Recent transactions include Wofgramm Capital acquiring the Waldorf Astoria resort in Park City, UT, and CBRE arranging the sale of a Tapestry Collection hotel on the east coast of Florida.
Wolfgramm Capital acquires Waldorf Astoria Park City
Wolfgramm Capital has acquired the Waldorf Astoria Park City hotel in Park City, UT, according to company Cofounder/CEO Phil Wolfgramm. The property was purchased off-market as part of an all-cash deal. The luxury resort continues to be managed by Hilton.
Located at the base of Park City Mountain Resort, the property is the only luxury hotel with slope-side and ski-in/ski-out access to the largest ski and snowboard resort in the U.S., according to the company.
The resort’s guestrooms and suites feature custom furnishings, while suites include kitchens. Amenities include the 16,000-sq.-ft. Waldorf Astoria Spa; Powder, an all-day signature restaurant and bar; meeting and event space; and an outdoor patio with fire pits, a heated pool and jacuzzis.
“Wolfgramm Capital is delighted to be working with Hilton, the current lodging unit owners, the HOA and their asset manager, CooperWynn Capital, in this endeavor,” said Koloa Wolfgramm, COO, Wolfgramm Capital. “We are enthusiastic about taking this hotel to the next level and intend to infuse approximately $60 million into the property. We look forward to sharing more about these enhancements at a later date.”
The property, which opened in 2009, is about five miles from Park City’s historic Main St. and 33 miles from Salt Lake City International Airport.
CBRE Hotels arranges $59M sale of Hotel Melby
CBRE Hotels has arranged the sale of Hotel Melby, Tapestry Collection by Hilton, located in Melbourne, FL. Nella Invest LLC purchased the property for $59 million ($327,778 per key).
Christian Charre, Paul Weimer, Jennifer Jin and Andrew Pastorino with CBRE Hotels represented the seller, a joint venture between Opterra Capital, Willow Street Capital, Duke Hospitality and the LCP Group, in the transaction.
“As the newest property in a prime location, the Melby is exceptionally well-positioned to become the top performing asset in the market. Located in the heart of downtown Melbourne, the property is the only hotel in the market walking distance to entertainment, dining and shopping,” said Charre.
The 180-key hotel opened in April 2021. The 11-story building features a rooftop restaurant and bar, a coffee bistro, a fitness center, more than 12,000 sq. ft. of flex meeting space and a parking garage.
“Hotel Melby is a great example of partnership and collaboration from numerous parties to successfully execute a complex project,” said Glenn Alba, CEO, Opterra Capital. “[COO] Miguel Rivera and [CDO] Naomi Mirsky set the vision and were the driving force behind the project while forging a strong partnership with the City of Melbourne. Welbro Construction delivered an exceptional building based on a design collaboration between ODA Architecture and EoA Group. Duke Hospitality, an early partner in the project, managed the hotel operations and Hospitality Alliance operated the iconic Landing rooftop, with both groups helping to drive outstanding operational results in the first sixteen months of business.”
Mirsky added, “We combined a strong business plan with beauty and inspiring design to generate outstanding results for all stakeholders. We are extremely proud of the landmark we created and its lasting legacy in vibrant downtown Melbourne; we are very pleased we found in Nella Invest the perfect buyer to entrust that legacy to.”