Vail, CO – Laurus Corporation, a Los Angeles-based private real estate investment and development firm, has acquired Vail Cascade Resort and Spa, one of Vail Mountain’s only true ski-in/ski-out hotels. Beginning this April, the 292-room property will undergo a $35 million transformation to be completed for the 2016-17 ski season as it joins The Luxury Collection Hotels & Resorts. Destination Hotels will continue to manage and operate the property.
“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,” said Andres Szita, Chairman of Laurus Corporation. “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.”
Ethika Investments, LLC helped to fund the purchase through its own investment in the property. Ethika will also allocate additional capital as part of the Vail Cascade Resort and Spa refresh and repositioning.
Eagle County is home to Vail and Beaver Creek ski resorts, attracting more than three million visitors a year to enjoy its winter and summer nature-based activities, breathtaking mountain surroundings, high-end shopping, art galleries, world-class events, abundant culinary experiences and luxury lodging. A vast $2 billion redevelopment of much of the town was completed between 2004 and 2010, transforming Vail into a globally recognized destination that draws affluent visitors from both domestic and international markets.
The expansive renovation at Vail Cascade will include a complete redesign of the resort and its guest experience. Every aspect of the hotel will be delicately refurbished, positioning the facility as Vail’s only Five-Diamond resort. Amid an array of amenities, guests will enjoy a variety of culinary alternatives, including a new fine dining concept, a vibrant lounge featuring live music and overlooking the majestic Gore Creek and a gourmet market/café. The resort will elevate the slope-side experience with upgraded ski valet and enhanced outfitting services. Refurbished guestrooms, new luxury retail outlets, and a redesigned Spa at the hotel will afford guests the perfect après-ski environment. Additionally, the resort’s 45,000 square feet of flexible meeting space, the largest in Vail, will receive an overhaul for corporate events, weddings and conferences. Furthermore, the 78,000-square foot athletic club will be re-energized, with new equipment, additional training studios and new guest services and amenities. Laurus Corporation is also exploring additional opportunities in the Vail Cascade area for future development.