VAIL, CO—Vail Cascade Resort & Spa has changed hands. The purchase price for the 292-room property was not disclosed
Laurus, the buyer, received an $85.6-million loan for the acquisition. Financing was provided by Mesa West.
Laurus plans to renovate and reposition the property within Starwood's Luxury Collection.
The seller was Lowe Enterprises Investors. According to a prepared press release, the offer process was "highly competitive" due to international marketing.
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.
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