MIG Real Estate LLC (MIG), a national real estate investment company headquartered in Newport Beach, Calif., has purchased the DoubleTree by Hilton Hotel Breckenridge from Vail Resorts, Inc.
The DoubleTree Breckenridge, located at 550 Village Road in Breckenridge, is ideally positioned at the base of Breckenridge Resort’s Peak 9 within walking distance of the Breckenridge Historic District. MIG has retained Vail Resorts Hospitality to manage and operate the asset.
“We are thrilled to acquire the DoubleTree by Hilton Hotel Breckenridge, an irreplaceable asset in one of Colorado’s top mountain resort towns,” said Kyle Halbrook, hotel acquisitions manager for MIG Real Estate. “The asset is an exciting addition to MIG’s growing portfolio of hotels located in highly desirable, leisure-driven markets with strong operating fundamentals.”
The Breckenridge property joins other MIG-owned hotels located in top destinations including Jackson, Wyo., Sedona, Ariz., and San Diego.
The DoubleTree by Hilton Hotel Breckenridge was built in 1985 and offers 208 rooms with approximately 8,500 square feet of meeting space. Onsite amenities include an underground parking garage, fitness center, outdoor hot tubs, and recreation equipment storage, as well as Breck Sports, rental and retail shop; Made Market, a grab-n-go convenience store; and 9600 Kitchen, a casual, modern eatery serving classic American foods from local farms and ranches.
MIG intends to reposition the asset in the coming year geared towards year-round resort activities, with curated amenities, premium dining, and equipment rentals for a variety of mountain activities.
“We are excited to continue our working relationship with Vail Resorts as the hotel embarks on a major repositioning targeted at creating a destination within a destination,” added Halbrook. “Thank you to Vail Resorts and the CBRE team for their efforts in the successful transaction.” The sale was brokered by CBRE Hotels’ Mark Darrington and Larry Kaplan.
MIG’s hotel portfolio currently includes 18 properties in California, Arizona, Colorado, Wyoming, Florida, Georgia, and North Carolina, as well as Alberta, Canada.