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Team behind Whistler Blackcomb test new resort concept
Replay Resorts expects its new property will bring in $55M in sales
UPDATED August 13, 2018: Blend micro-units with Airbnb and U.K.-based yuppie hotel chain, Yotel, and the result would be Replay Resorts’ new ski resort, YotelPAD.
The 144-unit condo building in Park City, Utah will function like a hotel with amenities including living room-like lounges, mini-movie theaters and fully-stocked gyms. But owners can opt to have their “pads” rented out by Replay. Most units are between 338 to 500 square feet in size and the largest units, of which there are only four, are 1,000 square feet.
Yotel is the operator and each room is outfitted with adjustable furniture to transform the layout. Designed by Method Studios, the architects and interior designers on the project, specified adjustable Italian furnishings by manufacturer, Clei Furniture.
Prices for the pads range from $275,000 to $900,000 and Berkshire Hathaway HomeServices, which Replay says is the brokerage with the most market-share in the area, is handling sales. So far 100 of the units have reservations and Replay is working to confirm contracts in the coming weeks in order to get their construction loan–for an amount they declined to disclose–released.
Replay CEO Michael Coyle and chairman Joe Houssian co-founded the company in 2007 after leaving Houssian’s Intrawest Corporation, which was one of the companies driving the development of Whistler Blackcomb, the famous Canadian ski resort that hosted events for the 2010 Winter Olympics in Vancouver.
Though Replay develops both hot and cold vacation spots, YotelPAD was born out of the increasing prices in ski towns, according to Todd Patrick, Replay’s vice-president of marketing and sales. YotelPAD borrows the micro-unit concept from cities like New York, San Francisco, London, Tokyo, and Vancouver (where the firm’s headquarters is located), and combined the emerging apart-hotel concept with it to produce the thrifty mini-units.
Patrick said they conducted a survey of realtors they knew in ski communities around Colorado and Southern California before launching their condo-hotel idea and received an unanimous, “Bring it on.”
Construction is supposed to begin on the property this fall and Patrick estimated the hotel will gross $55 million in sales revenue upon completion.
According to YotelPAD’s website, the concept will be launching in Europe and the United Arab Emirates next.
This story was updated to reflect the correct estimate for sales revenue. An earlier version of the text provided the hotel’s estimated annual revenue.