An affiliate of the Hyatt Lodges Corp. has acquired the Ventana Massive Sur resort for $148 million, or $2.5 million per key, which is a file for a North American resort.
The vendor was Geolo Capital, the personal fairness funding arm of the John Pritzker household workplace, and its joint-venture companion Wanxiang America Actual Property. They acquired the resort in 2015.
“We noticed substantial unrealized worth in controlling 59 of Massive Sur’s 100 out there full-service guestrooms and understood the potential to lift common each day charges following a complete renovation, rebrand and repositioning,” stated John Pritzker, Geolo founding companion and director, in ready remarks.
Ventana Massive Sur will proceed to have the Alila model, which Geolo acquired in 2014, connected to Ventana in 2017, and bought to Hyatt in 2018.
Among the many adjustments Geolo put in place have been a concentrate on experiential programming in addition to a $23 million renovation.
Geolo’s six-year possession of Ventana had its challenges, particularly two main wildfires, three record-breaking mudslides and the Covid-19 pandemic. Nonetheless on the onset of the Covid-19 pandemic, Geolo noticed the chance of promoting the resort’s distant location and re-opened as an all-inclusive property.