January 2016 – Laurus Corporation Announces Acquisition of Vail Cascade Resort and Spa
LOS ANGELES, Calif. (January 7, 2016)— Laurus Corporation, a private real estate investment and development firm, announced today that it has acquired Vail Cascade Resort and Spa, one of Vail’s only true ski-in/ski-out hotels. Beginning April 2016, the 292-room Vail Cascade Resort and Spa will undergo a $35 million transformation to be completed for the 2016/17 ski season as it joins The Luxury Collection® Hotels & Resorts, one of the world’s most exclusive luxury hospitality brands. Destination Hotels, the largest owner and operator of independent hotels, resorts and residences in the United States, will continue to manage and operate the property.
“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 Corporation. “During the past six years, market ADR increased 32.8%, yet despite this strong rate growth, market occupancy improved nearly 10 points. A tremendous opportunity exists for this asset to be repositioned to a higher tier market segment.”
Eagle County is home to Vail and Beaver Creek, two of the most preeminent ski resorts in the world, attracting more than 3 million visitors a year to enjoy its winter and summer nature-based activities, breathtaking mountain surroundings, high-end shopping, art galleries, world-class events, abundant culinary experiences and luxury lodging. Vail has been named the #1 ski resort by Ski Magazine 14 times since the survey began in 1988. A vast $2 billion redevelopment of much of the town was completed between 2004 and 2010, transforming Vail into a globally recognized destination that draws affluent visitors from both domestic and international markets.
The expansive renovation at Vail Cascade will include a complete redesign of the resort and its guest experience. Every aspect of the hotel will be delicately refurbished, positioning the facility as Vail’s only Five-Diamond resort. Amid an array of amenities, guests will enjoy a variety of culinary alternatives, including a new fine dining concept, a vibrant lounge featuring live music and overlooking the majestic Gore Creek and a gourmet market/café. The resort will elevate the slope-side experience with substantially upgraded ski valet and enhanced outfitting services to give guest skiers a one-of-a-kind experience. Inviting and sophisticated guestrooms offering comfort and relaxation, new luxury retail outlets, and a redesigned Spa at the hotel will afford guests the perfect Après-Ski environment. Additionally, the resort’s 45,000 square feet of flexible meeting space, the largest in Vail, will receive a refined overhaul, proving the ideal atmosphere for corporate events, weddings and conferences. Furthermore, the 78,000 square foot athletic club will be re-energized, with new equipment, additional training studios and new guest services and amenities, operated by a premier fitness management company. Laurus Corporation is also exploring additional opportunities in the Vail Cascade area for future development.
Visitors to Vail enjoy direct access from nearby Eagle County Airport, which receives airlift unmatched by most mountain communities, including non-stop service to New York, Los Angeles, San Francisco, Miami and Chicago. Denver International Airport, approximately two hours away, is the 18th busiest airport in the world and receives hundreds of additional domestic and international flights daily. Finally, as the 6th fastest growing city in the U.S. the population of Denver and the nearly five million residents of the Colorado Front Range have easy access to the property via Interstate 70. Vail Cascade Resort and Spa is located at 1300 Westhaven Dr, Vail, CO, 81657.
About Laurus Corporation
Laurus Corporation is a real estate investment and development company that specializes in hotels and resorts, office buildings, multifamily and mixed-use properties. With more than $1 billion in assets under management, Laurus employs an entrepreneurial investment strategy designed to consistently achieve attractive risk-adjusted returns by creating capital appreciation opportunities through repositioning, restructuring, re-development and intensive post acquisition asset management. The company was founded in 1999 by Andres and Jean Paul Szita, and is affiliated with Ethika Investments, LLC, a real estate private equity firm.