Affiliates of Northview Hotel Group, in partnership with a fund managed by an affiliate of Apollo Global Management, has acquired Hotel Madeline Telluride from Crescent Hotels & Resorts for an undisclosed amount.
The deal is the partnership’s fourth joint venture acquisition in the past 18 months. Northview will now operate the hotel on behalf of the partnership.
The hotel is located in Mountain Village, Colorado. It has 89 guestrooms, 11 suites, 60 residences, ten employee condominium residences, two restaurants, 4,000ft² of meeting space, 15,705ft² of retail space and a spa.
The partnership is seeking to upgrade the hotel’s common areas, re-concept the property and residence amenities, including spa and pool area, and complete significant improvements to the residences with an investment of $10m.
Speaking about the acquisition, Mountain Village Mayor Dan Jansen said: "I am very supportive of this operator and appreciate that the partnership will invest in improvements and additional amenities, as well as help grow our bed base by releasing the residences for sale."
"Hotel Madeline Telluride is known as one of Telluride’s premier properties, and I am hopeful that Northview will continue to maximise its potential. I am looking forward to seeing more detail on the improvement plans and working with Town Council to make it happen," Jansen added.