WESTPORT, CT—Affiliates of Northview Hotel Group, in partnership with a fund managed by an affiliate of Apollo Global Management, LLC, have announced the acquisition of Hotel Madeline Telluride. Terms of the transaction have not been disclosed.
A member of The Leading Hotels of The World, Hotel Madeline Telluride is located in the Town of Mountain Village in Telluride, and offers 89 guestrooms, 11 suites, 60 residences, 10 employee condominium residences, two restaurants, 4,000 sq. ft. of meeting space, 15,705 sq. ft. of retail space and The Spa at Hotel Madeline.
The acquisition of Hotel Madeline Telluride marks the partnership’s fourth joint venture in the past 18 months. Northview will operate the hotel on behalf of the partnership, as well as oversee multiple, proposed capital improvements projects and the sale of the residences. Northview was pre-approved by the Mountain Village Town Council to manage the property in July of this year.
The partnership plans to invest $7-10 million in the short term to upgrade the common areas, re-concept the property and residence amenities, including the spa and pool area, and complete improvements to the residences. Limited disruption to the hotel operation is expected while this work is carried out.