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VAIL RESORTS TO ACQUIRE CRANS-MONTANA MOUNTAIN RESORT: Vail Resorts, Inc. has entered into an agreement to acquire Crans-Montana Mountain Resort in Switzerland from CPI Property Group. Other terms of the deal were not disclosed. This will be Vail Resort’s second ski resort in Europe. The resort is located in the Valais canton and spans more than 1,400 meters of skiable vertical terrain and 140 kilometers of trails. Situated amid the Swiss Alps, the resort offers views of the Matterhorn and the Mont Blanc and has a legacy of being a favored outdoor sports destination for several sporting events. Vail Resorts is acquiring an 84% stake in Remontées Mécaniques Crans Montana Aminona SA, which owns and operates the property’s lifts and supporting mountain operations, including four retail and rental locations. The company is acquiring an 80% ownership stake in SportLife AG, which operates one of the ski schools situated at the resort. Vail Resorts is also acquiring 100% ownership of 11 restaurants located on and around the mountain. Subject to closing adjustments, the valuation for the resort operations is anticipated to be CHF 118.5 million ($135.55 million), including CHF 7 million ($8 million) of debt that will remain in place. The deal is expected to close during the 2023-24 ski and ride season, subject to third-party consent.
WORLDHOTELS LUXURY COLLECTION ADDS IN THE NETHERLANDS: Grand Hotel Karel V in the Netherlands has joined the WorldHotels Luxury Collection. Located in Utrecht, the historic luxury hotel features 121 rooms and suites, many of which have been recently renovated. The hotel includes 13 spacious meeting rooms, a Michelin-starred restaurant, a brasserie, a spa and 10,000 square meters of gardens. The hotel was originally built in the 14th century as the Teutonic Monastery to offer rooms to traveling knights and priests and was later converted into a military hospital.
REMINGTON TO MANAGE REBRANDED LA CONCHA KEY WEST: Remington Hospitality has announced the rebranding of Crowne Plaza La Concha Hotel in Key West, Fla. to La Concha Key West, Autograph Collection. Remington has been managing the hotel and will continue to manage the newly renovated hotel along with its sister company, Premier. Premier has led the hotel’s interior design, project management and procurement. The project is scheduled for completion by early 2024. The 160-room La Concha Key West, Autograph Collection is located in the Downtown Historic District of Old Key West. The hotel features a recently renovated pool, fitness center and rooftop lounge with city views. Remington will also be managing the three F&B venues at the hotel.
REFINANCING FOR THE COPLEY SQUARE HOTEL: JLL’s Hotels & Hospitality group has arranged refinancing for The Copley Square Hotel, a FOUND Hotel in Boston. JLL represented the borrower, Hawkins Way Capital, LLC. The 164-room boutique hotel has over two floors of F&B retail space. The seven-story, select-service hotel is managed by FCL Management and was last renovated in April 2022. The hotel includes a fitness center, communal kitchen, on-site laundry facilities, dining options and valet parking.
WORLD OF HYATT EXPANDS BENEFITS, REWARDS: World of Hyatt, the guest loyalty program by Hyatt Hotels, has announced added benefits from January 1, 2024, offering more flexibility and choices for members. This update introduces a wider range of award selection, gifting and redemption options accessible online or through the World of Hyatt mobile app. The program will have new options for meeting and event planners, small business administrators and travel advisors to earn status and milestones when opting for Hyatt for their colleagues and clients. Event planners and travel advisors planning events or booking on behalf of travelers can earn two-night credits toward tier status for every $5,000 (up to $150,000) on qualifying bookings and events booked through Hyatt Privé or when booking through Hyatt channels. Small business administrators can earn two-night credits for every $5,000 (up to $150,000) every year. Members will be recognized more frequently and gain the flexibility to use their awards or gift awards to acquaintances. Milestone rewards will begin after 20 qualifying nights (or 35,000 base points) and continue for each 10 qualifying nights.
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