Update: We originally reported the incorrect sale price. The Vail Cascade Resort & Spa actually sold for approximately $90 million.
According to the Vail Daily, one of the largest hotels in Vail, Colorado was just sold for $90 million. Los Angeles-based Laurus Corp. bought the Vail Cascade Resort & Spa from Lowe Enterprises, and the sale included the hotel, athletic club, a portion of the parking structure and a vacant parcel. News of the sale coincided with the announcement that Laurus plans to renovate the hotel, originally built in the 1980s, to the tune of about $35 million. The project will start this spring and should include "every aspect" of the hotel, like the rooms, conference space, public areas, and restaurant. The hotel will be closed through parts of the spring, summer, and fall to complete the work in time for next winter.