Ashford Hospitality Prime will acquire the 190-room Park Hyatt Beaver Creek Resort & Spa in Beaver Creek, Colorado, for $145.5 million ($766,000 per key).
Ashford plans to use the proceeds from its recently completed public offerings to fund the acquisition and intends to finance the property with approximately $68 million of non-recourse mortgage debt.
The acquisition is expected to close within 30 days subject to customary closing conditions. Because the acquisition is subject to customary closing conditions, the Company can give no assurance that the transaction will be consummated by such date or at all.
"The acquisition of the iconic Park Hyatt Beaver Creek Resort & Spa is an opportunity for us to acquire a premier resort with the best location in the very attractive Beaver Creek market," said Richard J. Stockton, Ashford Prime's Chief Executive Officer. "This property fits perfectly with our strategy of owning luxury hotels and resorts and further diversifies our portfolio by establishing a presence in the highly sought after Vail Valley market."
Located in the heart of Beaver Creek Village, the Park Hyatt is ideally positioned in the most prestigious location within the Vail Valley. The Vail Valley is approximately 90 miles west of Denver and is one of the most exclusive resort destinations in North America.
Within the Vail Valley, Beaver Creek is the epitome of exclusivity, drawing visitors who enjoy the best in understated luxury. With its premier location, luxury brand affiliation and world-class amenities, the Park Hyatt is positioned as the leading resort in one of North America's most renowned luxury resort destinations.
Beyond the world-class hotel, guests have easy access to Beaver Creek's famous amenities, including exceptional dining and shops, the 535-seat Vilar Performing Arts Center, and an outdoor ice skating rink. While the Vail Valley is home to some of the top ski areas in the world and is a top winter destination, it is also very popular as a summer destination as it boasts many diverse leisure activities, including hiking, biking, white water rafting, fishing, golfing, shopping and festivals.
The Park Hyatt was built in 1989 and has 190 luxurious and spacious rooms, including 23 suites. The resort also offers an array of amenities, including the award-winning 30,000 sq. ft. Allegria Spa, four food and beverage outlets, including the world-class 8100 Mountainside Bar & Grill, over 20,000 sq. ft. of flexible indoor meeting space, a heated outdoor pool beneath a mountain waterfall, 24-hour state-of-the-art fitness club, ski valet service, outdoor fire pits and access to two championship golf courses and the Beaver Creek Tennis Center.
Additionally, the Property features over 18,800 sq. ft. of fully leased, highly visible retail space in the heart of Beaver Creek. The Property is in excellent physical condition after having spent over $7.5 million in capital improvements over the past few years. Post-closing, the property will continue to be managed by Hyatt.