Sierra Nevada Resort & Spa
Waterton Acquires Sierra Nevada Resort & Spa In Mammoth Lakes, Ca For Second Lifestyle Hotel Repositioning
Waterton, a Chicago-based national real estate investor and operator, today announced it has acquired The Sierra Nevada Resort & Spa, an independent hotel located in Mammoth Lakes, CA. Opened in 1970 and located at 164 Old Mammoth Rd. in Mammoth Lakes, the 151-key lifestyle hotel will undergo a full renovation and repositioning.
A long-time local favorite, The Sierra Nevada Resort & Spa is well-located on a six-acre site just south of Main Street, the main thoroughfare in downtown Mammoth Lakes. The property offers convenient access to Mammoth Mountain Ski Area, the third largest ski resort in the U.S., Mammoth Lakes Hiking Trails, the east gate of Yosemite National Park and the newly expanded Bishop Airport.
Waterton will execute a top-to-bottom renovation strategy, which will include updates to current hotel rooms and outdoor common areas and adding 30 well-appointed resort cabins to the site.
Waterton will also reimagine the three existing food and beverage outlets, combining them into one central location to create a lively destination for guests and the community at large. Existing retail space will also be updated to offer guests and local residents an improved experience including outdoor activity rental equipment such as bikes, ski gear and fishing equipment.
The hotel is the second investment in an experience-based, lifestyle hotel portfolio, repositioning middle-market hotel properties to give travelers an upscale experience at an attainable price. Waterton will capture immediate operational upside through a property management agreement with Springboard Hospitality, a hotel management firm with extensive experience in lifestyle hotel repositioning, including management of The Virginian, Waterton's recent hotel acquisition in Jackson Hole, WY, and existing roots in the Mammoth Lakes hospitality market.