The Vail Cascade Resort and Spa at the Vail ski resort has been sold and will undergo a $35-million renovation, according to the Denver Business Journal.
Los Angeles real estate developer Laurus Corp. bought the 292-room hotel from Lowe Enterprises. The purchase price wasn’t revealed but the Vail Daily said Eagle County records indicate the sale price was $53.3 million, although Laurus said the total sale price was approximately $90 million.
Laurus said it will redesign the resort, add new dining options, add new luxury retail outlets and valet ski services, redo the 45,000 square feet of meeting room, and refurbish the 78,000-square-foot athletic club. Improvements are expected to be completed in time for the 2016/2017 ski season, Laurus said.
“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, in a statement.
In November, Vail was ranked Colorado’s top ski area and the fifth best in the country, according to Forbes.