CBRE Arranges $121M Sale of Four Seasons Resorts & Residences in Vail
Vail, CO – CBRE Hotels has arranged the sale of the 134-room Four Seasons Resort and Residences in Vail, Colorado for $121 million. 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.
The buyer is Extell Development Company out of New York City and this is their first Western U.S. purchase. The seller, Barclays, has owned the property since 2009, when they took control of the project through a bankruptcy procedure while it was still under construction. $903,000 per key is a record sale price in the state of a Colorado for a hotel/resort with the average sale price for hotels in the U.S. listed as $144,000 per room YTD 2016.
“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 Mr. Darrington, senior vice president, CBRE Hotels.
The Four Seasons offers 121 hotel guestrooms 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; over 7,000 square feet of flexible meeting and event space; world-class dining with Flame and The Remedy Bar; and premium leased retail space.
Images courtesy of CBRE Hotels