The Ritz-Carlton Club allows buyers to "own" a luxury unit in the mountains for 28 days annually for prices that start at $145,000. By contrast, it would easily cost $1 million or more to buy such a unit, notes Jim Martin, an attorney with the Denver law office of Baker & Hostetler. Martin handled the legal work on the project.
And someone who buys a unit probably won't spend more than 28 days there, anyway, he says.
"I wish I had 28 days of vacation," Martin says.
Ritz-Carlton is building a 54-unit club. It recently opened a similar, although slightly pricier and larger club, in Aspen Highlands.
In addition, the company is building a 238-unit Ritz-Carlton hotel adjacent to the club in Bachelor Gulch, which sits mid-way up the mountain.
The construction cost of the two projects, not including the land, is more than $200 million, according to Bob Phillips, vice president of Ritz-Carlton Club development.
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