healthy real estate market. Additionally, when a hotel property changes hands, there is often a large-scale renovation that takes place shortly thereafter, allowing for the resort communities of the Vail Valley and Beaver Creek to stay cutting edge.
A $145 Million Purchase in Beaver Creek
Recently, Dallas-based, Ashford Hospitality Prime Inc., spent a record $145 million for the Park Hyatt Beaver Creek – which averages about $766,000 per room- a local record. The Dallas company completed its purchase of the premier 190-room Park Hyatt Beaver Creek Resort & Spa to further their strategy to own luxury hotels and resorts and further diversify their portfolio by establishing a presence in the highly sought-after Vail Valley market.
Sold Out! Ritz-Carlton Residences, Vail
Enjoying a fruitful sales cycle, the Ritz-Carlton Residences, Vail, brokered exclusively by LIV Sotheby’s International Realty, announced the sellout of all 71 residences at the luxury residence hotel, pending the final sale slated for May 2017. Now shifting their focus to the re-sale side of the luxury residences, the timely sellout of the Ritz-Carlton Residences, Vail, is a testament to the global exposure achieved by a client when working with the Sotheby’s International Realty brand.
The new, “Hotel Talisa”
In 2016, it was announced that Vail Cascade Resort and Spa at the Vail ski resort had been sold and would undergo a $35 million renovation, reopening as the “Hotel Talisa” in 2017. Los Angeles real estate developer, Laurus Corporation, bought the 292-room hotel from Lowe Enterprises for a total sale price of approximately $90 million. Construction is underway to redesign the resort, adding new dining, luxury retail outlets and valet ski service options. 45,000 square feet of meeting room space, and the 78,000-square-foot athletic club will also be updated. Improvements are expected to be completed in time for the 2017/2018 ski season.
Based on the recent number of record breaking resort-hotel sales taking place within the Vail Valley, the area is well-positioned for continued growth and a stable economy
PARADISE APRIL 28 6:30pm