News for the Hospitality Executive
(Denver, Colorado; Chicago, Illinois; Jackson Hole, Wyoming) – September 11, 2012 - HREC Investment Advisors, the nation’s leading lodging and gaming real estate advisory firm, announced today the sale of the Snow King Resort Hotel and Conference Center in Jackson Hole, Wyoming. The 204-key hotel and 158-key condominium management program was purchase by JMI Realty Partners IV. The Owner has contracted with Benchmark Hospitality to operate the hotel.
HREC Investment Advisors and Prudential Preferred Properties (Gillette, WY) were the exclusive real estate investment brokers representing the seller. The sale was negotiated by Scott Kaniewski, Senior Vice President in HREC Investment Advisors’ Chicago office and Mike Cahill, CEO and Founder of HREC from the Denver office.
“We are ecstatic to welcome JMI and Benchmark to our community,” said Manuel Lopez, Snow King Resort President. “Their expertise and abilities are a perfect fit to this hotel that is so dear to our hearts. We couldn't’t have asked for a better group to own and manage this community flagship.”
“This is the second in a series of strategic acquisitions for JMI Realty IV. We are executing on our stated strategy of acquiring irreplaceable real estate that is in need of renovation and repositioning. We see multiple value add opportunities in Snow King. We are also very excited to become a participating member of the Jackson community and are honored to be trusted with such a significant part of the Town,” said Greg Clay, Chief Investment Office of JMI Realty, the Owners General Partner, “and look forward to executing on our plan.”
“This transaction is a win-win for everybody as JMI and its former owners will now jointly renovate and expand the Snow King Resort,” said Scott Kaniewski of HREC.
"JMI has successfully purchased one of the finest pieces of hospitality real estate currently available in the Rocky Mountains, in an irreplaceable and prestigious downtown Jackson, Wyoming, location,” stated Mike Cahill, CEO and Founder of HREC.
The year-round destination resort, (www.snowkingresort.com) which includes a successful hotel, conference center, and condominiums, occupies a dominant geographical location overlooking the Town of Jackson and the surrounding Teton Mountains.
About HREC: HREC is the nation's leading lodging and gaming real estate advisory firm specializing in property sales, mortgage brokerage, equity/JV structuring, consulting (market studies and appraisals), and litigation support. With fourteen offices throughout North America, HREC is distinguished by unwavering commitment to client service through its team approach, intellectual capital and hotel/casino specialization. For more information, visit www.hrec.com
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