KEYSTONE, Colo.
Vail Resorts announced 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 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 near 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.”
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 renovation will include an interior makeover of all guest rooms as well as enhancements to common areas, all with a modern rustic design aesthetic. The update will also include a new fitness center, new outdoor communal spaces and a more functional main lobby.
"Hyatt Place Keystone is another milestone in Hyatt's thriving domestic development pipeline," said Julienne Smith, senior VP 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.
