Real estate firm Wolfgramm Capital has acquired Hilton’s Waldorf Astoria Hotels & Resorts brand property in Park City, Utah, US for an undisclosed amount.
It was confirmed by Wolfgramm Capital CEO and co-founder Phil Wolfgramm in a statement.
The deal was executed off-market. It was an all-cash transaction.
Following the acquisition, Hilton will continue to manage Waldorf Astoria Park City resort.
Wolfgramm Capital COO Koloa Wolfgramm said: “Wolfgramm Capital is delighted to be working with Hilton, the current lodging unit owners, the HOA, and their asset manager, CooperWynn Capital, in this endeavour.
“We are enthusiastic about taking this hotel to the next level and intend to infuse approximately sixty million dollars into the property.
How well do you really know your competitors?
Access the most comprehensive Company Profiles on the market, powered by GlobalData. Save hours of research. Gain competitive edge.
Your download email will arrive shortly
Not ready to buy yet? Download a free sample
We are confident about the unique quality of our Company Profiles. However, we want you to make the most beneficial decision for your business, so we offer a free sample that you can download by submitting the below formBy GlobalData
“We look forward to sharing more about these enhancements at a later date.”
Located at Park City Mountain Resort’s base, the hotel is ten-minute drive away from the city’s Main Street and around 35-minute drive away from the Salt Lake City International Airport.
The newly acquired 159-key property features guest rooms and suites, with custom furnishings.
At this hotel, guests can avail year-round winter activities, such as snowshoeing, bobsledding and skiing, as well as summer activities including biking, fly fishing and hiking.
It is the only luxury hotel in the city to offer a slope-side and ski in ski out access to one of the largest ski and snowboard resort in the US.
Originally opened in 2009, the hotel has a 16,000ft² Waldorf Astoria Spa and an all-day dining restaurant and bar, named Powder.
Waldorf Astoria Park City also includes dedicated space for organising meetings and events. It also has an outdoor patio, with a heated pool, Jacuzzis and fire pits.