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What:Laurus Corporation, a private real estate firm, recently acquired Colorado’s Vail Cascade Resort and Spa. Beginning in April, the 292-room resort will undergo a $35 million renovation and join The Luxury Collection Hotels & Resorts just in time for the 2016-2017 ski season.
Why It Matters:Eagle County, Colo., which is home to Vail and Beaver Creek resorts, attracts more than 3 million visitors each year, making it one of the most popular vacation destinations in the West. The Vail Cascade makeover will include a complete redesign of the resort and its guest experience, including changes to guestrooms, dining options, on-slope services, retail outlets, meeting space and more. Once the renovation is complete, the owners hope to reposition it as Vail’s only Five-Diamond resort.
Fast Facts:- Destination Hotels, the largest owner and operator of independent hotels, resorts and residences in the U.S., will continue to manage and operate the property.
- Vail has been named the top ski resort by Ski Magazine 14 times since the survey began in 1988.
- A $2 billion redevelopment of much of the town of Vail was completed between 2004 and 2010.
What They Are Saying:“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, one of the only true ski-in/ski-out resorts in a top destination market,” said Andres Szita, chairman of Laurus Corporation. “During the past six years, market ADR increased 32.8 percent, 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.”