Real estate firm Laurus Corporation has purchased Vail Cascade Resort and Spa, a ‘ski-in/ski-out’ hotel in Vail, Colorado, the US.
From April 2016, the 292-room Vail Cascade Resort and Spa will undergo a $35m renovation, which will be completed for the 2016 / 17 ski season.
Vail Cascade Resort and Spa will join The Luxury Collection Hotels & Resorts, a luxury hospitality brand.
Vail Cascade Resort and Spa will continue to be managed and operated by Destination Hotels, an operator of independent hotels, resorts and residences in the US.
Laurus Corporation chairman Andres Szita said: "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.
"During the past six years, market ADR increased 32.8%, 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."
The renovation will see a complete redesign of the resort. Every aspect of the hotel will be refurbished, with an aim to position it as Vail’s only Five-Diamond resort.
Among the amenities to be added are a new lounge, which will feature live music and views of Gore Creek and a nearby gourmet market / café.
The resort will also upgrade its ski valet and outfitting services. Its 45,000m² of meeting space will receive an overhaul, and its 78,000ft² athletic club will offer new equipment, additional training studios, and new guest services and amenities.
Laurus Corporation is also looking for further opportunities in the Vail Cascade area for development in the future.
Image: The 292-room hotel is scheduled to undergo renovation in April. Photo: courtesy of PRNewswire/Laurus Corporation.