Pacific Group Resorts wins Jay Peak auction: Pacific Group Resorts, Park City, Utah, has won the auction to acquire Jay Peak Resort in Jay, Vermont, for US$76 million. The sale still needs to be approved by the judge presiding over the receivership in federal court in Miami since April 2016. As per court filings, proceeds from the sale will be distributed to defrauded foreign investors on a pro-rata basis. Pacific Group had earlier bid US$58 million for the ski resort. Jay Peak Resort will be the sixth resort addition in Pacific Group’s collection, which includes Powderhorn Mountain Resort in Colorado and Ragged Mountain in New Hampshire. The winning bid of US$76 million is reportedly close to the property’s assessed value of US$85 million. The resort’s former owners, president and adviser are currently in federal prison.
Langham Hospitality adds to US portfolio: Langham Hospitality Group, Hong Kong, will own and manage a new luxury hotel and branded residences in Seattle, Washington. Expected to open in 2026, The Langham, Seattle, and The Langham Residences will be located within a new 42-story building rising up from the façade of the Terminal Sales Annex Building. The hotel will offer 187 guest rooms and suites. The architect for the project is Kengo Kuma & Associates with interiors by Rottet Studio. This marks Langham’s fifth hotel in the U.S. and the first in the Pacific Northwest.
Ghassan Aboud Group grows in Australia: Crystalbrook Collection, the management company of the U.A.E.-based Ghassan Aboud Group, has acquired the 176-room Rydges Sydney Harbour Hotel for US$100 million. The hotel, which is on a long-term ground lease to Place Management NSW, was previously owned by Sydney businessman Chandra Tolani. Ghassan Aboud Group’s Australian portfolio includes properties in Cairns, Byron Bay, Brisbane, Sydney’s Surry Hills and Newcastle.
Legendary Capital sponsors 2 deals: Legendary Capital, Fargo, North Dakota, has financed the acquisition of the 112-key Hilton Garden Inn Pineville in a US$10.7 million transaction and the 112-key Hilton Garden Inn Charlotte North in a separate US$15 million deal with the same owner. These purchases in North Carolina follow two more hotels financed by Legendary Capital in August.