Eli Pace / epace@summitdaily.com
Vail Resorts lauded the sale of the Village Hotel in Breckenridge to the Colorado-based company, Gravity Haus, in April, saying that the deal would produce a hotel built specifically for “adventurers and athletes.”
At the time, Vail Resorts, the owner of Breckenridge Ski Resort and a handful of other properties in town, said it would continue managing the hotel at 605 S. Park Ave. under a long-term agreement with the buyer, but declined to disclose financial details of the sale.
Property records now show the Village Hotel changed owners for $6.25 million, making it the second most expensive transaction listed on April’s sales report produced by the Summit County Assessor’s Office.
The sale of hotel in downtown Breckenridge ranked behind only a record-breaking sale of a luxury home in Breckenridge that went for more than $10 million and was recorded by the assessor’s office on April 19.
The sale of the Village Hotel was first reported in March, when the Summit Daily News noted the Mountain Top Children’s Museum would be needing a new home following the potential sale of the Village Hotel building, out of which Vail Resorts had been allowing the nonprofit to operate.
The existing 60-room Village Hotel was built at the base of Peak 9 and sits in a prime position in town within easy walking distance to Main Street, Breckenridge Ski Resort and the White River National Forest, among other amenities.
“As Breckenridge continues to grow as a destination, this is an opportune time to reposition the Village Hotel to maximize its potential and enhance the resort experience for today’s guests,” said James O’Donnell, executive vice president of hospitality, retail and real estate at Vail Resorts, in a previously released statement. “We believe we can create more value to our guests by allowing a third-party owner to renovate and redevelop the property.”
Value might be a good choice of words. According to the property records, the Village Hotel was valued at $4.27 million in 2019 after it was appraised at $3.2 million the year before.
The next appraisal could be even more interesting, however, because the hotel is scheduled to undergo a full renovation before being rebranded a “Gravity Haus” property featuring a new hotel-and-membership concept that’s set to debut in time for the next ski season.
According to Vail Resorts, four major investments are going to “reinvigorate” the reimagined hotel. They are a sports-performance gym, a co-working space for locals and travelers, a sustainable coffee shop and a rotisserie-inspired restaurant called “CabinJuice,” featuring a craft cocktail bar, gathering space and healthy menu items.
The hotel is also expected to house a backcountry center, space for gear rentals and lockers, and a Japanese Onsen-inspired spa, along with “a flexible new lodging model” designed for groups, international visitors, and individuals and families from the Front Range.
The sale of the Village Hotel in Breckenridge follows the announcement of another sale of another property owned by Vail Resorts — this one at the base of Peak 8 in Breckenridge — to a developer who’s planning a luxury hotel and wholly owned condos on the property. Details of that sale have not been disclosed.