Ashford Hospitality Prime acquires Park Hyatt Beaver Creek for $145.5 million

Ashford Hospitality Prime today announced it has entered into a definitive agreement to acquire the 190-room Park Hyatt Beaver Creek Resort & Spa in Beaver Creek, Colo., for $145.5 million, or $766,000 per key, which, according to the Vail Daily, is a local record. The company plans to fund the acquisition with the proceeds from its recently completed public offerings. It intends to finance the hotel with approximately $68 million of non-recourse mortgage debt. 

The acquisition is expected to close within 30 days subject to customary closing conditions. Therefore, Ashford Hospitality Prime cannot assure that the transaction will be consummated by such date or at all. 

"The acquisition of the iconic Park Hyatt Beaver Creek Resort & Spa is an opportunity for us to acquire a premier resort with the best location in the very attractive Beaver Creek market,” Richard J. Stockton, Ashford Prime's CEO, said in a statement.

Virtual Event

HOTEL OPTIMIZATION PART 2 | Now Available On-Demand

Survival in these times is highly dependent on a hotel's ability to quickly adapt and pivot their business to meet the current needs of travelers and the surrounding community. Join us for Optimization Part 2 – a FREE virtual event – as we bring together top players in the industry to discuss alternative uses when occupancy is down, ways to boost F&B revenue, how to help your staff adjust to new challenges and more, in a series of panels focused on how you can regain profitability during this crisis.

"This property fits perfectly with our strategy of owning luxury hotels and resorts and further diversifies our portfolio by establishing a presence in the highly sought after Vail Valley market."

Located in the heart of Beaver Creek Village, the Park Hyatt is positioned within the Vail Valley, approximately 90 miles west of Denver.

Guests also have access to Beaver Creek's amenities, including dining and shops, the 535-seat Vilar Performing Arts Center and an outdoor ice skating rink in the winter. Its popular summer activities include white water rafting, fishing, golfing and festivals.

The Park Hyatt, built in 1989, has 190 rooms, including 23 suites. 

The resort also offers various amenities, including the 30,000 square-foot Allegria Spa, four food and beverage outlets, over 20,000 square feet of indoor meeting space, a heated outdoor pool beneath a mountain waterfall, ski valet service, outdoor fire pits and access to two championship golf courses and the Beaver Creek Tennis Center. Additionally, the hotel features over 18,800 square feet of fully-leased retail space in the heart of Beaver Creek.

The Park Hyatt maintains $7.5 million in capital improvements over the past few years.

Post-closing, the hotel will continue to be managed by Hyatt.

Suggested Articles

Lodging owners who have the appropriate resources and capital have an opportunity to renovate at an accelerated rate and at more competitive prices.

The £18.4 million fine stems from a data breach discovered after the company purchased Starwood Hotels & Resorts Worldwide.

There are both positive and negative aspects to utilizing preferred equity capital, but it is often the best way to maintain ownership of the asset.