For Sale: Snow King — Iconic resort on the block…again
JACKSON HOLE, WYO – Rumors that Snow King Resort Hotel is actively being listed for sale have been confirmed by Buckrail.
The property is being listed by CBRE, a self-touted “world’s largest commercial real estate services firm.” CBRE is calling itself the exclusive selling agent for “the 203-room Snow King Resort Hotel in Jackson, Wyoming, with additional 98-key condo rental management program, for a total 301 keys of lodging inventory in the heart of Jackson Hole.”
As representatives of the recreational aspects of Snow King, which is separately owned by Max Chapman Jr. and referred to as Snow King Mountain Resort (SKMR), continue to walk through the process of reworking a master plan for expansion of the ski area, news that the lodging component of the complex is for sale may complicate proceedings with town leaders—some of whom have expressed concern over commercial entitlements at base area.
In its listing, CBRE refers to the property being offered “with in-place development rights to build an additional 50,000 square feet of commercial space and 200 APOs (Average Peak Occupancy) which translates into 100 hotel units or 50 residential condominiums. The 8.28-acre site consists of available land to execute on this highly valuable future development project.”
Snow King Resort Hotel is currently owned by JMI Realty Partners, a real estate investment firm co-owned by former San Diego Padres owner John Moores. That company, in a joint venture with Siguler Guff, along with Benchmark Hospitality International as the operating partner, bought the property from Manual Lopez five years ago in a deal that was finalized on September 11, 2012.
Complex and disjointed ownership of the entire Snow King area has on occasion bogged down talks between SKMR and town officials as Chapman has pressed expansion and renovation of the recreational parts of the resort. Several distinct owners own more than two dozen parcels in play at the base of Snow King and along Snow King Avenue including numerous investment groups, Crystal Creek Capital (Town Hill Lofts condos going in now), Ralph Gill, and even Harrison Ford.
More from the Snow King listing:
CBRE is marketing the listed property as, “The only institutional quality lodging property of scale in the Town of Jackson, and also the only property with substantial meeting space.”
Their background on the commercial real estate climate includes: “The unavailability of land in the Town of Jackson, along with stringent development standards and a lengthy and expensive entitlement process, has contributed to a very difficult environment for hotel development. Over the last 15 years the inventory of hotel rooms in Jackson has grown at a minuscule 0.5% annually, among the smallest growth rates for a resort destination in the United States.”
Highlights of Snow King from CBRE:
- Only institutional quality asset of scale in Jackson, and the only hotel in the market with significant meeting space
- Strong in-place cashflow combined with value-add opportunities through management, branding optionality, and targeted capital investment
- Excess land provides entitled development opportunity
- Year-round world-class resort destination
- Strong lodging market with favorable supply & demand fundamentals
- Irreplaceable asset
- Unencumbered of brand and management