The Yarrow has new owners, is again serving alcohol
February 26, 2010
The Yarrow Resort Hotel is now under new ownership.
The Navnish Group "purchased the note" from Wells Street Capital, one of the creditors of former owner Hart Hotels based in New York.
Wells Street Capital won the property in a trustee auction held January 27 after Hart’s efforts to negotiate with creditors failed. No one from the company could be reached for comment.
Many in Park City are already aware a change took place because in the middle of the Sundance Film Festival the property lost its liquor license. The license did not transfer smoothly in the change of ownership so Navnish Group only received final approval for its new licenses on Feb. 23.
The Pub and Mountain Grill are now fully operational serving beer, wine and spirits, said general manager Sam Madsen.
The Navnish Group is not new to the Park City area. An affiliate of the company formerly owned The Hampton and the Holiday Inn Express at Kimball Junction said managing principal Sheenal Patel. It still owns a hotel in Heber City.
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Madsen said he was told the new owners currently plan to operate the hotel the same as it’s been run for the past 30 years.
Hart Hotels’ plans for demolishing the property and building anew "are basically done," he said.
"We haven’t dug into that at this point," Patel said. "We’re just digging into operations it’s a great staff at the hotel. It’s not in our plans now to significantly change operations."
Madsen said the transition has been smooth and doubts anyone in the community will notice changes now that the liquor license is back.
"All of the management and employees are the same. All of their jobs are intact. It hasn’t affected anybody’s job," Madsen said.
He added that the Navnish Group has been familiar with the Park City area for the last four years and "wants to continue to own and operate hotels in the area."
Patel said they were particularly attracted to The Yarrow because of its location and proximity to the three resorts.
"It has a good reputation for providing good value," he said. "It’s a good venue for corporate events due to the large amount of meeting space the most of any hotel in the Park City area. So we have a lot of corporate business from across the country that flies in."