A joint venture partnership between Urgo Hotels & Resorts and Triumph Development, LLC announced today that it broke ground on a 129-suite, custom-designed Residence Inn by Marriott in the heart of Breckenridge, Colo. Set to open in the fall of 2016, it will be the first new hotel built in Breckenridge in more than 20 years and is the first Marriott-branded hotel in the market. Urgo and Triumph will oversee the development of the hotel and Urgo will operate the hotel.
“Both Triumph and Urgo have a strong history of developing and repositioning hotels in mountain ski markets,” said Mathew Jalazo, director of development at Urgo Hotels. “We are patient developers, seeking unique sites with high upside potential. Urgo and Triumph have been working on this project for over two years, acquiring the shuttered Breckenridge Mountain Lodge, arguably one of the best sites in the market, and then shepherding the project through the extensive permitting process.
“The Residence Inn will be only the second branded hotel in the market and we expect the Marriott flag and exceptional location to give us a compelling competitive advantage,” he added.
The custom-designed, three-story property is centrally located on a 2.6-acre parcel at 600 South Ridge Street, across the street from the Village Base Area and QuickSilver Chair Lift at the southern end of Main Street. The hotel is in the heart of the city’s retail/social district with more than 75 bars and restaurants and 160-plus shops and boutiques within an easy walking distance.
The hotel was designed to showcase the surrounding mountains. Two-story, floor-to-ceiling windows opens the lobby to breathtaking vistas , while the lobby bar features comfortable seating areas opening onto an outdoor terrace with stunning views of the Tenmile Mountain Range. A year-round, heated, outdoor pool and patio also provide remarkable outlooks over the town and the surrounding valley.
The hotel will provide ski lockers and a ski valet service that will provide seamless ski drop off at the hotel and pick up at mountainside. All custom-designed suites will offer full kitchenettes and sitting areas, creating comfortable accommodations for both overnight guests and longer-term visitors to the resort. The hotel will appeal to both leisure travelers and business groups and offers approximately 1700-sqare feet of meeting space for meetings and conferences.
“Breckenridge is one of the closest major ski resort to Denver and the Denver International Airport and consistently ranks as one of the two most visited ski destination in the U.S.,” said Michael O’Connor, COO and Principal of Triumph Development. “It is a year-round resort, attracting skiers, golfers, bikers, hikers, mountaineering, fishing and rafting. The Breckenridge lodging market has enjoyed three consecutive years of strong growth. With Vail Resort’s recent significant improvements to the ski area, the Town of Breckenridge’s continued local marketing efforts, and the strength in the Colorado economy, the market is poised for continued expansion. We look forward to being a good community neighbor, meaningful employer and contributor to the local economy.”
Urgo Hotels & Resorts is a Bethesda, Md.-based hotel company that develops, owns and/or operates distinctive and unique hotels and resorts in major US markets and resorts in Canada and the Caribbean. The current portfolio is comprised of 33 hotels with more than 4,600 rooms, including six under construction, and an active pipeline of acquisition and development projects. The company develops, builds, and operates for its own account, as well as provides third-party management and asset management services.
Triumph Development, LLC, a division of Triumph Partners, was founded in 2002 in Bethesda, Md., and opened an office in Vail, Colo. in 2006. The company focuses on resort and commercial and residential real estate development. Triumph Partners is a full-service real estate company providing diversified commercial, residential and resort real estate development, asset management, consulting, property management, and commercial and residential brokerage.
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