Vail Resorts will sell Jackson Hole lodge
VAIL Vail Resorts announced Thursday that one of its subsidiary companies has entered into a contract to sell the Snake River Lodge & Spa, located in Jackson Hole, Wyo., for $32.5 million. The buyer is a group led by Lodging Capital Partners, a private, Chicago-based hospitality investment firm. The transaction price equates to approximately $369,300 per hotel key. The deal is scheduled to close in January. The hotel will keep its name and continue to be branded as a RockResort through 2021, under a 15-year management contract.Vail Resorts bought a 51 percent interest in the 88-room hotel in December 2000 and purchased the remaining 49 percent interest in May. The Snake River Lodge & Spa is located at the base of the Jackson Hole Mountain Resort in Teton Village, Wyo. This sale is beneficial for Vail Resorts as we will retain management of the hotel, through our RockResorts subsidiary, for 15 years while at the same time continuing our strategy of capitalizing on current robust hotel market valuations, Vail Resorts chief executive Adam Aron said. Vail, Colorado
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