Less than a year after launching, private equity real estate firm Wolfgramm Capital has acquired the Waldorf Astoria Park City hotel in Park City, Utah, according to company co-founder and CEO Phil Wolfgramm.
The property was acquired off market and as part of an all-cash deal. The 159-guestroom resort, most recently owned by the Dakota Mountain Lodge Homeowners Association, will continue to be managed by Hilton.
"Wolfgramm Capital is delighted to be working with Hilton; the current lodging unit owners; the HOA; and their asset manager, CooperWynn Capital, in this endeavor,” Koloa Wolfgramm, COO of Wolfgramm Capital, said in a statement, adding that the company planned to “infuse” approximately $60 million into the property.
The resort includes a 16,000-square-foot Waldorf Astoria Spa as well as an all-day signature restaurant and bar, Powder. The Waldorf Astoria Park City also has a meeting and event space as well as an outdoor patio with fire pits, a heated pool and Jacuzzis.
The hotel opened in 2009 and is 35 minutes from Salt Lake City International Airport.