Real estate private equity firm Wolfgramm Capital acquired the 160-room Waldorf Astoria Park City in Park City, Utah.
The all-cash deal was conducted off-market, according to the news release. The luxury hotel will continue to be managed by Hilton. No price was disclosed.
"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," said Koloa Wolfgramm, chief operating officer for Wolfgramm Capital. "We are enthusiastic about taking this hotel to the next level and intend to infuse approximately $60 million into the property. We look forward to sharing more about these enhancements at a later date."
The hotel is located at the base of Park City Mountain Resort, a ski resort that was home to four events at the 2002 Winter Olympics. The resort also features summer activities such as hiking and golfing.
This is Wolfgramm Capital’s second acquisition in the last week, as it also acquired the 78-room Residence Inn by Marriott Shreveport Airport in Shreveport, Louisiana, for $7 million on Aug. 30.
Over the last eight months, the company has acquired more than $200 million worth of assets, according to the company’s website.