The Four Seasons Resort and Residences sold for a record $121 million. The sales price of $902,985 per room for the 134-room luxury hotel sets a new price standard, according to CBRE Hotels, the company that put the deal together. The average price in the luxury hotel market was $851,000 per room in 2015. The record price reflects both the market’s stature and the product’s premium. New York-based Extell Development Company and Chinese firm Parkland Holdings partnered to buy the Four Seasons. Barclays had owned the resort since 2009, when it took control of the project when it was still under construction.
The Four Seasons is known for their world-class service, luxury finishes and robust amenity package. The AAA Four Diamond hotel features 121 hotel guestrooms and 13 two-to-four bedroom condominiums that are currently operating as hotel inventory. Amenities include a 14,935 square foot space, 7,000 square feet of meeting and event space, Flame restaurant and The Remedy Bar. The resort also has ski valet facilities near the base of Vail’s Gondola One.
For Vail, the Four Seasons deal marks the second major resort transaction in the past 12 months. Last December, Los Angeles-based Laurus Corporation purchased the 292-room Vail Cascade Resort and Spa for approximately $90 million and almost immediately announced plans for a $35 million renovation during the off-season. Holiday Inn Vail also traded hands in January for $22.4 million. A private East Coast group purchased the hotel is renovating and re-positioning the hotel as a Double Tree, according to CBRE.
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