Hyatt Place Rebrands the Inn at Keystone
- Nov 23, 2016
Keystone, Colo.—Vail Resorts recently announced the sale of the Inn at Keystone to Dallas-based Realty Capital Partners. Vail Resorts will continue to manage the property under a management agreement with RCP.
The all-cash purchase price was $6.4 million and Vail Resorts expects to forego an estimated $0.75 million in Lodging Reported EBITDA in the 2017 fiscal year due to the transaction, which was not incorporated into the Company’s most recent Lodging Reported EBITDA guidance.
The property will be rebranded as Hyatt Place Keystone in summer 2017 following a significant renovation and repositioning. The rebranding will mark the first significant hotel brand in Keystone, Colo. The 103-key property, which currently features rooftop hot tubs and an on-site restaurant and bar, is situated between Lakeside Village and River Run Village and is just a short walk to the Mountain House Base area and the Keystone Conference Center.
“Hyatt Place Keystone is another milestone in Hyatt’s thriving domestic development pipeline for the Hyatt Place brand — and a great example of Hyatt’s continued focus on growing premium hotels that will attract high-end business and leisure travelers alike,” Julienne Smith, senior vice president of development for the Hyatt Place and Hyatt House brands, said in a statement. “We look forward to collaborating with RCP and Vail Resorts on this project, and as the first Hyatt select service hotel to be announced for the Colorado Rocky Mountains, we believe it will bring a new and dynamic product to the marketplace.”
In anticipation of the hotel’s rebranding as Hyatt Place Keystone, RCP will embark on a full renovation of the property following the close of Keystone’s winter 2016-2017 ski and snowboard season and will re-open the property as a Hyatt Place in summer 2017.
Image courtesy of Keystone Resort