Developer Laurus Corp has acquired from Lowe Enterprises for approximately US$90 million the Vail Cascade Resort & Spa, one of Vail, Colorado’s only true ski-in/ski-out hotels. Beginning in April, the 292-room resort will undergo a US$35 million transformation to be completed for the 2016/17 ski season as it joins The Luxury Collection Hotels & Resorts from Starwood Hotels & Resorts. Destination Hotels will continue to manage and operate the property.
“This is a unique opportunity for our investors to acquire a resort that would be nearly impossible to replicate from a cost and location perspective,” said Andres Szita, chairman of Laurus Corp. “During the past six years, market ADR increased 32.8%, yet despite this strong rate growth, market occupancy improved nearly 10 points. A tremendous opportunity exists for this asset to be repositioned to a higher tier market segment.”
Laurus is also exploring additional opportunities in the Vail Cascade area for future development as Eagle County is home to Vail and Beaver Creek ski resorts, which attract more than 3 million visitors a year. A US$2 billion redevelopment of much of Vail was completed between 2004 and 2010.
The expansive renovation at Vail Cascade will include a complete redesign of the resort and its guest experience. Every aspect of the hotel will be delicately refurbished, including a new fine dining concept, a lounge featuring live music and a gourmet market/café. The resort will elevate the slope-side experience with substantially upgraded ski valet and enhanced outfitting services,
A redesigned spa at the hotel will afford guests an Après-Ski environment. Additionally, the resort’s 45,000 square feet of flexible meeting space will receive a refined overhaul. The 78,000 square foot athletic club will be re-energized, with new equipment, additional training studios and new guest services and amenities, operated by a premier fitness management company.