CIT Co-Arranges $65M Financing for Luxury Resort in Colorado
- Jan 09, 2017
Denver—CIT Group Inc. recently announced that CIT Real Estate Finance served as co-arranger and administrative agent for a $65 million senior secured credit facility to a joint venture between Extell Development Co. and Parkland Group, for the acquisition of Four Seasons Vail, a five-star resort located in Vail, Colo.
Financing was provided by CIT Bank, N.A., the principal bank subsidiary of CIT. Terms of the transaction have not been disclosed.
The resort features 97 luxury guestrooms, 24 suites and 13 club units, as well as 227 below-grade parking spaces. Amenities include a ski concierge at the base of Vail Gondola One, a 14,900-square-foot spa facility, 8,500 square feet of meeting space, a 2.200-square-foot fitness facility, a restaurant and a bar.
“This is a great property that performs well. Vail is one of North America’s most popular ski resorts with over 2 million visitors annually. We’re excited to own such a prestigious property that has become a year-round destination. Partnering with Matt Galligan and his team at CIT meant the transaction would close quickly and accurately,” Todd Noonan, EVP of Extell Development, said in prepared remarks.
Image courtesy of Four Seasons Vail