Geolo Capital has announced the sale of the Ventana Big Sur, an Alila Resort, to an affiliate of the Hyatt Hotels for $148m.
The company announced the sale along with its joint venture partner Wanxiang America Real Estate.
Geolo Capital acquired Ventana in 2015 and leveraged its vertically integrated design and development, asset management and legacy hotel operating businesses to transform the property.
Geolo Capital founding partner and director John Pritzker said: “We saw substantial unrealised value in controlling 59 of Big Sur’s 100 available full-service guestrooms and understood the potential to raise average daily rates following a comprehensive renovation, rebrand and repositioning.”
The sale marks the company’s successful roundtrip investment of the Ventana resort and its investment in the Alila brand.
Hyatt Hotels president and CEO Mark Hoplamazian said: “Our partnership with Geolo and Wanxiang over these past years has been a pleasure and enormously rewarding.”
Ventana was originally developed in 1975 and had a 40-year track record of operations. With an investment of $23m, Geolo carried out a major renovation of the property.
As part of the renovations, Geolo updated all 59 guestrooms and special focus was on highlighting the property’s outdoor vistas spread throughout its 160 acres.
In the resort’s century-old redwood grove, Safari-style camping tents were created and the architecturally distinctive Glass House Gallery was constructed.
Additionally, an underutilised parking lot was converted into a sweeping ocean meadow.
Following the repositioning and Ventana’s alignment with the Alila brand, the property grew to achieve the highest revenue per available room of any hotel across Hyatt’s more than 1000 hotels and resorts worldwide.