Four Seasons sale is CBRE’s second Vail price record
December 1, 2016
VAIL — Even in the digital age, record-setting sales require shoe leather, says the company that pulled together both of Vail's most high-dollar sales.
CBRE Hotels brokered the record $121 million deal for Vail's Four Seasons to a New York company and its Asian partner. That deal, announced yesterday, is the latest in the company's string of successes in the Vail Valley.
Last December CBRS brokered the $90 million deal to sell the 292-room Vail Cascade Resort and Spa to Los Angeles-based Laurus Corp. Laurus is wrapping up a $35 million renovation.
CBRE also put together the $22.4 million deal for the Holiday Inn Vail.
Selling one hotel helps pave the way to sell others, said Mark Darrington, senior vice president of CBRE Hotels.
"It has been a busy time in valley," Darrington said.
Four Seasons General Manager Brent Martin is happy about sale, and that the hotel is now in the portfolio of New York-based Extell Development Company, which specializes luxury hotels and residences.
"It's a good day for the Four Seasons and a good day for Vail," Martin said.
The sale ends Barclay Capital's involvement. The financial firm had owned the hotel since 2009 when Barclay acquired it from the original developer, Black Diamond-Vail LLC. The hotel was still under construction.
"Barclay was not taking a long-term position on the," Martin said. "Extell has an impressive portfolio with experience in luxury properties. We're all very excited about this."
Extell Development Company and Chinese firm Parkland Holdings partnered to buy the Four Seasons. Extell's Gary Barnett is a major player in New York City luxury real estate. The portfolio includes the 90-story One57 that houses a Park Hyatt, and the W Hotel in Times Square.
Keeping the band together
It helps that the trio who sold Cascade also sold the Four Seasons, Darrington said.
After a global campaign, Darrington, Larry Kaplan, and Bernard Van der Lande from CBRE's New York investment bank "sourced a multitude of capable buyers — both foreign and domestic," Darrington said.
Van der Lande, Darrington and Kaplan of CBRE Hotels, represented the seller, Barclays, in the Four Seasons sale.
The hotel opened in 2010 after delays.
Some of the Four Seasons' record $121 million pricetag stems from being a luxury property in Vail, some from working that market.
"In a sense we, with our effort, created that market, beginning with architecture of the offering and then the offering process," Darrington said. "A competitive landscape of investors always results in a higher pricing and better proceeds for the seller," Darrington said.
The Four Seasons is a AAA Four Diamond hotel featuring 121 hotel guestrooms and 13 two-to- four bedroom condominiums. Amenities include a 14,935-square-foot spa, more than 7,000 square feet of meeting and event space, Flame restaurant and The Remedy Bar. The resort also has ski valet facilities near the base of Vail's Gondola One.
Staff Writer Randy Wyrick can be reached at 970-748-2935 or firstname.lastname@example.org.
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