Ethika Investment<\/a>s. The latter has invested in the property and will allocate additional capital in connection with the renovation, which will begin in the second quarter of 2016.<\/p>\nThe acquisition price was about $90 million, though the total capitalization is significantly higher because of the $35 million renovation and closing costs, Andres Szita, chairman of both companies, told CPE<\/p>\n
\u201cEthika is the lead investor and invited fund contributors and co-investors to invest at the asset level as well,\u201d he added. \u201cThe exact amount cannot be disclosed, but we can say that Ethika controls the capital stack.\u201d<\/p>\n
Scheduled to be completed during next winter\u2019s ski season, the renovation aims at positioning Vail Cascade, currently a 4-star operation, as the ski town\u2019s only Five Diamond resort. That jump will entail, according to the buyers, significant upgrades to the ski valet, enhanced outfitting services, \u201crefreshed culinary alternatives\u201d and substantial updates to the resort\u2019s 45,000 square feet of meeting space and 78,000-square-foot athletic club. Upgrades will also include luxury bedding, new four- and five-fixture bathrooms, and a new onsite spa.<\/p>\n
\u201cThe investment thesis is to renovate and reposition the asset in a higher-tier market,\u201d Szita told CPE. \u201cCurrent ADR is slightly less than $300, and we plan to close the gap with the upper-tier market that is currently around $500.\u201d<\/p>\n
The transaction follows Ethika\u2019s strategic approach during this cycle, \u201cacquiring assets in high-barrier-to-entry markets at substantial discounts to replacement cost, implementing a modernization plan to deliver the best quality offerings in the market and executing key operational improvements to extract value,\u201d Austin Khan, Ethika\u2019s chief investment officer, said in a prepared statement.<\/p>\n
\u201cThis is a unique opportunity for our investors to acquire a resort that would be nearly impossible to replicate from a cost and location perspective, one of the only true ski-in\/ski-out resorts in a top destination market,\u201d Szita added.<\/p>\n
He cited strong hospitality fundamentals in Vail, in that ADR has increased 32.8 percent over the past six years, even while occupancy improved nearly 10 points.<\/p>\n","protected":false},"excerpt":{"rendered":"
The Vail Cascade Resort and Spa in Vail, Colo., is getting a major facelift with a $35 million renovation and repositioning by Laurus Corp. and Ethika Investments. <\/p>\n","protected":false},"author":882,"featured_media":1004134934,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[1587,21782,21808,21751,21783,13,21742],"tags":[],"class_list":["post-1004134931","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-denver","category-development","category-featured","category-hotel","category-investment","category-midwest","category-latest"],"acf":[],"yoast_head":"\n
High-Altitude Resort to Get High-Quality Upgrades - Commercial Property Executive<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.commercialsearch.com\/news\/high-altitude-resort-to-get-high-quality-upgrades\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"High-Altitude Resort to Get High-Quality Upgrades\" \/>\n<meta property=\"og:description\" content=\"The Vail Cascade Resort and Spa in Vail, Colo., is getting a major facelift with a $35 million renovation and repositioning by Laurus Corp. and Ethika Investments.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.commercialsearch.com\/news\/high-altitude-resort-to-get-high-quality-upgrades\/\" \/>\n<meta property=\"og:site_name\" content=\"Commercial Property Executive\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/CPExecutive\" \/>\n<meta property=\"article:published_time\" content=\"2016-01-18T14:19:01+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2020-05-13T06:29:30+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2016\/01\/Vail-Cascade.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"800\" \/>\n\t<meta property=\"og:image:height\" content=\"378\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Scott Baltic\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@cpexecutive\" \/>\n<meta name=\"twitter:site\" content=\"@cpexecutive\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.commercialsearch.com\/news\/high-altitude-resort-to-get-high-quality-upgrades\/\",\"url\":\"https:\/\/www.commercialsearch.com\/news\/high-altitude-resort-to-get-high-quality-upgrades\/\",\"name\":\"High-Altitude Resort to Get High-Quality Upgrades - Commercial Property