Vail – A subsidiary of Vail Resorts Inc. has sold the Vail Marriott Mountain Resort to Bethesda, Md.-based DiamondRock Hospitality Co. for $62 million, the company said Monday.
“With this price tag, Vail Resorts is thrilled with this sale of the Vail Marriott,” company chairman and chief executive Adam Aron said in a statement.
Vail Resorts purchased the Lions head Village hotel and two adjacent parcels of land for $49.5 million in 2001. The company is not selling the adjacent parcels.
One parcel is already being developed into Gore Creek Place, as part of the Lionshead redevelopment project. At least 10 of the 16 Gore Creek Place townhomes have already been sold for roughly $40 million, according to the company. Vail Resorts has not announced its plans for the second site.
Vail Resorts Lodging Co., a subsidiary of Vail Resorts, will continue to manage the 345-room hotel for the next 15 years under a management contract with DiamondRock.
The deal is expected to close in June.
The hotel will remain a Marriott resort and will retain its current name.
