VAIL - Ferruco Vail Ventures, a family-run investment group based Mexico City, will assume ownership of The Vail Plaza Hotel and Club Jan. 20.
Ferruco Vail Ventures acquired the 100-room, 38-condo property Jan. 4 from former owner Waldir Prado with a bid in federal bankruptcy court in Denver. The sale price was $52 million, but the new owners will pay $46.5 million for the hotel. The rest of the sale price comes from money from condo sales that had been put into an escrow account.
Ferruco Vail Ventures also announced Tuesday that Carbondale-based Timbers Resorts will represent the owner in Vail, and will also manage the real estate operations for the remaining inventory in the property's 38 fractional-ownership condos.
"We feel that The Vail Plaza Hotel and Club is a great asset, which has the ability to contribute positively to the town of Vail," Ferruco Vail Ventures spokesman Greg Spencer said. "We understand any concern that may have existed over the last several months as the property navigated through many challenges and feel the previous owner should be commended on his development of the property and the considerable investment he made in the town of Vail. Our intention is to bring the property to its full potential and we felt that Timbers Resorts, as our partner, was uniquely qualified to achieve this goal. We hope to duplicate the success here that they have achieved at so many of their other resorts around the world."
David A. Burden, CEO and Founder of Timbers Resorts, said his company is excited to have a role in the Vail Plaza.
"Our vision together is to enhance the amenities, services and overall experience for their owners as well as provide a new boutique hotel experience for the returning visitors of Vail," Burden said.
Ferruco Vail Ventures and Timbers Resorts are now looking for a hotel management company to run the property.
Timbers Resorts, founded in 1999, is a developer of small, private, luxury resort properties including private residence clubs, boutique hotels, and club communities. Current Timbers Resorts properties include The Timbers Club in Snowmass; Esperanza in Cabo San Lucas, Mexico; The Rocks Luxury Residence Club in Scottsdale, Ariz.; Castello di Casole in Tuscany, Italy; The Preserve at Botany Bay on St. Thomas in the US. Virgin Islands; One Steamboat Place in Steamboat Springs; The Orchard at The Carneros Inn in Napa, Calif.; The Villas at Rancho Valencia in Rancho Santa Fe, Calif.; and The Links Cottages at Doonbeg in County Clare, Ireland.