Affiliates of Northview Hotel Group, in partnership with a fund managed by an affiliate of Apollo Global Management, acquired the Hotel Madeline Telluride, Colo.
Terms of the transaction have not been disclosed. The property has 89 guestrooms, 11 suites, 60 residences, 10 employee condominium residences, two restaurants, 4,000 square feet of meeting space, 15,705 square feet of retail space and The Spa at Hotel Madeline.
The acquisition of Hotel Madeline Telluride marks the Partnership's fourth joint venture in the past 18 months. Northview will operate the hotel on behalf of the Partnership, as well as oversee multiple, proposed capital improvements projects and the sale of the residences. Northview was pre-approved by the Mountain Village Town Council to manage the Property in July of this year.
The Partnership plans to invest Between $7 and $10 million in the short term, to upgrade the Property common areas, re-concept the Property and residence amenities, including The Spa and pool area and complete improvements to the residences. The upgraded condominium residences will be released for sale as early as the 2014/15 winter season.