JLL Secures $75M for St. Regis Aspen Resort
Tuesday June 25th, 2013 - 9:50AM BGKS
| | | | | | | | | | |
These are shortcuts to your favorite social networking and bookmark sites. Add this story to your Facebook page, del.icio.us, DiggIt, and many others!
ASPEN, CO—On behalf of 315 East Dean Associates, Inc., Jones Lang LaSalle's Hotels & Hospitality Group secured $75 million in financing for The St. Regis Aspen Resort.
The 179-key, five-star resort is located at 315 East Dean St. Starwood Hotels & Resorts manages the hotel, while OptAsia Capital is the asset manager and owner’s representative. An overseas bank provided the floating-rate loan.
Managing Director Mathew Comfort and VP Mike Huth, as well as Managing Director Jeff Davis, led the Jones Lang LaSalle team on this transaction.
“The Aspen lodging market is incredibly unique in that it attracts an extremely affluent international clientele and features less pronounced seasonality than other ski resort markets. In addition to the property’s prime location in one of the world’s top resort destinations, lenders were attracted to the hotel’s strong sponsorship and the quality of the hotel, which recently underwent a meticulous $46 million renovation,” said Huth.
“Immediately following the acquisition, the focus was on upgrading the physical offerings of the hotel,” said Stephane De Baets, OptAsia Capital managing director. “Now that the renovation phase is complete, we are focused on service delivery—the details that will make this a true five-star resort. We are very pleased with the vote of confidence that the process has demonstrated towards this asset.” The resort is located on a three-acre site at the base of Aspen Mountain, near the Shadow Mountain lift, the Little Nell lift and the Silver Queen gondola. It features a Remedè Spa, fitness center, outdoor pool and hot tubs, some 20,000 sq. ft. of meeting space, a business center, two retail spaces and several restaurants.
Tags: • Hospitality • Brands • Construction/Renovation • F+B • Sources of Funding •
As we begin 2015, and what is expected to be a healthy year for the hotel industry with expansion, progress and innovation as key catalysts for growth, Hotel Business is right on board with that momentum, bringing you, with this issue, our own updated product.