Executive\",\"isPartOf\":{\"@id\":\"https:\/\/www.commercialsearch.com\/news\/#website\"},\"primaryImageOfPage\":{\"@id\":\"https:\/\/www.commercialsearch.com\/news\/high-altitude-resort-to-get-high-quality-upgrades\/#primaryimage\"},\"image\":{\"@id\":\"https:\/\/www.commercialsearch.com\/news\/high-altitude-resort-to-get-high-quality-upgrades\/#primaryimage\"},\"thumbnailUrl\":\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2016\/01\/Vail-Cascade.jpg\",\"datePublished\":\"2016-01-18T14:19:01+00:00\",\"dateModified\":\"2020-05-13T06:29:30+00:00\",\"author\":{\"@id\":\"https:\/\/www.commercialsearch.com\/news\/#\/schema\/person\/61ac1450f3ffaa0e850b834c28526555\"},\"breadcrumb\":{\"@id\":\"https:\/\/www.commercialsearch.com\/news\/high-altitude-resort-to-get-high-quality-upgrades\/#breadcrumb\"},\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\/\/www.commercialsearch.com\/news\/high-altitude-resort-to-get-high-quality-upgrades\/\"]}]},{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\/\/www.commercialsearch.com\/news\/high-altitude-resort-to-get-high-quality-upgrades\/#primaryimage\",\"url\":\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2016\/01\/Vail-Cascade.jpg\",\"contentUrl\":\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2016\/01\/Vail-Cascade.jpg\",\"width\":800,\"height\":378},{\"@type\":\"BreadcrumbList\",\"@id\":\"https:\/\/www.commercialsearch.com\/news\/high-altitude-resort-to-get-high-quality-upgrades\/#breadcrumb\",\"itemListElement\":[{\"@type\":\"ListItem\",\"position\":1,\"name\":\"Home\",\"item\":\"https:\/\/www.commercialsearch.com\/news\/\"},{\"@type\":\"ListItem\",\"position\":2,\"name\":\"High-Altitude Resort to Get High-Quality Upgrades\"}]},{\"@type\":\"WebSite\",\"@id\":\"https:\/\/www.commercialsearch.com\/news\/#website\",\"url\":\"https:\/\/www.commercialsearch.com\/news\/\",\"name\":\"Commercial Property Executive\",\"description\":\"\",\"potentialAction\":[{\"@type\":\"SearchAction\",\"target\":{\"@type\":\"EntryPoint\",\"urlTemplate\":\"https:\/\/www.commercialsearch.com\/news\/?s={search_term_string}\"},\"query-input\":{\"@type\":\"PropertyValueSpecification\",\"valueRequired\":true,\"valueName\":\"search_term_string\"}}],\"inLanguage\":\"en-US\"},{\"@type\":\"Person\",\"@id\":\"https:\/\/www.commercialsearch.com\/news\/#\/schema\/person\/61ac1450f3ffaa0e850b834c28526555\",\"name\":\"Scott Baltic\",\"image\":{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\/\/www.commercialsearch.com\/news\/#\/schema\/person\/image\/\",\"url\":\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2022\/06\/Scott.jpg?w=96\",\"contentUrl\":\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2022\/06\/Scott.jpg?w=96\",\"caption\":\"Scott Baltic\"},\"description\":\"Scott Baltic has been a contributing editor with Commercial Property Executive since 2011 and also wrote for its predecessor, Commercial Property News. He started writing about CRE in 1988 for a group of Chicago-based publications and in 1989 became the editor of Midwest Real Estate News. After moving on from there in 1991, Baltic continued writing occasionally about real estate, for publications like the Chicago Sun-Times, National Real Estate Investor, Urban Land, Shopping Center World and Architect\u2019s Newspaper. He earned a master\u2019s in journalism from Northwestern University\u2019s Medill School of Journalism and has a bachelor\u2019s from North Park University.\",\"url\":\"https:\/\/www.commercialsearch.com\/news\/author\/scott-baltic\/\"}]}<\/script>\n<!-- \/ Yoast SEO Premium plugin. -->","yoast_head_json":{"title":"High-Altitude Resort to Get High-Quality Upgrades - Commercial Property Executive","robots":{"index":"index","follow":"follow","max-snippet":"max-snippet:-1","max-image-preview":"max-image-preview:large","max-video-preview":"max-video-preview:-1"},"canonical":"https:\/\/www.commercialsearch.com\/news\/high-altitude-resort-to-get-high-quality-upgrades\/","og_locale":"en_US","og_type":"article","og_title":"High-Altitude Resort to Get High-Quality Upgrades","og_description":"The Vail Cascade Resort and Spa in Vail, Colo., is getting a major facelift with a $35 million renovation and repositioning by Laurus Corp. and Ethika Investments.","og_url":"https:\/\/www.commercialsearch.com\/news\/high-altitude-resort-to-get-high-quality-upgrades\/","og_site_name":"Commercial Property Executive","article_publisher":"https:\/\/www.facebook.com\/CPExecutive","article_published_time":"2016-01-18T14:19:01+00:00","article_modified_time":"2020-05-13T06:29:30+00:00","og_image":[{"width":800,"height":378,"url":"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2016\/01\/Vail-Cascade.jpg","type":"image\/jpeg"}],"author":"Scott Baltic","twitter_card":"summary_large_image","twitter_creator":"@cpexecutive","twitter_site":"@cpexecutive","schema":{"@context":"https:\/\/schema.org","@graph":[{"@type":"WebPage","@id":"https:\/\/www.commercialsearch.com\/news\/high-altitude-resort-to-get-high-quality-upgrades\/","url":"https:\/\/www.commercialsearch.com\/news\/high-altitude-resort-to-get-high-quality-upgrades\/","name":"High-Altitude Resort to Get High-Quality Upgrades - Commercial Property