East West Partners announced plans Tuesday to build a $300 million mixed-use development on the banks of the Eagle River in Avon.
The company plans to build a 200-room Westin hotel with a full-service spa and a fitness center on a roughly 20-acre parcel of land purchased from Vail Resorts Inc. for an undisclosed price.
“This will be the first truly luxury hotel and resort in the town of Avon,” said Chuck Madison, partner at Avon- based East West.
East West also plans to build about 130 condominiums and townhomes and 100 fractional- ownership residences on either side of the hotel, along with a new riverfront park and a retail plaza. The company hopes to get at least $700 per square foot for the residential units.
“This makes sense because of the residential component,” said Mike Cahill, president of HREC-Hospitality Real Estate Counselors in Englewood. “The residential component reduces the economic stress on the hotel, and the hotel helps them to achieve sales premiums on the condos and fractional units.”
The development would be linked to nearby Beaver Creek ski resort via a proposed public gondola that could transport eight people at a time.
“The connectivity from the town up to the ski area is one of the key components of the project,” Madison said.
Pending approvals, groundbreaking for the new development could happen as early as next summer, Madison said.
Staff writer Julie Dunn can be reached at 303-820-1592 or jdunn@denverpost.com.
