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1/26/16
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Laurus purchased the 292-room Vail Cascade Resort & Spa in Vail, CO from a Lowe Enterprises Investors investment client. The transaction was financed with an $85.6 mil acquisition loan.
Located at 1300 Westhaven Drive, Vail Cascade Resort & Spa is one of the only true ski-in/ski-out lodging facilities in Vail. The property is contained on nearly 9.5 acres and situated towards the west end of Vail within Cascade Village. In addition to spacious guestrooms, the Vail Cascade Resort also features over 45k sf of flexible event space, the 78k sf Aria Athletic Club and Spa, Atwater on Gore Creek Restaurant, Fireside Bar, Cascade Village Market and Café, business center and retail outlets.
Lowe Enterprises Investors acquired the property on behalf of its client in 1992 and completed significant repositioning and redevelopment projects during its ownership. Laurus plans to renovate and reposition the property within Starwood’s Luxury Collection. The Vail Cascade will continue to be operated by Lowe’s hospitality management affiliate, Destination Hotels.
Mark Darrington and Larry Kaplan, senior vice presidents, CBRE Hotels, and Bernard Van der Lande, director, CBRE Capital Advisors, represented the seller in the deal. Marc Sallette with CBRE Hotels’ Debt & Structured Finance team in Houston advised on securing the five-year, floating rate, interest-only loan, which was provided by Mesa West.
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