News Summary
Castle Peak Holdings has acquired Snow King Resort in Jackson Hole, Wyoming, marking its largest investment to date. The acquisition includes plans for extensive renovations with a focus on enhancing guest experiences. The resort, previously operated by KDG Capital, had been facing financial difficulties before the acquisition. Castle Peak aims to transform the property into a four-star family-friendly destination, benefiting from its location near major national parks.
Wyoming – Castle Peak Holdings, an investment firm known for its Trailborn hospitality brand, has completed the acquisition of Snow King Resort located in Jackson Hole, Wyoming. This acquisition marks the firm’s eighth property and is distinguished as its largest investment to date.
Snow King Resort features 203 rooms across an expansive eight-acre property, offering amenities such as a restaurant, indoor and outdoor spa facilities, and ski-in/ski-out access during the winter season. In an effort to enhance guest experiences, Castle Peak has announced plans for extensive renovations which will aim to improve on-site amenities, the building’s exterior, lobby area, meeting spaces, and dining options.
To finance the purchase, Castle Peak Holdings secured an approximate $84 million mortgage, which represents double the initial amount paid by the previous owner, KDG Capital, in 2019. KDG Capital, managed by Tampa cardiologist Kiran Patel, previously owned the resort before the transition to Castle Peak.
Acquisition Specifics
Importantly, the acquisition does not include the Snow King ski area, which remains under the ownership of Max Chapman along with a group of investors. Castle Peak Holdings intends to create a “four-star family resort” that resonates with the local culture of Jackson. This vision includes implementing family-friendly amenities, expanding meeting and special event spaces, and increasing accessibility to nearby natural attractions, including Yellowstone and Grand Teton National Parks.
Financial Context
Prior to the acquisition, Snow King Resort had been operating at a loss, incurring approximately $500,000 annually on its winter operations. To revitalize the resort’s offerings, Castle Peak management has announced an estimated investment of about $25 million dedicated to the intended renovations. Following the renovations, room rates are anticipated to increase significantly, with prices expected to be in the range of $300 to $600 per night.
Company Background
Castle Peak Holdings was co-founded by Ben Weinberg and Michael Weiss, both of whom possess extensive backgrounds in the hospitality industry. The firm demonstrates a focus on properties situated in high-demand outdoor environments where there is limited supply, leveraging their expertise to develop sought-after hospitality destinations.
Future Prospects
Castle Peak’s previous acquisitions include other properties within the Trailborn family, such as Trailborn Grand Canyon, Trailborn Surf & Sound, and Trailborn Highlands. With the purchase of Snow King Resort, Castle Peak further expands its presence in the hospitality sector and reinforces its strategy of developing premium accommodations in locations that draw nature enthusiasts and families alike.
As renovations begin and new plans unfold, the Jackson Hole area may soon see a significant shift in the offerings of Snow King Resort, aiming to elevate both the guest experience and the resort’s contribution to the local community.
Deeper Dive: News & Info About This Topic
- Jackson Hole News & Guide
- Wikipedia: Snow King Resort
- Cowboy State Daily
- Google Search: Snow King Resort acquisition
- SGB Media
- Google Scholar: Snow King Resort Jackson Hole
- Travel and Tour World
- Encyclopedia Britannica: Castle Peak Holdings
- Hotels Magazine
- Google News: Snow King Hotel
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