The family owners of a mountain lodge in Wyoming’s famous Jackson Hole are wagering its unique location will help secure it a price well above market rate in the famous resort community.

The Alpenhof Lodge at 3255 W. Village Drive in Teton Village, established in 1965, has been listed for $50 million, or about $1.2 million per key for the 38-room property, according to CoStar data. Broker Greg Prugh of Jackson-based Prugh Real Estate is listing the property and confirmed the price in a call with CoStar news.

The price is well above the market average in Wyoming, which according to CoStar data stands at about $163,000 per key, up from $148,000 12 months ago.

The Jackson Hole News reported in September that after the death of Ed Cunningham, who had operated the resort since 1988, it was being sold by his wife Susan.

The Alpenhof, which stands at the base of one of the slope's trams and offers access via a heated walkway to other parts of the resort, also has a pool, spa, and mountain views from its rooms and decks. 

David Sonnenblick, a principal at Beverly Hills, California-based Sonnenblick Eichner, a real estate investment banking firm specializing in the hospitality industry, said the price was in line with other sales of premium resort properties across the Western U.S., especially those with locations that would be difficult or impossible to reproduce. Such properties frequently trade between $1 million and $2 million or more per room, he said.

“You can’t replace that asset," said Sonnenblick, who noted that he had visited the Alpenhof as a former resident of the Jackson area. "It will come in at a very, very attractive price.”

Along with its location, the ability to expand the property will likely boost the value further, he added. Marketing materials noted that zoning would allow the lodge owner to nearly double the number of rooms at the property, adding an additional 46,000 square feet for up to an additional 37 rooms.

While the COVID-19 pandemic hit the Wyoming market hard, driving 12-month occupancies to a low of about 43% in February 2021, the hospitality industry there has started to recover, with occupancy rising to about 53% as of September, the most recent month for which CoStar data was available.