News release

$30M refinancing secured for Forbes Five-Star resort in Telluride, Colorado

JLL Capital Markets arranged financing for The Madeline Hotel, Auberge Resorts Collection

January 26, 2023

Kristen Murphy

Capital Markets, Hotels & Hospitality and Value & Risk Advisory PR
+1 617 848 1572

SAN JOSE, CALIF., Jan. 26, 2023 – JLL Capital Markets announced today that it has arranged a $30 million refinancing for The Madeline Hotel, Auberge Resorts Collection (“The Madeline”), an 83-key luxury resort with 56 separately-owned condominiums in the popular mountain town of Telluride, Colorado.

JLL worked on behalf of the borrower, Flynn Properties Inc., to secure the five-year, floating-rate loan through Värde Partners.

The resort, which was originally built in 2009 and underwent extensive renovations in 2020 and 2021, is the only Forbes Five-Star resort in Telluride. Designed as a luxury mountain lodge, guest accommodations feature plush furniture, soft linens, wood case goods and panoramic mountain views. The Madeline offers a spa, 24-hour fitness studio, outdoor retail plaza and the Sky Terrace which includes an outdoor pool, two oversized spas, multiple firepits and a bar. The hotel offers multiple food and beverage outlets, including Black Iron Kitchen & Bar and the Timber Room. In addition to the on-site amenities, the resort offers direct ski-in/ski-out access to the 147 trails of the Telluride Ski Resort as well as curated experiences, such as heli-skiing, dog sledding, snowshoeing and ice climbing in the winter and fly fishing, dirt biking, horseback riding and helicopter tours in the summer.

The Madeline is part of the main plaza in the Town of Mountain Village, a European-style resort town situated on a bluff above the valley floor of the San Juan Mountains and is adjacent to the world-famous Telluride Ski Resort. The towns are connected by a gondola, which provides a 13-minute ride between the two towns and can transport 480 people per hour. In addition to skiing, the area has become a popular destination for festivals, golfing, hiking, camping, rock climbing and other outdoor activities.

The JLL Capital Markets Debt Advisory team representing the borrower was led by Senior Managing Director Jordan Angel, Executive Vice President Jeffrey Bucaro and supported by Associate Ethan Habecker.

“This property highlights Flynn’s incredible skill as an owner of luxury resorts. The property’s renovations, location and association with the Auberge luxury brand supported many financing options and Värde Partners was selected for their strong reputation and loan terms,” said Angel.

JLL Capital Markets is a full-service global provider of capital solutions for real estate investors and occupiers. The firm's in-depth local market and global investor knowledge delivers the best-in-class solutions for clients — whether investment sales and advisory, debt advisory, equity advisory or a recapitalization. The firm has more than 3,000 Capital Markets specialists worldwide with offices in nearly 50 countries.

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About JLL

JLL (NYSE: JLL) is a leading professional services firm that specializes in real estate and investment management. JLL shapes the future of real estate for a better world by using the most advanced technology to create rewarding opportunities, amazing spaces and sustainable real estate solutions for our clients, our people and our communities. JLL is a Fortune 500 company with annual revenue of $19.4 billion, operations in over 80 countries and a global workforce of more than 102,000 as of September 30, 2022. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated. For further information, visit

About Flynn Properties Inc.

Flynn Properties Inc. has substantial experience in commercial and hospitality real estate investment. Founded in 1994 and based in San Francisco, CA, Flynn Properties has owned in excess of 3 million square feet of tech-oriented office buildings on the West Coast. In addition to 115 premium-branded select service and extended stay hotels, Flynn Properties’ hospitality investments also include the luxury resorts Esperanza and the Chileno Bay Resort, both located in Los Cabos, Mexico, the Carneros Resort and Solage, both located in the Napa Valley, and the Hotel Madeline in Telluride. Its affiliate, Flynn Restaurant Group LP, is the largest franchise restaurant operator in the world and one of the 20 largest foodservice companies of any kind in the United States, owning and operating 2,400 restaurants in 44 states generating $4 billion in sales and employing approximately 73,000 people. For more information, visit

About Värde Partners

Värde Partners is a leading global alternative investment firm specializing in credit and credit-related assets. Founded in 1993, the firm has invested through multiple credit cycles, building on its roots in special situations and distressed to invest more than $95 billion across the credit quality and liquidity spectrum in both public and private markets. Värde currently manages over $13 billion in assets with teams in North America, Europe, and Asia Pacific focused on Corporate & Traded Credit, Real Estate, and Financial Services. For more information, please visit

About Auberge Resorts Collection

Auberge Resorts Collection is a portfolio of extraordinary hotels, resorts, residences and private clubs. While each property is unique, all share a crafted approach to luxury and bring the soul of the locale to life through captivating design, exceptional cuisine, innovative spas, and gracious yet unobtrusive service. With 24 one-of-a-kind hotels and resorts, Auberge invites guests to create unforgettable stories in some of the world’s most desirable destinations. For more information: Connect with Auberge Resorts Collection on Facebook, Twitter and Instagram at @AubergeResorts and #AlwaysAuberge.