VAIL, Colo. (Jan. 25, 2016) – CBRE Hotels announced that it has arranged the sale of the 292-room Vail Cascade Resort & Spa in Vail, Colorado to Laurus for an undisclosed amount. CBRE Hotels also advised on an $85.6 million loan for the acquisition of the property.
Mark Darrington and Larry Kaplan, senior vice presidents, CBRE Hotels, and Bernard Van der Lande, director, CBRE Capital Advisors, represented the seller, Lowe Enterprises Investors, who acted on behalf of an investment client. Laurus plans to renovate and reposition the property within Starwood’s Luxury Collection.
“Our team executed a highly competitive offer process by way of an international marketing campaign by highlighting the extensive barriers-to-entry within the Vail market, as well as the hotel’s expansive facilities and upside through rebranding and renovation,” said Mr. Darrington. “In the end, we coordinated a mutually beneficial deal and excellent long-term investment opportunity for the buyer.”
“This was an exceptional offering warranting an exceptional effort; the deal resulted from a highly structured process that moved the investment market,” added Mr. Van der Lande.
Marc Sallette with CBRE Hotels’ Debt & Structured Finance team in Houston advised on securing the five-year, floating rate, interest-only loan on behalf of the buyer. Financing was provided by Mesa West.
Located at 1300 Westhaven Drive, Vail Cascade Resort & Spa is one of the only true ski-in/ski-out lodging facilities in Vail. The property is contained on nearly 9.5 acres and situated towards the west end of Vail within Cascade Village. In addition to spacious guestrooms, the Vail Cascade Resort also features over 45,000 square feet of flexible event space, the 78,000-square-foot Aria Athletic Club and Spa, Atwater on Gore Creek Restaurant, Fireside Bar, Cascade Village Market and Café, business center and retail outlets.
Lowe Enterprises Investors acquired the property on behalf of its client in 1992 and completed significant repositioning and redevelopment projects during its ownership. The Vail Cascade will continue to be operated by Lowe’s hospitality management affiliate, Destination Hotels.
CBRE Hotels is a specialized advisory group within CBRE providing brokerage, valuation, consulting, research and capital markets services to companies in the hotel sector. CBRE Hotels is comprised of over 375 dedicated hospitality professionals located in 60 offices across the globe. CBRE Capital Advisors is the real estate investment banking unit of CBRE in the Americas.
About CBRE Group, Inc.
CBRE Group, Inc. (NYSE:CBG), a Fortune 500 and S&P 500 company headquartered in Los Angeles, is the world’s largest commercial real estate services and investment firm (in terms of 2014 revenue). The Company has more than 70,000 employees (excluding affiliates), and serves real estate owners, investors and occupiers through more than 400 offices (excluding affiliates) worldwide. CBRE offers strategic advice and execution for property sales and leasing; corporate services; property, facilities and project management; mortgage banking; appraisal and valuation; development services; investment management; and research and consulting. Please visit our website at www.cbre.com.
