Park Hyatt Residences sold out
January 22, 2014
BEAVER CREEK — East West Partners recently announced that The Residences at Park Hyatt Beaver Creek, a Hyatt Residence Club, are now completely sold. These 15 fractional ownership residences were created in 2006 during a $30 million remodel of the Park Hyatt Beaver Creek that transformed 55 hotel rooms that used to occupy one wing of the resort into 15 luxury residences. The final sale closed Dec. 27.
"We're pleased that The Residences maintained momentum through a difficult economic landscape and are now sold out," said Harry Frampton, managing partner of East West Partners. "I think it's a true testament to our talented sales team."
The fractional ownership residences, nine two-bedroom and six three-bedroom, were an answer to the growing demand for vacation experiences allowing guests to not only choose the destination, but also choose the specific timing for their getaway.
Ross Bowker, senior partner and project manager for The Residences, explained that the 15 luxury residences were sold as 1⁄20 shares in the Hyatt fractional program, creating 300 fractional opportunities.
"These residences were engineered for maximum comfort and to utilize their proximity to all the best of Beaver Creek," Bowker said. "East West was pleased to not only be the development manager, but also proud to continue to partner with the current owner, Walton Street Capital of Chicago, and Hyatt Hotels to create a legacy of luxury."
Despite the downturn of national and local real estate sales due to the recession, The Residences continued to attract attention and sales continued throughout due to its location, wide array of amenities available to owners at Park Hyatt Beaver Creek and the commitment of the sales team.
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CONSISTENCY FOR OWNERS
One of the most attractive points of the offer was the fact that each owner receives the same ski week of their choice each year.
"Our buyers are skiers," said Steve Cardinale, the listing broker at Slifer, Smith & Frampton for The Residences at Park Hyatt Beaver Creek. "Buying at the Residences means that owners stay in the condo they purchase for the same week they chose each year. They know the views, they know the quality, they know the time — you can buy airline flights five years in advance and plan your family holidays with assurance."
In addition to the week during ski season, owners also receive 10 additional days during spring, summer and fall that are available at The Residences at Park Hyatt Beaver Creek, as well as any other Hyatt Residence Club, a program. The most recent Hyatt Residence Club to join the portfolio is located in Maui.
"As the economy recovers from the recent downturn, fractional vacation options become more appealing because potential buyers see the costs associated with whole ownership," said Palmer. "When you weigh the benefits and look at the costs, fractional ownership still has the glamour of owning a second home, but it acknowledges the actual usage of a vacation property."
The final sales of The Residences coincided with the reopening of Park Hyatt Beaver Creek, which closed for three weeks in the fall of 2013 to complete the renovation.