Vail Resorts announced today the sale of the Inn at Keystone to Dallas-based Realty Capital Partners (RCP). Vail Resorts will continue to manage the property under a management agreement with RCP.
The property will be rebranded to Hyatt Place Keystone in summer 2017 following a significant renovation and repositioning. The rebranding will mark the first significant hotel brand in Keystone, Colo. The property, which currently comprises 103 guest rooms, rooftop hot tubs and an on-site restaurant and bar, is situated between Lakeside Village and River Run Village and is just a short walk to the Mountain House Base area and the Keystone Conference Center.
"We're thrilled to be partnering with RCP to introduce a global brand and its loyal guests to Keystone Resort," said James O'Donnell, executive vice president of hospitality, retail and real estate at Vail Resorts. "We're looking forward to maintaining Vail Resorts' commitment to guest service at the Inn at Keystone through the sale transition and renovation period and ultimately sharing that same commitment with the community and future guests of Hyatt Place Keystone."
In anticipation of the hotel's rebranding to Hyatt Place Keystone, RCP will embark on a full renovation of the property following the close of Keystone's winter 2016-2017 ski and snowboard season and will reopen the property as a Hyatt Place hotel in summer 2017. The comprehensive property renovation will include a full interior makeover of all guest rooms as well as substantial enhancements to common areas, all with a modern rustic design aesthetic. Among the changes, guests of the hotel will be able to enjoy a new fitness center, an alternative grab-and-go dining option, new outdoor communal spaces, and a more functional main lobby with an open floor plan.
"We're pleased to be partnering with Vail Resorts, which has proven itself to be a leader in managing properties in mountain destinations," said Blake Lugash, president of RCP. "Hyatt Place Keystone will be a tremendous asset to the resort, its guests and the community and we're thrilled to be a part of the transformation."
"Hyatt Place Keystone is another milestone in Hyatt's thriving domestic development pipeline for the Hyatt Place brand — and a great example of Hyatt's continued focus on growing premium hotels that will attract high-end business and leisure travelers alike," said Julienne Smith, senior vice president of development for the Hyatt Place and Hyatt House brands. "We look forward to collaborating with RCP and Vail Resorts on this project, and as the first Hyatt select service hotel to be announced for the Colorado Rocky Mountains, we believe it will bring a new and dynamic product to the marketplace."
The all-cash purchase price was $6.4 million and Vail Resorts expects to forego an estimated $0.75 million in Lodging Reported EBITDA in fiscal 2017 due to the transaction, which was not incorporated into the Company's most recent Lodging Reported EBITDA guidance for fiscal 2017.
Keystone Resort features more than 3,000 acres of skiable terrain, an average of 300 days of sunshine a year, convenient lodging and variety of on- and off-snow activities, making it the ideal location for winter and summer vacations. As one of the closest ski resorts to Denver, Keystone is the ultimate family resort destination. Convenient touches like free parking, including front-row family parking, and complimentary red wagons to help parents tote gear and kiddos to and from the slopes help make a family visit to Keystone easy and hassle-free.
Vail Resorts' hospitality division owns and manages hotels, vacation rentals and conference facilities across the base areas of its mountain resorts in Colorado, Lake Tahoe and Utah in the United States, Whistler Blackcomb in Canada, and Grand Teton Lodge Company and Flagg Ranch Company in Grand Teton National Park, Wyoming.
Logos, product and company names mentioned are the property of their respective owners.