Executive","isPartOf":{"@id":"https:\/\/www.commercialsearch.com\/news\/#website"},"primaryImageOfPage":{"@id":"https:\/\/www.commercialsearch.com\/news\/high-altitude-resort-to-get-high-quality-upgrades\/#primaryimage"},"image":{"@id":"https:\/\/www.commercialsearch.com\/news\/high-altitude-resort-to-get-high-quality-upgrades\/#primaryimage"},"thumbnailUrl":"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2016\/01\/Vail-Cascade.jpg","datePublished":"2016-01-18T14:19:01+00:00","dateModified":"2020-05-13T06:29:30+00:00","author":{"@id":"https:\/\/www.commercialsearch.com\/news\/#\/schema\/person\/61ac1450f3ffaa0e850b834c28526555"},"breadcrumb":{"@id":"https:\/\/www.commercialsearch.com\/news\/high-altitude-resort-to-get-high-quality-upgrades\/#breadcrumb"},"inLanguage":"en-US","potentialAction":[{"@type":"ReadAction","target":["https:\/\/www.commercialsearch.com\/news\/high-altitude-resort-to-get-high-quality-upgrades\/"]}]},{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/www.commercialsearch.com\/news\/high-altitude-resort-to-get-high-quality-upgrades\/#primaryimage","url":"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2016\/01\/Vail-Cascade.jpg","contentUrl":"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2016\/01\/Vail-Cascade.jpg","width":800,"height":378},{"@type":"BreadcrumbList","@id":"https:\/\/www.commercialsearch.com\/news\/high-altitude-resort-to-get-high-quality-upgrades\/#breadcrumb","itemListElement":[{"@type":"ListItem","position":1,"name":"Home","item":"https:\/\/www.commercialsearch.com\/news\/"},{"@type":"ListItem","position":2,"name":"High-Altitude Resort to Get High-Quality Upgrades"}]},{"@type":"WebSite","@id":"https:\/\/www.commercialsearch.com\/news\/#website","url":"https:\/\/www.commercialsearch.com\/news\/","name":"Commercial Property Executive","description":"","potentialAction":[{"@type":"SearchAction","target":{"@type":"EntryPoint","urlTemplate":"https:\/\/www.commercialsearch.com\/news\/?s={search_term_string}"},"query-input":{"@type":"PropertyValueSpecification","valueRequired":true,"valueName":"search_term_string"}}],"inLanguage":"en-US"},{"@type":"Person","@id":"https:\/\/www.commercialsearch.com\/news\/#\/schema\/person\/61ac1450f3ffaa0e850b834c28526555","name":"Scott Baltic","image":{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/www.commercialsearch.com\/news\/#\/schema\/person\/image\/","url":"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2022\/06\/Scott.jpg?w=96","contentUrl":"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2022\/06\/Scott.jpg?w=96","caption":"Scott Baltic"},"description":"Scott Baltic has been a contributing editor with Commercial Property Executive since 2011 and also wrote for its predecessor, Commercial Property News. He started writing about CRE in 1988 for a group of Chicago-based publications and in 1989 became the editor of Midwest Real Estate News. After moving on from there in 1991, Baltic continued writing occasionally about real estate, for publications like the Chicago Sun-Times, National Real Estate Investor, Urban Land, Shopping Center World and Architect\u2019s Newspaper. He earned a master\u2019s in journalism from Northwestern University\u2019s Medill School of Journalism and has a bachelor\u2019s from North Park University.","url":"https:\/\/www.commercialsearch.com\/news\/author\/scott-baltic\/"}]}},"jetpack_featured_media_url":"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2016\/01\/Vail-Cascade.jpg","jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/www.commercialsearch.com\/news\/wp-json\/wp\/v2\/posts\/1004134931","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.commercialsearch.com\/news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.commercialsearch.com\/news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.commercialsearch.com\/news\/wp-json\/wp\/v2\/users\/882"}],"replies":[{"embeddable":true,"href":"https:\/\/www.commercialsearch.com\/news\/wp-json\/wp\/v2\/comments?post=1004134931"}],"version-history":[{"count":1,"href":"https:\/\/www.commercialsearch.com\/news\/wp-json\/wp\/v2\/posts\/1004134931\/revisions"}],"predecessor-version":[{"id":1004437558,"href":"https:\/\/www.commercialsearch.com\/news\/wp-json\/wp\/v2\/posts\/1004134931\/revisions\/1004437558"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.commercialsearch.com\/news\/wp-json\/wp\/v2\/media\/1004134934"}],"wp:attachment":[{"href":"https:\/\/www.commercialsearch.com\/news\/wp-json\/wp\/v2\/media?parent=1004134931"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.commercialsearch.com\/news\/wp-json\/wp\/v2\/categories?post=1004134931"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.commercialsearch.com\/news\/wp-json\/wp\/v2\/tags?post=1004134931"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}![\"Vail](\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2016\/01\/Vail-Cascade.jpg\")
<\/a>The 292-room Vail Cascade Resort and Spa<\/a> in Vail, Colo., will be undergoing a $35 million complete renovation and repositioning, according to a recent announcement by Laurus Corp.<\/a>, a CRE investment and development company that just bought the resort, and affiliated real estate private equity firm Ethika Investment<\/a>s. The latter has invested in the property and will allocate additional capital in connection with the renovation, which will begin in the second quarter of 2016.<\/p>\n