Keystone, CO – Vail Resorts has announced the sale of the Inn at Keystone to Dallas-based Realty Capital Partners (RCP) for $6.4 million in cash.
Vail Resorts will continue to manage the property under a management agreement with RCP. The property will be rebranded to Hyatt Place Keystone in summer 2017 following a significant renovation and repositioning, bring the first major branded hotel to Keystone.
The property, which currently comprises 103 guest rooms, rooftop hot tubs and an on-site restaurant and bar, is situated between Lakeside Village and River Run Village and is just a short walk to the Mountain House Base area and the Keystone Conference Center.
“We’re thrilled to be partnering with RCP to introduce a global brand and its loyal guests to Keystone Resort,” said James O’Donnell, executive vice president of hospitality, retail and real estate at Vail Resorts. “We’re looking forward to maintaining Vail Resorts’ commitment to guest service at the Inn at Keystone through the sale transition and renovation period and ultimately sharing that same commitment with the community and future guests of Hyatt Place Keystone.”
In anticipation of the hotel’s rebranding to Hyatt Place Keystone, RCP will embark on a full renovation of the property following the close of Keystone’s winter 2016-2017 ski and snowboard season and will reopen the property as a Hyatt Place hotel in summer 2017. This will include a full interior makeover of all guest rooms as well as enhancements to common areas, all with a modern rustic design aesthetic. Among the changes, guests of the hotel will be able to enjoy a new fitness center, an alternative grab-and-go dining option, new outdoor communal spaces, and a more functional main lobby with an open floor plan.
“We’re pleased to be partnering with Vail Resorts, which has proven itself to be a leader in managing properties in mountain destinations,” said Blake Lugash, president of RCP. “Hyatt Place Keystone will be a tremendous asset to the resort, its guests and the community and we’re thrilled to be a part of the transformation.”
“Hyatt Place Keystone is another milestone in Hyatt’s thriving domestic development pipeline for the Hyatt Place brand — and a great example of Hyatt’s continued focus on growing premium hotels that will attract high-end business and leisure travelers alike,” said Julienne Smith, senior vice president of development for the Hyatt Place and Hyatt House brands. “We look forward to collaborating with RCP and Vail Resorts on this project, and as the first Hyatt select service hotel to be announced for the Colorado Rocky Mountains, we believe it will bring a new and dynamic product to the marketplace.”