The club is the centerpiece of a $230-million, mixed-use development by the Houston-based Hines Resort Development. Although they don't like to use the word, Ritz-Carlton Clubs are upscale timeshares. The complexes are sold in 1/12 interests, allowing members to stay in the units for at least 28 days of the year.

At the Aspen Highlands club, about a five-minute drive from the tony Aspen ski resort, the fully furnished units range in price from about $160,000 to $475,000. About 30% of the units had been sold in the first phase. The remaining 26 units will be sold over the next two years. The hotel includes a 21,000-sf spa.

The clubs are marketed to people who want a vacation home sans the hassles of traditional ownership. They can also let guests use their rooms or trade them for time at a Ritz-Carlton Club in St. Thomas, Bahamas. Hotel experts say many people who buy high-end time shares could easily afford to buy a luxury condominium or single-family house.The Ritz-Carlton Club is competing against several other luxury time shares in the area, including the Snowmass Club and the Timbers Club in Snowmass Village. Ritz-Carlton had operated a hotel in Aspen from 1992 until 1997. It terminated its contract after a dispute with the hotel's owner. The former Ritz is now the St. Regis.