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CIT Co-Arranges $65MM Acquisition Financing For Four Seasons Vail

January 06, 2017, 07:35 AM
Filed Under: Hotel & Resort

CIT Group Inc. announced that CIT Real Estate Finance served as Co-Arranger and Administrative Agent for a $65 million senior secured credit facility to a joint venture between Extell Development Company and Parkland Group. The financing supports the acquisition of the Four Seasons Vail, a luxury, five-star resort located in Vail, Colorado. Financing was provided by CIT Bank, N.A., the principal bank subsidiary of CIT. Terms of the transaction were not disclosed.
The property features 97 luxury guestrooms, 24 suites, and 13 club units as well as 227 below-grade parking spaces. Amenities include a ski concierge at the base of Vail Gondola One, a 14,900-square-foot five-star spa facility, 8,500 square feet of meeting space, and a 2,200-square-foot fitness facility, along with a restaurant and bar.

Todd Noonan, EVP of Extell Development, said, "This is a great property that performs well. Vail is one of North America's most popular ski resorts with over 2 million visitors annually. We're excited to own such a prestigious property that has become a year-round destination. Partnering with Matt Galligan and his team at CIT meant the transaction would close quickly and accurately."
Matt Galligan, President, CIT Real Estate Finance, said, "Vail has long been considered a gateway for winter sports and is the most visited ski destination in the country. Its proximity to Denver and major throughways makes it a prime attraction for both in-state and out-of-state visitors. It has been a pleasure to share our industry expertise with Extell Development Company and Parkland Group, and we look forward to working with both firms again."

Chris Niederpruem, Managing Director, CIT Real Estate Finance, said, "The acquisition of this property represents a unique opportunity in this market. Vail is one of North America's most celebrated resorts and attracts families from all over the world for its renowned skiing, warm weather outdoor activities, and small town charm. We're pleased to be able to provide this financing."

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