Braemar pursues a sale of its business, no longer believing “a luxury RevPAR lodging REIT can flourish in today’s market environment”
“Located at the base of Beaver Creek Mountain, the property offers ski-in/ski-out access as well as newly renovated guest rooms and a full-service spa. Braemar, then Ashford Hospitality Prime, acquired the resort in 2017 for $145.5 million.
The deal comes as Braemar pursues a sale of its business, no longer believing “a luxury RevPAR lodging REIT can flourish in today’s market environment,” according to an August statement. Industrywide, however, there have been several notable luxury hotel transactions this year as the segment remains desirable to investors.” according to HotelDive
After initiating a process to sell last year, Braemar Hotels & Resorts has determined a new course of action, including terminating its advisory agreement with Ashford Inc. and its affiliates.”
I personally think it’s true and especially for Colorado luxury resort scene. It’s much cheaper and more interesting to travel to European Alps. Plus more affordable for both the youth and elders. Plus road access and transportation options available in Europe will never be available in Colorado. Ever. Access to locations primary part of the travel budget. When you have to spend $450.00 and 3 hours to get to the resort from the nearest airport you loose about 1 day of your travel. What is the point? Younger generation inspite of excessive digitalization respects practicality. These locations loosing profits because they are not practical for anyone but celebrities , and due to their lack of public transportation options. Colorado one of few states with a sad luxury resorts dying.
Ironically Caesar’s Entertainment in my opinion may follow to complete demise next. Only celebrities can or willing to afford it. Middle class became nearly homeless. They certainly not interested in visiting luxury resorts when they can’t afford a dinner. But hilarious thing most of the Celebrities who travel there carry loads is personal debts that will only increase with gambling. You can see how this wheel of debt will always roll never ever stopping or recovering. Another eye opening: Gen X, Millennials and Gen Z are all digital assets, like bitcoins investors. Most current gamblers are still wrapped up in cash or credits. Time will show, but I think Ceasars Entertainment kind of done.
