Rock Resorts gets fiscal green light for Keystone ski retreat
Vail Resorts’ subsidiary, Rock Resorts, has been granted $232.5 million of construction financing for a mixed-use ski development in Keystone, Colorado.
The 107-key luxury Kindred Resort will be the first of its kind in Keystone, offering a ski-in-ski-out experience.
Varied development
As well as the high end hotel, the resort will contain a new ski school, several new dining options, a private ski club, and 95 luxury residential condo units.
Pre-construction work is underway with estimated completion in 2025. PCL Construction is the project’s general contractor and OZ Architecture is leading the design efforts.
The US project’s funding was arranged by Concord Summit Capital, which sourced a $140 million senior construction loan, $55.47 million in CPACE financing, and a commitment for $30 million of preferred equity investment for the project. Rounding out the capital stack is a $7 million co-general partner investment from Denver-based Pure Development.
Transforming experience
Concord Summit Capital’s MD Peter Goergen said: “The Kindred development team has been terrific to work with. This project required years of work on behalf of the county, Vail Resorts, capital partners, the development team, and countless other stakeholders. Congratulations to all parties involved.
“We’re fortunate to work with capital partners that have a deep understanding of real estate, possess the vision to focus on what’s important in a transaction, and are masters at executing. Kindred will transform the guest, owner, and skier experience in Keystone, and we’re grateful to have played a role in that story.”
Scott Russell, Kindred’s managing partner, added: “We couldn’t be more satisfied with the perseverance and leadership of Peter and CSC, and fully appreciate the team that helped complete the construction financing. The complexity of this type of development requires a sophisticated partner that has relationships, knowledge, and support to complete the capital stack. We look forward to working with CSC again on our next project.”
Related Articles
Cheval Maison to make Dubai debut
Cheval Collection has signed a management agreement with Nakheel which will see the debut of its Cheval Maison brand in Dubai. The 131-serviced apartment property, called Cheval Maison - The Palm Dubai, is due to open in Q1 2023. Contract expansion It will feature a...
Langham to transform Seattle icon
Langham Hospitality Group now owns and will manage a new luxury hotel and branded residences in downtown Seattle, USA, slated to open in 2026. The Langham, Seattle and The Langham Residences will be housed in a new 42-storey building rising up from the iconic façade...
Lake Como to welcome new Edition
Marriott International has signed an agreement with Bain Capital Credit and Omnam Group to bring its Edition Hotels brand to Lake Como, Italy. Owned and developed by Bain Capital and Omnam Group through a fund managed by Kryalos SGR, The Lake Como Edition is slated to...
Project of the Week: Waldorf Astoria Tangier
Gaining our latest Project of the Week status is the luxury Waldorf Astoria brand’s debut in Morocco. The Hilton Worldwide banner’s new high end resort in Tangier is expected to open in 2025 in a prime location close to the north west coast of the country. Record...
Ennismore takes Tribe to Thai capital
Accor division Ennismore has signed an agreement for a swift development for lifestyle brand Tribe in Bangkok. The 272-key Tribe Bangkok Sukhumvit 39 will open its doors in the last quarter of this year, becoming the brand’s first site in Thailand. Design driven The...
IHG agrees first Holiday Inn Indonesian urban beachfront resort
Imagery courtesy of IHG Hotels & Resorts. IHG Hotels & Resorts has signed an exclusive partnership with holding entity Agung Sedayu Group to develop the Holiday Inn brand’s first urban beachfront resort in Indonesia. The agreement expands IHG's brand portfolio...
