JLL Secures $75M for St. Regis Aspen Resort
Tuesday June 25th, 2013 - 9:50AM BGKS
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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 •
When you hear all the lodging industry projections for the months and years to come, much of the robust growth is forecast to be the result of the expected influx of travelers from China. In what could only be seen as good news for the industry, that expectation moved a little closer to reality when President Obama signed a visa waiver extension for Chinese travelers earlier this month.