Transactions

HREC Investment Advisors arrange the sale of the Snow King Resort and Conference Center in Jackson Hole, Wyo.

12 Sep, 2012
 


HREC Investment Advisors announced today the sale of the Snow King Resort Hotel and Conference Center in Jackson Hole, Wyo. The 204-key hotel and 158-key condominium management program was purchased by JMI Realty Partners IV. The Owner has contracted with Benchmark Hospitality to operate the hotel.

HREC Investment Advisors and Prudential Preferred Properties (Gillette, Wyo.) were the exclusive real estate investment brokers representing the seller. The sale was negotiated by Scott Kaniewski, SVP in HREC Investment Advisors’ Chicago office and Mike Cahill, CEO and founder of HREC from the Denver office.

“This is the second in a series of strategic acquisitions for JMI Realty IV. We are executing on our stated strategy of acquiring irreplaceable real estate that is in need of renovation and repositioning. We see multiple value add opportunities in Snow King. We are also very excited to become a participating member of the Jackson community and are honored to be trusted with such a significant part of the Town,” said Greg Clay, Chief Investment Office of JMI Realty, the Owners General Partner, “and look forward to executing on our plan.”

“This transaction is a win-win for everybody as JMI and its former owners will now jointly renovate and expand the Snow King Resort,” said Scott Kaniewski of HREC.

The year-round destination resort, which includes a hotel, conference center and condominiums, occupies a dominant geographical location overlooking the Town of Jackson and the surrounding Teton Mountains.

Topic : Transactions, JMI, HREC
External Source : Hotel Management



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