The buyer is an investment group led by Lodging Capital Partners, a private, Chicago-based hospitality investment firm. The transaction is expected to close in January. The management contract with Vail Resorts runs through 2021.
The Snake River Lodge & Spa is located at the base of the Jackson Hole Mountain Resort in Teton Village, Wyo. Vail Resorts purchased a 51% interest in the property in December 2000 and purchased the remaining interest in May 2005. The Snake River Lodge & Spa is located at the base of the Jackson Hole Mountain Resort in Teton Village.
Vail Resorts chairman Adam Aron says the price the company will receive for the foregone Resort Reported EBITDA resulting from the hotel's sale is 50% higher than the multiples of Resort Reported EBITDA historically used in the valuation of Vail Resorts, "before even considering the ongoing revenue stream from the new 15-year management agreement."
Lodging Capital Partners has plenty of room to add value, however, says company principal Steve Kisielica. Growth opportunities at this property include a condo-hotel expansion as well as the potential to add additional guestrooms, he says.
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